Marcus Today Market Updates
End of Day - Tue 26 Oct
October 26, 2021
The ASX 200 flops back to a 2-point gain after a strong early session, the index closing at 7443. No real reason for the sluggish performance. Eyes were fixed on AGMs, business updates and news from CWN which was found guilty but now needs to prove its innocence. CWN rallied 8.7% on the news from the latest RC on being able to keep its licence for now. Seems governments need the revenue post CV19.
- Banks were mixed with CBA down 0.3% and the basket slightly higher at $188.20.
- Industrials were mixed, WOW and COL dropped, WES rose but maybe that was the lithium talking, technology better but dominated by APT up 3.3% following a move higher by Square. In resources, early enthusiasm in the majors slid away with S32 down 2.1%, AWC off 2.3% and FMG down 1%. Gold miners eased and energy stocks ran out of fizz, little changed. Coal stocks waned on moves from China on prices.
- In corporate news, GQG joined the boards today as this years’ biggest float down 2.5%. DDR charged ahead with a splendid business update rising 14.1%. PLS announced a downstream JV with POSCO and MIN fell 7% on falling iron ore prices and serious discounting of its product.
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