End of Day – Wed 25 May

Marcus Today Market Updates

• The ASX 200 rose 26 points today to 7155 (+0.4%). A damp end to a steady session, falling 20 points on the match out. A solid day though with banks and resources leading the market higher. BHP added to the gains today as it went ex its oil and gas assets and the share price was reset for index purposes and the stock rose 1.1% on the news, Woodside, now WDS, rose slightly by 0.7%. Gold miners were in demand today as USD falls and rates slip lower, and stagflation is becoming a thing to worry about. NCM up 0.9%, EVN up 3.5% and NST up 2.5%. Lithium stocks a little depressed as other resources took up the baton, PLS down 4.5%, LYC off 2.6% and GRR down 6.5%. Oil stocks better and coal stocks pushed higher again, WHC up 1.7%.
• Banks were solid. The Big Bank Basket up to $187.33 (+1.2%) with strong safe-haven demand playing to their strengths. Elsewhere other financials slid, SQ2 down 5,5%, ZIP off 2.9% and CGF down 3.32%. Healthcare slipped, CSL down 0.2% as flu shots in focus. Consumer staple stocks rallied, WES up 1.1%, COL up 2.0% and WOW firmed 1.9%. Tech on the nose as usual. XRO down 1.1%, WTC down 3.2% and the All-Tech Index down 2.4%.
• In corporate news, CGC had a good day up 8.6% following a positive business update. FPH fell 2.3% on results, CHN returned after a $100m raise and fell 6.6%. DVP rose 11.86% on the start of work at Bellevue Gold. Nothing significant on the economic front. Asian markets slightly better. 10-year yields fall to 3.25%.

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