End of Day Report – Tuesday 27 Feb: COL results cheer, plenty of disappointments too

Marcus Today Market Updates

ASX rose a modest 10 points to 7663 (+0.1%). Off early lows. Results the focal point again. Once again, the banks doing the heavy lifting with the Big Bank Basket up to $205.96 (+0.8%). CBA leading the charge up 1.0%. MQG up 0.8% and GQG up 1.4%. While NAB, WBC and ANZ hit 52-week highs. Insurers slid, with QBE up 0.4% and SUN down 1.9%. REITs falling, GMG down 0.6% and SGP off 1.1%, with MGR down 1.8%. Industrials going well, WES up 0.7% and WOW up 0.9% with COL shooting the lights out on results, up 5.5%. Telcos down led by TPG on broker reaction falling 4.3%. In resources, iron ore stocks shrugged off weaker prices, BHP up 0.2% and RIO up 0.5%. Lithium stocks mixed, IGO up 1.2% and MIN up 0.9%. Uranium pushed ahead with PDN getting some positive broker comments. Gold miners fell, with NST down 0.9% and NEM off 3.8%. Oil and gas mixed, WDS up 0.9% on results. In corporate news, CSR announced a binding agreement with the French up 5.0%, good results from REH, GEM and HLI, but the market didn’t like JLG crashing 13.2% and TYR giving back recent gains despite better results, falling 10.0%. ZIP had a volatile day spurting ahead before a rethink, closing down 14.4%. PNV swung to a profit though falling 1.7%, and ABC announced the nod to CRH’s bid. Nothing on the economic front. Japanese CPI only thing of note. Asian markets mixed, Japan flat. China up 0.5%, and HK down 0.4%. 10Y yields slightly higher at 4.15%. Dow Futures down 19 points. NASDAQ Futures down 25 points.
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