End of Day Report – Friday 15 Mar: Decent fight back from early heavy losses

Marcus Today Market Updates

ASX 200 fought back from large losses to close down only 43 points at 7670 (-0.6%). ASX 200 off 2.2% for the week. Weakness across the board from the outset, but bargain hunting took over in the afternoon. Banks found some buyers as the day wore on. CBA down 0.6% and WBC down 1.1%, with the Big Bank Basket at $204.23 (-0.3%). MQG rose 0.2%, with insurers slightly lower, SUN off 0.5%. REITs in demand, SCG up 1.5%, SGP up 2.3% with TLS also doing well, up 1.1%. Supermarkets found some defensive buyers, WES down 0.3%, with WOW unchanged. Tech eased, XRO off 0.6% but WTC fell 2.2%, and the All-Tech Index dropped 1.2%. In resources, big trouble again in little China, with iron ore continuing to fall and no reprieve from copper for BHP and RIO down around 1.5% -2%. FMG off 2.3%. Lithium stock selectively crunched, PLS down 6.2% as the shorts pummelled the stock, MIN down 2.7% and IGO off 5.1%. Gold miners are also weaker, with some end-of-week profit-taking and bullion weakness. Oil and gas stocks finally woke up, with WDS up 2.5% and STO up 2.4%. In corporate news, IRE rose 1.4% on the sale of a UK business, and TAH fell 5.2% after the CEO fell on his sword over inappropriate comments. EML up 11.5% on the sale of one of its businesses in the UK. No economic news, but China kept its key policy rate unchanged. Asian markets slid lower on Chinese news. 10Y yields hit 4.15%. Dow Futures down 36 points. NASDAQ Futures down 44 points.
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