May 23 2023
Marcus Today End of Day Podcast – Tuesday 23rd May
ASX 200closed down 3 points to 7260 (-0.1%) in a narrow day of trade. Financials bounce back, recovering yesterday’s losses. The Big Bank Basket up to $171.34 (+0.6%) MQG, the biggest winner climbing 2.1%, CBA, NAB, ANZ, and WBC all with modest gains +0.6%, +0.4%, +0.8%, and +1.0% respectively. Tech Rally continues, All-Tech Index gained another 0.3%. WTC had a wild day, shares hit a record high of $74.46 today, making WTC the largest listed software company on the ASX before closing down 0.1%, SQ2 gained 4.5%, and XRO up 0.9%, marking the fifth day of consecutive gains. REITS found support, GMG up 0.7%, SCG up 0.4% and MGR stronger 0.9%. Energy stocks did well again today, as oil firms and demand outlook improves, WDS +0.3%, STO +0.3%, and BPT +0.4%. Base metals and Resources were broadly lower, S32 down 0.5%, BHP down 0.9% and FMG off 0.5%. Lithium stocks were mostly down, MIN -1.0%, PLS -0.8%, but AKE rose 0.8%. Travel stocks were hammered, QAN -2.2% triggered a broad sector sell-off, despite forecasting a record underlying pre-tax profit in FY23. Healthcare and Insurers mixed. CSL +0.6%, SHL -3.0%, QBE +1.4%, while NHF fell 0.8%. Gold sector down for the sixth day in a row, falling 1.2%, NCM -1.9%, NST -0.8%, and EVN off 1.3%. In corporate news, NAB lifts mortgage rates up 0.1% on new home loan customers, 29M fell 3.3% on updates to guidance, and OFX surged +20.1% on record results, NOI up 45.6%. In economic news, Judo Bank PMI data out today, the manufacturing PMI reached an eight-month high of 50.8 in May, the services PMI down to 51.8 in May, fell from 53.7 last month, and the Australia Composite PMI was above 50, coming in at 51.2 in May falling from 53 in April. Asian markets eased with Japan down 0.7%, HK down 0.7%, with China off 0.9%. Australia 10Y yield up to 3.65%. Dow Jones futures up 26 points and Nasdaq futures up 27 points. Why not sign up for a free trial? Get access to expert insights and research and become a better investor. Make life simple. Invest with Marcus Today.