End of Day Report – Wednesday 8 May: Quiet Day Consolidating | Banks Stay Strong

Market Updates

ASX 200 trades quietly up 11 points at 7805 (+0.1%) after a great day yesterday. Banks stalled close to record highs, NAB fell 0.5%, with ANZ up 1.2% on broker upgrades, MQG unchanged with the Big Bank Basket up to $210.71 (+0.4%). Financials mixed as PPT cratered 7.1% after a strategic review presentation. REITs better, although GMG fell 0.3% on an update, SGP up 1.1% with industrials slightly firmer, REA up 0.8% with TCL up 1.4% and WOR pushing ahead 1.2%. Tech seeing a late surge, the All-Tech Index up 0.5%. Resources mixed, Iron ore miners fell as prices eased back. FMG down 0.5%, RIO off 1.2% and MIN off 0.7%. PLS up 0.2% in the lithium space but PMT continuing the run from yesterday’s drill results. Golds firm but idle as DEG went to shareholders and instos to raise $600m. Oil and gas stocks firmed, WDS up 0.1% and STO up 1.1%. On the corporate front, PPT announced some big changes, a sale of its name and Rob Adams to retire after doing a great job. Not. Olam upped its bid in NAM as a two-horse race continues. QIP saw a competing bid from IPH up 5.4%, and QAN up 0.8% on record demand for premium seats. FLT, ABB, DGH, and JIN have all reaffirmed guidance. LLL announced a deal to sell the entire Malian mine to Ganfeng for US$342.7bn (43cps). On the economic front, plenty of RBA analysis. Asian markets saw some selling, with Japan off 1.5%, HK falling 0.7% and China down 0.5%. 10y yields 4.30%. Dow Futures down 6 points. NASDAQ Futures down 3 points.
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.