October 06, 2021

End of Day – Wednesday 6 Oct

9 minutes

The ASX closes down 42 points to 7207 (0.6%) after a solid start gave way to banking and interest rate jitters. Whether it was APRA moves on local lending on the RBNZ decision to jack up rates, the market turned from solid but uninspiring to just uninspiring. 10-year yields leapt to 1.59%.
Banks led the down turn with the Big Bank Basket falling back to $184.15. CBA fell 2.0% on a broker downgrade. MQG also succumbed 0.4% and MFG dropped 4.1% on another disappointing FUM number.
Industrials eased back, WES fell 1.3%, ALL down 1.0%, TCL off 1.0% and WOW falling 0.5%. Tech was unchanged with APT following square higher by 3% although that may change tonight. The All-Tech Index unchanged, WTC down 3.6% and XRO off 0.7%.
Travel stocks slid with FLT off 6.6% and WEB down 6.2% Miners were pressured but nothing dramatic, energy stocks paused for breath with STO up 2.3%.
On the economic front all eyes across the ditch as the RBNZ raised rates. Signalled more to come to fight inflation. In corporate news, A2M fell 7.7% on a class action launched by Slater and Gordon, SWP announced it would acquire Newcastle based telco. US futures eased ahead of crucial debt vote tonight.

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By Marcus Today

October 06, 2021

9 minutes

The ASX closes down 42 points to 7207 (0.6%) after a solid start gave way to banking and interest rate jitters. Whether it was APRA moves on local lending on the RBNZ decision to jack up rates, the market turned from solid but uninspiring to just uninspiring. 10-year yields leapt to 1.59%.
Banks led the down turn with the Big Bank Basket falling back to $184.15. CBA fell 2.0% on a broker downgrade. MQG also succumbed 0.4% and MFG dropped 4.1% on another disappointing FUM number.
Industrials eased back, WES fell 1.3%, ALL down 1.0%, TCL off 1.0% and WOW falling 0.5%. Tech was unchanged with APT following square higher by 3% although that may change tonight. The All-Tech Index unchanged, WTC down 3.6% and XRO off 0.7%.
Travel stocks slid with FLT off 6.6% and WEB down 6.2% Miners were pressured but nothing dramatic, energy stocks paused for breath with STO up 2.3%.
On the economic front all eyes across the ditch as the RBNZ raised rates. Signalled more to come to fight inflation. In corporate news, A2M fell 7.7% on a class action launched by Slater and Gordon, SWP announced it would acquire Newcastle based telco. US futures eased ahead of crucial debt vote tonight.