End of Day Report – Friday 10 May: Banks and Gold Miners Rally | ASX 200 up 1.6% This Week

ASX 200 finished up 27 points at 7749 (+0.4%) for a 1.6% rise this week. Bargain hunting from oversold levels in the banks and industrials after the rout yesterday drove the market higher. The Big Bank Basket up to $207.10 (+0.7%). WBC rebounded 1.3% with ANZ up 1.0%. MQG followed US Investment banks higher up 1.2%, other financials better, SOL up 1.2%, and MFG up 1.9%.  REITs rallying again, GMG down 0.3 % with SCG up 0.3%. Industrials mixed. TLS rallied 0.6%, REA up 1.4% on broker upgrades. CAR doing well, up 0.6%, ALL bouncing 0.7% and tech slightly higher. The All-Tech Index up 0.1%. In resources, the three Amigos going nowhere, FMG down 0.8%. Lithium stocks slipping slightly. Gold miners on the up, with bullion pushing higher, NST up 1.2% and NEM up 1.9%. Oil and gas better as Albo backing helps, WDS up 1.9% and STO up 2.1%. In corporate news, 360 fell 2.5% on an update, SBM jumped 14.6% on its outlook for Simberi. SUN fell 0.7% on bad loan news QBE up 0.1% on premium update. Nothing significant on the economic front. Asian markets benign, Japan up 0.5%, HK up 2.1% and China +0.1%. 10-year yields steady around 4.33%. Dow Futures up 51 points. NASDAQ Futures up 11 points.

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