End of Day Report – Monday 18 Mar: Quiet fightback on Chinese data, RBA tomorrow

Marcus Today Market Updates

ASX 200 kicked off the week fighting back from early losses to close up 6 at 7676. Quiet trading ahead of a big week. Local banks moved from losses to gains with the Big Bank Basket up to $205.68 (0.7%). Insurers better, IAG up 0.5% and SUN ahead by 1.1%. GQG up 0.5% and MFG kicking 1.3% higher. REITs are under pressure after solid rise last week, GMG down 3.6% and SCG off 1.8%. Industrials firmed as the session wore on, Tech slightly better, XRO up 0.2% and WTC up 0.1% with the Index up 0.1%. Mining services slid after BHP announcement on nickel lay-offs, MND down 0.8% and WOR off 1.3%. In resources, iron ore dipped then rallied dragging BHP and RIO ever so slightly higher. FMG down 1.1% with lithium and uranium stocks better. PLS up 0.3% and IGO rallying 3.4% with PDN up 3.3%. Oil and gas mixed.
In corporate news, Cyclone Mega wreaks havoc on S32 Port, though stock rallies 4.7%. ABB has been told to sell part of its stake in SLC, with MIN acquiring POS’s nickel concentrator plant. Nothing on the economic front locally, but Chinese data stronger than expected. Asian markets better with Japan up 2.6% and China up 0.5%. 10-year yields falling slightly to 4.11%.
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