End of Day – Fri 20 May

Marcus Today Market Updates

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• The ASX 200 rallied 81 points to 7146(1.2%) as commodity prices firmed overnight and China cut interest rates to stimulate the economy. Banks and miners led the rebound to give the ASX 200 a weekly gain of around 70 points. That’s right the index was up this week. The Big Bank Basket rallied to $184.74 with CBA up 0.8% and NAB shining through up 0.7%. MQG rallied 2.1% with MFG even 2.4% better. Insurers suffered as bond yields fell hard back to below 3.30% on the 10s. Industrials were firm, WES bounced 1.9%, ALL upgraded by brokers had another strong day up 4.3%, TCL rose 0.9% and the tech sector was in demand, SQ2 up 9.9% and WTC rising 2.8% with the All Tech Index up 3.6%. REITs firmed, GMG up 1.2% but the real action was in iron ore miners as BHP rose 2.1% FMG up 3.9% and RIO up 1.5%. Lithium stocks in demand too PLS up 4.4% and AKE rising 5.2%. Gold miners also in demand on better bullion prices, NCM up 2.6% and GOR up 3.5%. Oil stocks missed out despite better crude prices, WPL down 3.8% with a name and code change in the wind as it beds down the BHP deal. Coal stocks better, TER up 14.8% on more debt repayment.
• In corporate news, CWN takeover was approved, TAH demerger also approved, WOW moved to buy MYD for $243m and CHN flew out of the traps up 19.1% after state forest access granted.
• Nothing on the economic front but Asian markets better across the board. HK up 2.1%, Japan up 1.3% and China up 1.6%. 10-year yields falling to 3.30%

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