End of Day Podcast – Monday 26th September

Marcus Today Market Updates

ASX 200 closed at a three-month low at 6469 down 105 points (1.6%) despite a solid rally off morning lows. Banks and defensive industrials held up better today as resources were hammered. Commodities on the nose in China not helping sentiment. BHP fell 5.2% wiping 30 points off the index alone. RIO dropped 5.6% and FMG down 4.9% with lithium stocks depressed, PLS off 9.1% and MIN down 7.9%. Base metals under pressure with S32 falling 7.0% and LYC dipping 6.0%. Oil and energy stocks under pressure too on recession fears, STO down 7.3% and WDS off 5.0% with coal stocks easing. WHC down 14.0% and NHC off 14.7%. Gold miners remain in the naughty corner with NCM falling 5.9% and NST down 7.1%. Banks held up a little with the Big Bank Basket at $167.18. CBA and NAB unchanged whilst financials drifted a little lower, MQG down 1.2% and QBE down 1.7%. Healthcare a little better, CSL up 2.4%, SHL up 0.9% on new directors, RHC fell 2.4% on news KKR are no longer at the gate. Not a big surprise really. Industrials were mixed but holding the line, TCL up 0.9%. ALL up 0.8% and COL. WOW and WES all solid. Tech also surprisingly solid, WTC up 1.4% and XRO better by 3.2% with the All-Tech Index up 0.8%.
In corporate news, it was deal off Monday, RHC is no longer and LNK has pulled the plug again on the Dye and Durham deal. LNK fell 7.9% and RHC off 2.4%. CGC lost a CEO and fell 14.2%, SYR encountered issues in Mozambique, down 18.3%. Nothing locally on the economic front but currency wars continue as pound gets pounded. Near parity with USD. Asian markets mixed, Japan down 2.6% with HK and China near unchanged. 10- year yields 3.95%.
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