End of Day Report – Monday 22 July: ASX 200 rallies off lows - Down 40 - S32 dumped on Quarterly

Market Updates

ASX 200 rallies off lows to close down only 40 points at 7932 (0.6%). Broad based losses following US weakness Friday. Banks saw sellers emerge with the Big Bank Basket down to $226.16 (-0.3%). ANZ and NAB the worst hit, MQG lost 0.5% and QBE off 1.1% with financial generally weaker. REITs slipped slightly as bond yields rose. Industrials weaker but no massive dramas, defensive supermarkets held up ok. Tech eased but not huge issues. In resources, lithium and uranium stocks fell, PDN off 1.7% on quarterly report and PLS slid 3.3% with S32 clobbered 12.6% on WA environmental issues and write downs. Gold miners mixed but generally holding up well. EVN up 0.5% and NEM up 0.3%. Oil and gas saw a sell off as WDS fell 2.1% after announcing a large US acquisition. STO dropped 0.9% and coal stocks slid, WHC down 4.0% on its production numbers. In corporate news, IFL rose 5.0% on a business update, DRO dropped another 20.9% on its quarterly report. Nothing on the economic front locally. The PBoC cut rates slightly today although no real help to Chinese equity markets, mixed with HK up 0.9%, and China lost 0.9%. 10-year yields fell to 4.30%.
Why not sign up for a free trial? Get access to expert market insights and manage your investments with confidence.
Ready to invest in yourself? Join the Marcus Today community.