End of Day Report – Monday 23 December: ASX 200 up 135 points as banks rally hard

Market Updates

The ASX 200 roared back from oversold levels last week and rose 135 points to 8202 (1.7%) as Santa came to town. The slow burn turned into a book squaring short covering rally led by the banks. CBA rose 2.9% with ANZ up 2.4% and the Big Bank Basket up to $(). MQG had a good day along with insurers and other financials. QBE up 1.1% and ASX rising 2.0% on relief that it fixed CHESS. REITs were firm, GMG rallied 1.8% and Industrials also ran hard. TLS up 1.0% on selling Foxtel along with NWS up 3.3%. WES bounced back 3.3% with retail doing well, JBH up 3.7% and SUL rising 5.0%. Tech pushed higher although a little muted, WTC up 1.5% and XRO up % with the All-Tech Index up %. Resources also rebounded although BHP and RIO were tepid at best. FMG up 1.1% and the gold sector rallied with NST up 1.6% and NEM up 3.3%. Even lithium shorts were active ahead of the break, PLS up 3.9% and LTR up -.9%. Uranium stocks better as were oil and gas. In corporate news, EML lost an MD and fell 22.2% with NWS selling Foxtel to DAZN. PME up 2.7% on another contract win. Nothing on the economic front.
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