Marcus Today End of Day Podcast – Monday 27th February

Marcus Today Market Updates

ASX 200 dropped 82 points to 7210 (-1.1%) in a nasty start to the week. Weak US leads and a collapse in commodity prices took their toll. Resources under serious pressure today with FMG ex-dividend and then some, weighing with the stock losing 7.3%. BHP capitulated down 3.0% and RIO off 2.9%. So much for 'solid'. Lithium stocks also in the seller’s sights as PLS were ditched, down 7.3%, IGO off 4.0% and MIN falling 6.4%. Second liners also sold off heavily, LTR down 3.7% and CXO off 3.6%. LYC reported this morning and were sold down by 6.2% on worries about July 1 deadline. Base metals also smashed lower, S32 down 2.7%, SFR off 6.8% and ILU off 2.5%. Gold miners also in the house of dog, NCM down 0.2% and NST falling 2.3%. DEG down 2.6%. Oil and gas fared better, WDS results cheered, up 1.5% but STO fell 1.7% and KAR down 0.4%. Coal mixed, WHC off 1.0%. Industrials weaker across the board, WOW and COL slipped slightly, ALL fell 1.0% as some concerns on digital gaming emerged, REITs stumbled lower with GMG down 2.4% and SCG off 3.6%. Platform stocks eased, REA down 2.3% and SEK off 1.6%. Tech slipped slightly but CPU jumped 2.5% on the higher rates outlook. Higher rates are good for banks and the sector held firm today with NAB up 0.5% and the Big Bank Basket up to $178.94 (+0.2%). A green island in a sea of red. Insurers though slid with QBE down 1.2% and IAG off 1.5%. Fund managers were mixed, PTM up 2.5% and MFG down 1.7%. In corporate news, results season drawing to a close and saving the worst until last, DOW were pummeled 23.8% on disappointing results and guidance downgrades. TPG +5.9% after better-than-expected numbers. WDS profits soared as expected after BHP merger deal, MYX has sold its US retail generics portfolio, PPS posted record earnings, APX faltered another 14.2% as it pulled its guidance, SLX became 'unenriched' after the $120m placement took its toll, down 23%. IVC managed to prove that even with an increased death toll it couldn't make money, losing 10.9%. Nothing substantial on the economic front. Asian market mildly weaker and 10-year yields higher at 3.90%. Dow futures up 20 points. NASDAQ futures up 35 points.
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