End of Day – Mon 23 May

Marcus Today Market Updates

• The ASX 200 rose 3 points to 7149 in cautious trade. After a post -election bump early we saw Asian markets weaken and selling hit banks with the Big Bank Basket down to $184.00 (0.4%) with CBA off 0.1% and NAB down 0.9%. MQG fell 0.8% and insurers dropped slightly, QBE down 1.8%. Fund managers were firm GQG up 8.1%, MFG up 3.0% and AEF rising 3.5%. Healthcare fell slightly as CSL drifted 0.7% lower. REITs were better as rates drifted slightly lower, GMG bucked the trend falling 1.1%. Industrials flat, WOW and COL fell with WES off 1.2% but SEK, CAR and REA firmed slightly. Tech stocks mixed, SQ2 down 2.4% with ZIP down 1.1%, the All-Tech Index up 0.9%. Resources firm but not spectacular, BHP up 1.4%, FMG up 2.8% and lithium stocks mixed. Oil and gas firmed with WPL up 0.5% and WHC sliding 2.1%.
• In corporate news, great numbers from ELD up 8.9%, IPL is splitting into explosives and fertiliser, down 3.7% and CDA rose 14.5% on reaffirmation of guidance. SGR has a new chair and KAR rose % as it broke off its acquisition talks in Brazil.
• Nothing on the economic front. Asian markets mixed with China down 1.0%, HK down 1.9% and Japan up 0.7%. 10-year yields steady at 3.30%.

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