End of Day Report – Monday 9 September: ASX 200 recovers to only be down 25 points

Market Updates

ASX 200 rallied back from early losses to close only 25 points down at 7990 (-0.3%). No follow through this morning as resources found some bargain hunters and banks eased only slightly. The Big Bank Basket dropped to $245.27 (-0.5%). Losses across the financials, MQG off 0.6% and insurers falling, QBE down 0.4% and SUN down 1.3%. REITS were positive across the board with some M&A in HPI keeping the spice in the sector. GMG up 0.7% and SGP up 2.2%. Industrials were generally weaker, retail stocks suffered as PMV fell 3.9% on a trading update and the Smiggle boss sacked. LOV fell 4.5% with SUL down % on its ex-dividend, DMP continued lower and travel stocks in trouble, CTD down 5.3%. Iron ore miners perked up, BHP up 0.8% and FMG up 0.5% with some small gains in lithium stocks. PLS unchanged and LYC up 4.1%. Gold miners on the nose following bullion falls in USD. NST down 0.5%, EVN dropped 3.0% and RED off 3.3%. Oil and gas weaker. In corporate news, WBC has a new ‘King’ in Anthony Miller, HPI saw a bid from Charter Hall Retail, and on the economic front, Business turnover rose 1.0% in July. Asian markets eased, Japan down 0.7%, HK off 2.0% and China down 1.3%. 10Y yields rose to 3.94%. Dow and NASDAQ Futures up 0.3% and 0.5% respectively.
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