Manage episode 302837798 series 2695877
The ASX200 shrugged off early losses to close up 23 points at 7297 (0.3%) after some encouraging news on Evergrande debt emerged and the PBoC injected more liquidity into the system. The market did drift off this afternoon into the close. FOMC beckons tonight.
Resources led the way higher with iron ore stocks rebounding from oversold positions. BHP up 2.4% and FMG up 4.2%. Base metal miners also getting in on the act with OZL up 3.0% and IGO rising 1.4%.
Gold miners also finding some support on rising bullion prices, DEG up 4.1%, NCM up 0.6% and EVN better by 1.6%. Oil stocks gained STO up 1.9% and WPL rising 2.4%. Banks were sloppy together with insurers although MQG made gains of around 0.4%. The Big Bank Basket fell to $178.55.
Industrials was mixed to slightly better with REA continuing to see gains and GMG basking in logistic glory up 1.4%. Healthcare also rose with CSL up 0.7% and FPH ahead by 1.0%. Tech stocks were mixed.
Little on the corporate front today, WBC abandoned its plans to sell PNG to KSL, AXE sealed another patent in the US moving up by 4.5% and GMD did the deal of the day up 147.0% after a new strategic funding package from Raleigh Finlayson, the former MD of SAR and NST.
European markets opening slightly firmer.
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