End of Day – Tuesday 28 Sep

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  • The ASX 200 fell hard today down 109 points to 7276 (1.5%). Broad based losses with only energy stocks really bucking the trend. The Banks succumbed to pressure eventually and 10-year yields rose again to 1.46%.
  • The Big Bank Basket fell modestly to $184.42 (0.45%) cushioned to some extent by the bond yields. Other financials in the doghouse with ASX particularly hard hit down 2.8%. Insurers dropped too and MFG fell 3.3%.
  • Industrials also in the sellers’ sights with WOW down 1.9%, REA off 2.8% on possible lending reforms from the Treasurer, WES down 2.2% and TCL falling 2.0% as a bond proxy. Travel stocks mixed but spared the sword on a reopening plan for NSW. FLT up 1.2% and WEB off 0.5%. REITs slipped led lower by GMG off 4.2% and tech stocks cam in for a battering with APT falling 1.8% XRO down 6.4% and the All-Tech Index down 2.4%.
  • In the miners, iron ore price rises were sold into as BHP fell 2.3%, FMG off 5.6% and lithium stocks were depressed, PLS losing 1.4% and ORE off 2.0%. Second liners like LTR and INR especially hard hit. Energy stocks better though STO up 5.6% and WPL up 5.0% with some second liners gaining some attention, BPT up 10.5% after an investor presentation. In corporate news, TUA stole the show up 31.4% with some very decent numbers out of Singapore and the stock rose %, LIS listed today with parent PPK down 0.9% and LIS itself shooting the lights out on big volumes and volatility finishing up 174.1%.
  • On the economic front, retail sales were not as bad as some had feared with a 1.7% drop in August and ANZ Consumer confidence up 0.4% to 103.7.

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