Market Updates

End of Day – Wednesday 10th August


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  •  ASX 200 slips 37 points to 6993 (0.5%) ahead of the crucial US CPI tonight. Banks held firm with the Big Bank Basket up to $176.88 (0.7%) as CBA delivered and slid slightly lower by 0.3%. NAB rebounded 1.4% on broker comments and ANZ better by 3.4%. MQG backtracked 1.1% with insurers flat. Other financials relatively unchanged. Healthcare slid as CSL fell 1.6%, SHL off 2.9% and COH down 2.9%. REITS slipped GMG down 2.6% and Industrials slightly weaker, WES down 1.1%, REA off 3.8% and ALL down 1.2%. Tech fell back as Nasdaq woes and CPU results weighed on the sector. XRO fell 3.8% with WTC off 1.4% with heavyweight CPU falling 4.8%. The All-Tech Index fell 2.8%. In the mining sector, a wishy washy start saw buyers return but with no real conviction and slid into the afternoon. BHP down 1.3%, lithium stocks rolling off the top as PLS dropped 0.7% with MIN down 2.0% with LTR up 1.5%. Gold miners dribbled back, and oil and gas stocks eased although coal stocks better. 
  • In corporate news, ISU saw a 30c bid, CBA fell 0.3% on a strong result, GNC up 5.1% on an earnings update and MYX sold a business for $680m, rising 4.4%. SBM sold off again by 11.6% after another production cut and A2M dived 6.9% as the US FDA deferred a decision on entry. ACL also eased 7.6% on its results despite seemingly better results. 
  • In economic news, the ABS will begin monthly CPI reads from October. Asian markets weaker as Chinese CPI came in below expectation but still at a 2-year high. Japan down 0.7%, China down 0.9% and HK down 2.1%. 10-year yields rose to 3.23% 


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Market UpdatesBy Marcus Today


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