End of Day Report – Thursday 7 Mar: CBA hits record, all about the banks

Marcus Today Market Updates

ASX 200 finished up 30 points to 7758 (+0.4%) despite the heavy weight of large-cap ex-dividends. Once again, banks leading the way with the Big Bank Basket up to $209.87 (+0.7%). MQG rose 0.8%, and CBA hit record highs up 0.8%. GQG rose 2.8% on FUM news, ASX up 0.8% despite being fined by ASIC. Industrials firm WES up 1.5%, and TCL up 1.0% as rates fall. WOW and COL better, utilities firmed with ORG up 1.3% and tech better, WTC up 1.1% and XRO up 0.1%. REITs slightly better. Healthcare rose on RMD moving up 5.5%. Resources were mixed, BHP and RIO fell on dividends, FMG rose 1.1% with base metals finding buyers, S32 up 0.7% and MIN up 3.9%. Gold miners better on record bullion prices, NST up 2.6% and EVN up 2.8%. Lithium stocks mixed, PLS down 1.0% and uranium stocks static as DYL moved to raise $220m in a placement. In corporate news, RMS in a trading halt pending news on an acquisition, TIE rose 0.8% after rejecting a takeover, MAU rose 13.9% on its PFS for Lady Julie project. In economic news, CBA is staying dovish on rates with forecast of 75bps easing in 2024. Capex is increasing in large caps, pointing to increased M&A perhaps. In Asian markets, a little weaker across the board, HK off 0.5% and China down 0.2% with Japan falling 0.3%. 10-year yields steady at 4.02%. Dow Futures down 42 points. NASDAQ Futures down 69 points. ECB day today and State of the Union in US.
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