End of Day Report – Wednesday 6 Mar: Gold peters out, Cettire falls hard

Marcus Today Market Updates

ASX 200 flips to close at 7734 up 9 (+0.1%), turning positive as GDP number disappoints and hopes for a rate cut brought forward. Banks once again the drivers of the market, with the Big Bank Basket up to $208.37 (+1.1%). MQG kicked 0.5% higher, ASX up 0.4% and health insurers up. REITs mixed, GMG up 0.3% and SCG up 1.9%. Industrials and tech weak, WTC down 2.6%, XRO off 0.9% and the All-Tech Index down 1.0%. WOW slid 0.8%, and SVW down 2.4%. REA continued to fall down 0.1%, and retailers were mixed. CTT had a horror day, down around 22% at one stage as an AFR article on duty paid weighed on the stock, and closed down 14.4%. Resources flat too. The Three Amigos BHP, RIO and FMG down slightly, Lithium stocks trying hard to find support after big falls in the US. Gold miners seem to have done their dash, NEM down 0.7% and GOR up 1.6%. Oil and gas mixed. Coal stocks flat. In corporate news, DDR fell 10.0% as the founder sold down as a result of his divorce. IRE fell 6.0% as it denied it had been approached. MFG rose 7.9% on better FUM numbers. On the economic front GDP came in at 1.5% or just 0.2% in the last quarter, underwhelming. In Asian trade, HK rose 2.3%, China up modestly, and Japan's TOPIX is up 0.5%. 10Y yields 4.03%. Dow Futures up one point. NASDAQ Futures down 55 points.
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