Market Updates

Marcus Today End of Day Podcast – Wednesday 1st November


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ASX 200 kicked 58 points higher to 6838 (+0.9%) after a tentative start. Plenty going on in resources today. BHP commits to potash in Canada up 1.6%. RIO and FMG also kick higher on better iron ore prices. Gold miners a little flat, with NEM down 2.3% and CMM off 1.3%. Lithium producers under pressure again, but the dreamers and schemers were on a roll, AZS up 4.6%, WC8 up 7.1% and TG6 going well again, up 45.5%.  Uranium is the new lithium boom as PDN rose 7.9%, BOE up 4.9%, and DYL racing 6.8% ahead. Coal stocks slipped with oil and gas modestly better. Banks were slightly better, with the Big Bank Basket at $170.64 (+0.4%). Insurers better led by QBE, but MQG still out of favour with results pending. REITs had a great bounce, with GMG up 2.2% and SCG rallying 1.7%. Sector looks oversold. Industrials were mixed, staples eased back again, WOW down 0.6%, COL up 0.4%, and TLS unchanged. Elsewhere, some green on screen, WES up 1.0%, ALL up 1.3%, and BXB doing well up 2.4%. Tech was slightly better with the All-Tech Index up 1.0%. In corporate news, MIN took a 19% stake in WC8, ORI fell 1.4% on legal news, ACL up 0.4% after extending the HLS bid. ABB in a trading halt with a capital raising to fund the SYM deal. On the economic front, building approvals cratered, the IMF recommended that the RBA raise rates. Asian markets better, Japan the stand out, up 2.4%. 10Y yields hovering just below 5% at 4.96%. Dow Futures down 67 points. NASDAQ Futures down 25 points.

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Market UpdatesBy Marcus Today


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