Marcus Today Market Updates

End of Day – Wed 25 May

May 25, 2022 Marcus Today
Marcus Today Market Updates
End of Day – Wed 25 May
Show Notes Transcript
  • The ASX 200 rose 26 points today to 7155 (+0.4%). A damp end to a steady session, falling 20 points on the match out. A solid day though with banks and resources leading the market higher. BHP added to the gains today as it went ex its oil and gas assets and the share price was reset for index purposes and the stock rose 1.1% on the news, Woodside, now WDS, rose slightly by 0.7%. Gold miners were in demand today as USD falls and rates slip lower, and stagflation is becoming a thing to worry about. NCM up 0.9%, EVN up 3.5% and NST up 2.5%. Lithium stocks a little depressed as other resources took up the baton, PLS down 4.5%, LYC off 2.6% and GRR down 6.5%. Oil stocks better and coal stocks pushed higher again, WHC up 1.7%. 
  • Banks were solid. The Big Bank Basket up to $187.33 (+1.2%) with strong safe-haven demand playing to their strengths. Elsewhere other financials slid, SQ2 down 5,5%, ZIP off 2.9% and CGF down 3.32%. Healthcare slipped, CSL down 0.2% as flu shots in focus. Consumer staple stocks rallied, WES up 1.1%, COL up 2.0% and WOW firmed 1.9%. Tech on the nose as usual. XRO down 1.1%, WTC down 3.2% and the All-Tech Index down 2.4%. 
  • In corporate news, CGC had a good day up 8.6% following a positive business update. FPH fell 2.3% on results, CHN returned after a $100m raise and fell 6.6%. DVP rose 11.86% on the start of work at Bellevue Gold. Nothing significant on the economic front. Asian markets slightly better. 10-year yields fall to 3.25%.

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*PLEASE NOTE: Transcripts are autogenerated and may contain errors, especially Stock Codes and Names.


Henry Jennings


Henry Jennings  00:00

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Henry Jennings  00:57

Good afternoon and welcome to the Marcus Today End of Day Report. My name is Henry Jennings and it is Wednesday the 25th of may and for the day, the index closed up 26.4 point 7155 point 2.37 of a percent we opened at 71 34.6. We had a high of 71 89.2 and a low of 71 34.6. So I built from the open but it's fair to say it did kind of damp squib it into the close we were up around 47 points at the four o'clock close the 410 match out we gave back 20 of those points CSL flip flopping back to a negative and also some of the steam coming out of some of the resource stocks as well. So it was a somewhat cautious day once again dominated I suspect by bhp today, which had a volume of 17 million shares changed hands today. It was up 1.1% which is seven index points. But it did go x the bonus. The bonus being those Woodside shares Woodside now I've changed their stock code from WPL to WD s to Woodside Energy, which cause Woodside to be at point six 6% and BHP shareholders will be getting that in spacey distribution of those Woodside shares and BHP reset for index purposes. Back down to a closing price last night of $42.56 and we saw them close today at $43.02 So I've only around 50 Odd cents today so nothing very spectacular. there but it is done and dusted. Now the oil and gas assets are no longer part of the bhp stable. We did see as well today gold miners doing a better Newcrest was that point nine of a percent northern startup two and a half and EVOLUTION Up 3.5% and Red Five was doing very well today. I see red split ends up at 7.8% today for our E d not so fortunate today though in the mining stocks were the likes of Pilbara down four and a half percent Linus down 2.6 l came down 1.1 And we also saw longtown down 2.6 And chalice returned from a large capital raising at around six bucks they were down 6.6% from the close a couple of days ago. Banks though was solid. We did see a good day today for the banking stocks. 


Henry Jennings  03:49

Once again the Big Four showing their quality I guess we had a and Zed at 1%. We had Westpac at 1.4 Commonwealth at one and NABS up 1.8% This was despite bond yields coming off slightly to 3.25% Macquarie fell point three of a percent.


Henry Jennings  04:07

And the big bank basket up 1.2% $187.33 So that big bank basket really has picked itself up off the floor and has been pushing higher and higher again, looking as if it could knock on the door of $190 for those big four. But elsewhere in Financials not such good news for the likes of square the artist formerly known as well it is called block but formerly known as square down 5.5% today, and zip continues to come undone down 2.9% with its stablemate down 3.9% Of course zip was looking to merge with Cecil settled down 3.9% today. Elsewhere in Financials we also saw a little bit of sogginess in the insurance stocks IHG down point for a And challenger falling 3.3% today as well. Elsewhere in the industrial space, it was a bit of a mixed bag the likes of Telstra were at 1.5% Trans urban up 1% Still doing quite well. Transurban and we saw discretion Well, consumer discretionary spending and staples or Wesfarmers at least doing better 1.1% Cole's nearly 2% and wood will use up 1.9% There Telstra one and a half percent today another stock we really talk about an awful lot. But about one and a half percent today. So doing all right, but not so in the tech sector. We saw a big fall again. 


Henry Jennings  05:42

In that tech sector we saw the Alltech index that fell 2.4% CPU and a nasty day to day down 4.8% there maybe the lack of volume in the US and here or at least volumes coming off is taking its toll on CPU at the moment. Zero also that 1.1 And why is tech down 3.2% leading that all tech indexes are say down 2.4% Today, healthcare just a bit flip floppy with CSL despite free flu shots being bandied around in New South Wales, down point two of a percent Fisher and Paykel down 2.3% Today, on the back of their results. They said they'd sold 10 years worth of hospital supplies in the last two years. So you wonder what hospitals are going to be buying in the next two years but we'll wait and see of course how that pans out. 


Henry Jennings  06:36

In corporate news today caught Kosta group had a good day they're up 8.6% Today after a positive business update. We saw chalice return down 6.6 and dv P also having a good day to day that is the development global which is bill payments old will his new play thing that was up 11.9% Today on news that it had started work on the Bellevue Goldmine, so a little bit of positivity creeping into that one. 


Henry Jennings  07:09

Nothing significant today all the economic front. Asian markets slightly better with China and Hong Kong slightly better at point three and point four, so hardly shaking the trees. Japan pretty flat in yields 3.25%.


Henry Jennings  07:26

In the winner's corner today we have cost the group which was up 8.6% CGC. The stock code there are Ed split ends I see read up 7.8% GQ G partners, which is the US equivalent I guess of Magellan, doing well today up 6.3% nufarm bouncing back after that big sell off yesterday. On the back of that 15.9% Sell down by Sumitomo. We had nufarm Were up 5.6% PSC insurance at 5.5% psi the stock code there Argosy minerals, lithium stock up at 5%. And Perseus mining up 4.5%. 


Henry Jennings  08:09

In the losers corner in the naughty corner today it was brain chip down 8.7% So that big rise that we saw went up to $1.30 all being unwound at the moment seven West media also struggling the day down 8% Down to 57 and a half S W M at the stock code they're not much fun today being a seven West shareholder that's for sure. And they have had a presentation at the beginning of May but no other reason for that one here there and everywhere was pushed here there and everywhere today was down 7.9% HTMI at the stock code c h n chalice mining came back from its 100 million dollar capital raise at six bucks down 6.6% and girl grinds resources G double are down 6.5% Today, as was chic or city chic collective CC X 6.1 Pro Medicus continues to slip sliding away. That one is now down to $39 65.8% down even elders and a 5.8% for today. 


Henry Jennings  09:21

Positive sectors today include the bank's iron ore somewhat, although Fortescue did 4.43 of a percent gold miners had a good day to day oil, consumer staples and coal.


Henry Jennings  09:32

Negative sectors healthcare, lithium and tech, the gold steady and Aussie dollar terms 2618 Bitcoin up above 30,000 We have the Aussie dollar drifting a little bit higher to 7108 and 10 year yields falling back to 3.25. 


Henry Jennings  09:53

Currently, we've got us futures up around 72 Nasdaq up around 80. We do have Federal Reserve minutes today coming out from the US. And we have had German GDP out this morning point 2%. And the DeVos pessimism continues, with George Soros, saying that he thought we should we could see the end of civilization with a nuclear war with Russia. So cheery thoughts coming out of George Soros. Of course. George very famously broke the Bank of England along with another gentleman back in 1991. Ish, I think will memory anyway.


Henry Jennings  10:32

Stocks On The Move today we had that cluster group move positive business update nufarm doing well 5.61% bt i baileigh door run by the old All Blacks Captain David Kirk, had a good days out nearly 6.6% On the back of receiving in their back pocket 180 million cash received from the Insta cluster sale. Good work from David sidestep that tech wreck nicely managed to get out of into the cluster and get over the line for a touchdown. We have a RT which is air Tasker up 8%. Today they completed the unfair acquisition and capital raise at 43 cents G R are not doing so well. Today that overbought situation does seem to be on winding down six and a half percent elders down 5.8 So tire falling back down to earth and looking a little deflated today. They were down around 9.6% CTT the stock code there h i O 8.62% down H IO is Horsens iron ore has been particularly volatile as an iron ore play. And we did get a company update the other day but the stock price has been coming off ever since. And see one also not doing so well today. That was one of the movers and shakers Nikko resources down 3.7%. 


Henry Jennings  12:00

Speculative stock of the day today is a stock that I haven't heard of. Connie comb Konietzko si n j the stock code there. This is a classic and neurology play as they call it. It's up at 3.3% good volume as well. 167 million shares traded today. There's a geological review of Mt. thirsty, thirsty is next door to its neighbour Galileo, which is the hot thing in mining at the moment. Although currently it is in a trading halt today. On the back of a drill assay results from the company's Callisto discovery. The Calypso so that should be interesting to see how that one pans out for Galileo but certainly Conoco doing well on the back of that.


Henry Jennings  12:58

In the news today we have BHP of course x bonus a name change for Woodside to WDSB G H capital has upped its offer Virtus health versus is now waiting on the cap vest response. BG H has up the bid to $8.15 then a Sonics na n expects total revenue for the financial year to be in line with current market consensus at the transition of existing GE trophy on customers. In collaboration with GE is currently well underway. Wally Parsons or Wally as is now called who wins the contract for a US Greenfield renewable diesel plant. 45% of Wally's revenue comes from the Americas and more quarry believes the US is likely to lift its investment in oil and gas Fisher and Paykel full year revenue today 1.6 8 billion New Zealand Dollars guidance pretty much 1.6 8 billion New Zealand Dollars gross margin 62.6 consensus 62.3 and big a cheese looking to sell and leaseback I love this as an address. We'd love to have this as my address one Vegemite way in Port Melbourne and AGL looks like Hester will vote against the D merger there and cost a group C G C calendar 2022 earnings to be higher by around $5 million. However, net profits are forecast to be 6.4. Revenue over the calendar year is 1.2 2 billion a 4.9% increase on 2020 and ALS ILQ the stock carrier there as described a positive start to the 2023 financial year. We in 2023 Already 1.95% better for them. In economic news today. The big news coming out in New Zealand was that the central bank there the Reserve Bank of New Zealand has raised rates by half a percent to 2% is New Zealand The leader of the free world In terms of interest rates, the Monetary Policy Committee today increase the Official Cash Rate or what they call the OCR to 2%. Agree that remains appropriate to continue to tighten monetary conditions at this pace to maintain price stability. The guide and RBI assistant Governor Lucy Ellis was out and about today delivering a speech on housing in Demmick phase.


Henry Jennings  15:24

And in Asia, two of China's biggest provinces are raising power rates for factories and increased environmental scrutiny and fuel costs being the reason there are North Korea has been firing off a few missiles just to keep everyone on their toes. 


Henry Jennings  15:38

Meanwhile, in Europe, European stocks heading for a higher open we have got the German first quarter GDP data coming in at point two of a percent. And Ursula van der Leyen has said that the EU should reach an agreement on the Russian oil embargo within days and talks about really reparations for that from EU countries and also using Russian money they've confiscated to rebuild Ukraine that would be ironic in some respects. Evercore Glencore rather faces a $1.5 billion us find the largest ever of its size, and it will plead guilty to bribery charges. And one mob in the US Evercore. isI think he's been looking at jousting sticks predicts the s&p 500 will jump 22% from current levels. I believe the catalyst for this massive increase is retail investors coming back to the market. When inflation that moderates inflation they think it has peaked and the job numbers hold up. Good luck with that forecast. But it got them some media time. That's it for me today. Thanks very much for listening. Have a great evening.