Marcus Today End of Day Podcast – Wednesday 26th October

Marcus Today Market Updates

ASX 200 closed up 12 points to 6811 (0.2%) as caution crept in following worse than expected CPI numbers.7.3% is a big number and has sent economists to the models ahead of the RBA next week. Solid opening saw sellers take a few profits. Maybe time to consolidate. Bank results start tomorrow. Sector remain strong with the Big Bank Basket up to $183.92(0.3%). CBA up 0.2% and ANZ up 0.5% ahead of its numbers tomorrow. MQG rose 0.6% ahead of results tomorrow. QBE up 1.2%, IAG down 0.6% and ASX up 0.1%. MPL returned to trade falling 18.1% after its cyber attack update. Healthcare mixed, CSL slipped 0.3% with RHC and SHL slightly better. Industrials mixed, TLSDA up 0.5%, TCL up 1.7% with WES continuing to struggle down 0.5%. WOW, EDV and COL all lost ground yet again on inflation woes. Tech eased with the All-Tech Index unchanged. Resources mixed, some profit taking in lithium stocks as PLS fell 7.1% as brokers moved to take profits. AKE also eased 4.2% with others in the second tier under pressure too. Gold miners better, NCM up 1.6% with iron ore miners falling away, BHP up 0.1% and FMG down 0.8%. Selected base metal stocks doing ok, IGO up 3.3% and S32 up 1.1%. Energy stocks eased, WDS down 1.1% and STO off 0.7% with WHC down 8.1% after announcing yet another on market share buyback.
In corporate news, CDA tumbled 20.7% on its AGM update, CGC rose 10.8% on private equity taking a stake. BOE up 4.7% on its quarterly report. ELO saw plenty of Mr Blue Sky with a 485c bid from K1, rising 40.3%. WGX rose 8.0% on bonanza grad results.
In economic news, it was all about the 7.3% inflation rate. Over to you RBA. Asian markets continue to recover from Black Monday. 10-year yields dropping below 4%.
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