End of Day Report – Mon 17 Jan

Marcus Today Market Updates

• The ASX 200 kicked 23 points higher in an afternoon rally closing at 7417 (0.3%). US markets closed tonight for Martin Luther King Day. Banks rose led by CBA up 0.3% and the Big Bank Basket up to $180.80. MQG strong again and fund managers doing well with MFG up 4.2%, PDL bouncing back 7.8% and PPS up 4.2%. Healthcare better with CSL up 0.8% and COH up 1.5%. Industrials too in demand after WES guidance in line with market forecasts, WES rose 2.6% and ALL up 2.5% with TLS pushing ahead again up 0.7%. Miners were slightly on the nose despite Chinese GDP coming in better than expected at 4% in the last quarter. BHP down 1.1% and FMG off 2.8%.
• Lithium stocks look to be topping out with PLS up 1.1% and MIN down 1.0 % with energy stocks in demand, STO up 1.0% and WPL up 1.7%. Gold miners slipped slightly with NCM off 1.2% and NST falling 2.2%. Tech better but about time, the All-Tech Index up 0.7%.
• In corporate news, WES talked the impacts of omicron on staffing and foot traffic PDL revealed a new chair, AEF updated FUM with a small rise and PGL quarterly report helped it move 13.8% higher. In economic news, dwelling approvals rose 3.6%. Asian markets better in the main. 10-year bonds on the move again with a 6bps rise to 1.91%. US markets closed for Martin Luther King Day tonight.

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