End of Day Report – Friday 19 April: Bears Romp on Limited Israeli Strikes on Iran

Market Updates

ASX 200 drops 75 points to 7568 (-1.0%). Anyone would think there was a war on. Down 2.8% for the week, News filtered through during the morning of an Israeli strike in Iran, US futures plummeted, gold shot higher to $2415 at one stage and oil catapulted above $90 again. Down around 150 at it nadir. Some bargain hunters returned with news that it was a limited strike and buyers found courage, banks were hit with CBA down 0.8% and ANZ off 1.1% with the Big Bank Basket down to $198.67 (0.9%)% as MQG tumbled 1.6%. Financials were generally weaker as insurers fell hard, with bond yields falling as bond buyers back on safety trades. REITS also under pressure GMG down 1.6% and SGP off 2.7%. Defensive healthcare stocks held up slightly, with CSL off 0.7% and RMD bouncing a little up 1.1%. Industrials slightly squished across the board, WOW down 1.1% and WES off 0.8%, travel stocks also under pressure, FLT down 5.0% and CTD hit 4.6%. In resources, gold miners are obviously finding some friends, NST up 1.3%, with modest gains only with iron ore miners falling, BHP down 1.0%, and FMG hitting 2.0%. Lithium stocks depressed, PLS down 2.3% after quarterly report, in line but no one cared, MIN down 3.5% and oil and gas stocks surprisingly weak considering. In corporate news, WDS saw revenue collapse 31% and fell 0.2%, Richard Goyder announced he would be handing over the Captain’s hot seat early at QAN. WHC unchanged after coal sales slipped 17% On the economic front, Japanese inflation came in better than expected at 2.7%. Asian markets tugged lower by events in Iran, Japan down 1.9%, HK off 1.5%, China off 0.5%. 10-year yields down to 4.26%. Dow and NASDAQ Futures sharply lower down 295 and 194 points. Rallying though. European markets down around 1%.
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