End of Day – Fri 13 May

Marcus Today Market Updates

• The ASX 200 up 134 points to 7075 (1.9%), gaining all of the losses from Thursday. Still down 1.8% for the week. Gains across the board as momentum and confidence built. 7000 seems to be the line in the sand for now. Resource stocks led the charge with BHP up 2.0%, FMG gaining 2.0% and RIO up 2.1%. Oil and gas stocks better as oil rose in Asia and Europe, STO up 3.2% and WPL rising 2.7%. Base metal and lithium stocks lagged a little with IGO down 3.5% and S32 struggling. PLS up 0.8% and AKE up 3.7%. Gold miners missed out as bullion fell but suspect Monday could bring bargain hunters in. GOR fell 2.3%, NCM down 0.5% and NST off 0.4%. Banks positive with the exception of CBA which drifted lower. The Big Bank Basket rose to $182.81 (0.5%) with a good solid bounce in insurers and MQG up 4.5%.
• Industrials solid with CSL up 3.3% and some of the oversold large caps being sought, ALL up 3.4%, WOW up 1.2% and WES up 2.5%. TWE up % as investors hit the bottle after a tough week. REITs better as 10-year yields slipping slightly, GMG up 4.0% and DXS up 2.6%.
• Tech stocks had a great day but its about time, the All-Tech Index rose 5.1% making up nearly for the collapse yesterday, SQ2 up 15.0% as bitcoin rallied, WTC up 7.3% and XRO bouncing 9.4% on broker upgrades.
• In corporate news, PPG fell 17.9% on a trading upgrade, AVH down 8.7% on its quarterly report whilst PNV up another 14.0% on more buying from one director. Nothing on the economic front today. Asian markets, Japan up 2.5% China up 0.4% and HK up 2%.

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