Marcus Today Market Updates
End of Day Report - Tue 23 Nov
November 23, 2021
- The ASX 200 rallies 58 points to 7411 (0.8%) as bond yields rise to 1.87% in the 10-years. Banks did well on the back of the rising yields with the Big Bank Basket bouncing back broadly to $174.37 up 1.1%. Insurers also rallied on higher rates with QBE up 1.2% and SUN rising 1.9%. Higher rates hurt tech stocks as APT led the rout following Square falling over 6% in the US. APT down 5.4% and the All Tech Index falling 3.1% with WTC and XRO both substantially weaker.
- Industrials firmed as TCL rose 2.3%, TLS up 0.3% after KKR bid for the Italian mob, REITS rallied led by SCG up 2.3%. But the real action was in iron ore stocks as China seems poised to stimulate and Dalian futures limit up, BHP rose 4.0% on the WPL merger news with the oil company up 3.5%, RIO up 3.6% but FMG the stand-out galloping 9.8% ahead. Clearly pays to be green and clean. Base metal stocks also bolted higher, PLS up 1.6%, MIN up 4.9% and OZL up 1.4%. Energy stocks in demand as OPEC plus fights back against the evil empire about to release the strategic reserves.
- In corporate news, 4DX rose 15.4% on its first commercial deal, MNS rallied 18.9% as it trades on US markets tonight and GMA launched a buy back. 360 in a trading halt as it raises money to buy a Tile. BAP dropped 9.6% as popular CEO/MD announced his retirement.
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