End of Day Report - Wed 8 Dec

Marcus Today Market Updates

• The ASX 200 powers up 92 points to 7405 (1.25%) as shorts rush to cover and the FOMO returns. Off its afternoon highs as US futures cool slightly. Few losers today as banks underperforming slightly though the Big Bank Basket up to $175.31 (0.5%) with CBA up 0.3% and NAB up 1.0%. MFG rose 4.3% after clarification of Hamish and his wife’s status. MQG rose 1.3% and the insurers also showed a clean pair of heels, QBE up 2.4% and IAG up 2.8%. Industrials firmed with ALL up 1.5% and WOW up 0.4% as REITS also did well, GMG resumed the position up 1.4%.
• Tech was a massive winner today as the Nasdaq charge spilled over into BNPL stocks and platform providers. Z1P rose another 10.9% making a20% gain in two days, APT up 4.2% on the Square price gain in the US. The All-Tech Index rose 2.8%. Healthcare also doing well. The Mexican blood issue a memory for CSL which was up 0.9%. Miners flew as iron ore prices continued higher, BHP up 1.9% and FMG up 3.3%. Gold miners left out slightly, but energy stocks pumped with WPL up 2.1% and STO up 2.3%.
• In corporate news, TGP sold a 50% interest in its digital arm. No much on the economic front today although Japanese GDP was weaker than expected. 10 -year yields 1.62% and the AUD at 71.36c

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