End of Day Report - Wed 17 Nov

Marcus Today Market Updates

• The ASX 200 dropped 51points to 7370 (-0.7%) after CBA results disappointed on margins and growth. CBA fell 8.1% accounting for 46 index points of the fall. The Big Bank Basket fell sharply on the CBA September update falling to $178.11 (-5. 3%). Other financials weathered the storm well, MQG down up 0.6% and MFG ahead by 1.6%. Insurers also rallied with QBE leading the charge up 1.7%. Industrials were mixed with healthcare finding some buyers, CSL up 0.5% and RMD snoring ahead by 2.6%. REITs better with GMG up another 0.7% and TPG rose 2.2%.
• Miners eased back as BHP lost 1.5% and FMG down 1.9%. Gold miners under pressure, NCM down 2.1% and high-flyers like CHN saw profit taking, off 4.6%. Energy stocks becalmed. In the tech space, good gains for APT up 2.1% as it put its merger case to shareholders and WTC rose 3.0% with the All Tech Index up 1.1%.
• In corporate news, UMG down 1.7%, full-year profit $34m vs guidance of $36.0-41m, NUF lost 8.6% after FY profits came in lower than expectations at $61.1m. UWL rose 8.3% on buy back, update and positive news flow. CCX seeing strong revenue growth up 5.6% and SEK upgraded expectation to the top of the range, falling 1.3% though. In economic news, Overall wages lifted 0.6% in the September quarter and 2.2% over the year. 10-year yields rose again to 1.84%

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