Marcus Today End of Day Podcast – Tuesday 7th March

Marcus Today Market Updates

ASX 200 shrugged off early losses to close up 36 to 7365 (0.5%) after the RBA raised rates by 25bps but hinted perhaps at a pause. The market took that well and rallied strongly post the announcement. Banks back yet again, the Big Bank Basket up to $175.48 (0.6%). With MQG up 1.6% and insurers rallying strongly with QBE up 2.3% and SUN up 1.3%. Fund managers better with the exception of MFG falling 0.6%. Industrials across the board firm, WOW up 1.1% and COL up 0.9% with WES doing well running 1.6% higher. Healthcare good, CSL up 0.8% and RMD doing well up 1.1% and REITs firmed with GMG up 0.7% and SCG up 1.0%. Tech was a little left behind as WTC steady and XRO putting on 1.4% with the All-Tech Index up 0.4%. Resources though remain in the doghouse. BHP off % and RIO down % ahead of ex divs Thursday, Lithium stocks under the knife as Citi cut price forecasts. Gold miners mixed despite AUD bullion once again pushing higher. Oil and gas better led by WDS up 1.1% and STO having a lovely day out up 2.7%. Even coal stocks steadied despite under pressure coal prices. On the corporate front, IVC was raised from the dead with a private equity raid and subsequent bid at 1265c. Some corporate resignations from CEOs at MP1 and ALQ. MP1 shareholders should be celebrating but not to be as the stock dropped 15.0%. On the economic front, trade data missed expectations, consumer confidence still nervy and the RBA moved. Asian markets generally better as the NPC continues in China. The 10-year yield fell to 3.69%
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