End of Day – Tue 17 May

Marcus Today Market Updates

• The ASX 200 closed up 20 points to 7113 (0.3%) in cautious trade after RBA minutes sapped some buying. News that Shanghai is beginning to reopen was good for Asian markets and resources with BHP leading iron ore stocks higher up by 0.6%. FMG rallied 2.3% and lithium stocks back in demand with AKE up 5.5% and PLS rising 5.0%. Base metals were also good with S32 up 1.6% and IGO making a move 2.7% higher. Energy stocks in demand as oil prices remain elevated, STO up 2.0% and WPL up 2.0% with KAR up 3.7%. Banks were firm again as bond yields rose to 3.44%. The Big Bank Basket was up 1.1% at $186.67. CBA up 1.7% and NAB doing well up 0.5%. MQG bounced too today up 0.5% with insurers solid. Healthcare was in the casualty ward today with CSL down 1.2% leading RHC down 1.5% and RMD off 2.6%. Industrials were mixed and uninspiring, GMG fell 4.1% after some broker downgrades, ALL slipped 1.4%, SEK down 4.3% and REA off 4.5%. Defensives did ok with WOW and COL up. Tech was mixed with CPU up 1.6% and XRO off 1.6% with WTC down 1.7% with the All Tech Index down 1.4%.
• In corporate news, BXB slid 7.6% after CVC walked off into the sunset due to market volatility, OFX rose another 8.9% on a profit update, CRR ran 19.2% on some promising spodumeme shows. IHL rallied 11.0% on positive FDA meeting.
• In economic news, the lection continues to sap consumer confidence and RBA minutes showed the board toyed with a bigger 40bps rise in rates. Asian markets firmed with Japan up 0.4% and HK soaring 2.3% with China up 1.2%. Signs that the tech crackdown is over from Beijing.

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