End of Day Report - Fri 12 Nov

Marcus Today Market Updates

• The ASX 200 pushed 61 points higher to 7443 (0.8%). A solid day of gains as both banks and miners did well. Banks were pushed higher as once again bond yields rose with the short end soared with 2 years up 11bps to 0.68%. Remember the RBA official rate is 0.1% and no increase as far as the eye can see. The Big Bank Basket rose to $188.94 with NAB up 0.7% and CBA up 0.9% leading the way. MQG rallied 1.4% and insurers slightly weaker with QBE unchanged and SUN down 0.7 %.
• Industrials were solid across the bourse, WOW up 0.7%, WES up 0.7% and TLS up 0.5%. REITS were firm and tech stocks rallied with APT up 2.0% and the All-Tech Index up 1.6%. Miners were a good place to be today, a rally in iron ore as debt holders sighed with relief as Nevergrande scrapped together around US$148m to pay the interest bill. RIO rallied 3.4% and FMG kicked again up 1.9%. Base metal stocks also did well IGO up 4.8% and lithium stocks in the green, PLS up 4.3%. Gold miners were a little underwhelming ahead of the weekend, maybe some caution still on whether it can last. NCM down 1.8% and NST off 0.2%. Energy stocks rose as STO put on 1.6% and WPL up 1.1%.
• In corporate news, CXL ran strongly, up 19.9%, on the back of a new patent for zero emissions technology in iron ore, BRN doing well on the Akida testing, up 23.5% and APM listed today with a slight discount of 6.2% as another billionaire minted.

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