End of Day – Fri 27 May

Marcus Today Market Updates

• ASX 200 rallied another 77 points to 7182 (+1.1%) as the upward bias continues. Up 37 points for the week. Banks and resources once again the key with the Big Bank Basket up to $188.08 (0.9%). CBA up 1.1% and MQG rallying 2.9%. Insurers too also in the green with QBE up1.4 % and SUN rising 1.1%. Industrials slightly better, ALL up 2.7% and WES rising 1.6%. REITS too better SCG up 2.5%. Telco rallied slightly with TLS up 0.5% and TPG better by 1.4%. Iron ore stocks doing well, BHP up 2.5% and RIO up 2.4% with FMG under a little pressure down 1.7%. Base metals and lithium better, PLS up 3.6%, IGO up % and S32 up 1.3%. Oil and gas stocks also in demand with WDS up 3.6% and STO up 1.1% with KAR doing well up 4.8%. Tech stocks better as expected, PBH a stand-out up 16.4% whilst APX were smashed as the Canadians walked away after just a day falling 20.9%. The All-Tech Index up 1.1%.
• In corporate news, IFM rose 6.5% on another bid, GAL continued higher as it found Rhodium in the assays, up another 20.5%. VGI up 9.7% on its AGM address and business update.
• On the economic front retail sales cheered the bulls with the AUD pushing to 71.40c. Asian markets were better with HK tech doing well as Alibaba and Baidu rallied on better numbers. 10 year yields up to 3.25%.

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