End of Day Report – Tuesday 24 September: ASX 200 up 11 | RBA leaves rates on hold

Market Updates

ASX 200 fell 11 points to 8142 (-0.1%) on a big day of divergence. The great rotation kicked in with resources doing very well following the PBoC firing its 'bazooka' and the banks fell after the RBA held rates unchanged for the same reason as last time. The Big Bank Basket fell to $240.49 (-2.8%) as CBA dropped 3.0% and NAB fell 3.0%. Other financials held, with MQG up 0.9% and CGF up 1.3%. Insurers eased back slightly, SUN down 1.5%. REITs steady as GMG rose 1.1% and SGP up 1.0%. Industrials were mixed again, WOW and COL on the nose, falling around 3% on ACCC concerns. WES off 0.7% and ALL rallied 2.1% as LNW fell 18.4% on a Nevada court ruling. Tech mixed, the All Tech Index up 0.4%. QAN up 1.0% heading for an all-time high! It was a better picture in resources, following the PBoC move, BHP rallied 3.3% with RIO up 3.7% and FMG trailing up only 1.8%. Lithium miners were squeezed higher, PLS up 4.7% and MIN up 6.5%. S32 had a good day up 4.1% with BSL up 1.2%. Gold miners were weaker, EVN up 1.4% the exception. Uranium stocks glowing again today as shorts continue to cover on Microsoft’s move to shore up power. DYL up 10.6% and PDN up 10.1%. Oil and gas pushed slightly higher. In corporate news, CTT had their accounts signed off by the auditor and raced 79% ahead! In economic news, RBA and PBoC hogged the limelight. Asian markets firmed, Japan up 0.5%, HK up 3.5% and China up 3.8%. 10Y yields steady at 3.90% on RBA.
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