End of Day – Mon 16 May

Marcus Today Market Updates

• The ASX 200 jumped out of the blocks but closed a long way from the highs as China data showed the extent of the slowdown. The ASX 200 closed up 18 points at 7093 (0.3%). Failed to hold 7100. Banks and industrials were the strength with the Big Bank Basket up to $184.61 (1.0%). MQG ex dividend today of 350c and falling 345c. Insurers pushed ahead despite bond yields slipping back to 3.35% in the 10-years. Healthcare eased back with CSL down 1.1% and industrials slightly better, COL up 1.4%, QAN up 1.7% and TCL better by 1.2%. Both SEK and REA doing well in tech with the All -Tech Index up 2.0% as CPU rise 0.7% with SQ2 doing well too up 3.8%. Iron ore miners started out firm but falls in China as economic data hurt sentiment saw losses with BHP down 1.2%, FMG off 2.2% and RIO falling 1.1%. Base metals and lithium stocks slightly better, but again well off the highs. Gold miners were better despite bullion falls, NST up 1.3% and NCM rallying 0.8%.
• In corporate news, BXB up 11.2% on a bid from CVC with the usual caveats, IFM also saw a bid from its major shareholder up 28.5% and ASM rose 9.3% on a strategic placement deal well above market. STP fell heavily after a business update showed problems beyond just sales.
• Nothing locally on the economic front. 10-year yields eased a little and Asian markets, Japan up 0.6% China down 0.8% and HK down 0.4%.

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