End of Day Report – Friday 17 May: Banks and Industrials Falter

ASX 200 fell 67 points to 7814 (-0.9%) as broad-based losses after a huge run yesterday. Index up 0.84% this week. Banks eased back despite an 8.2% run in BEN after results beat expectations. The Big Bank Basket fell to $210.47 (-0.6%). MQG dropped 1.3%, and other financials under pressure. Insurers slid, QBE down 1.5% and SUN off 0.2%. MPL dropped 2.2% as hacking concerns remain. REITs under pressure today, with GMG down 1.1% and GPT falling 2.9%. Healthcare was whacked, CSL down 2.4% and SHL off 1.5% with RHC falling 1.9%. Industrials also eased, WOW down 0.6% with COL off 0.9%. Tech fell back after a stellar run yesterday, XRO fell 5.1%, with the All-Tech Index down 2.1%. Retail is under pressure, with PMV down 2.0% and LOV off 2.7%. DMP stuffed crust down 3.2%. Travel stocks on the nose too. Resources were better, Iron ore stocks continued to find friends, BHP up 0.8% and FMG up 1.2%. Lithium, too, saw buyers, PLS up 2.2%, and LTR rising 4.9%. Gold miners fell as bullion dropped, NST down 1.7% and NEM down 1.3%. Oil and gas stocks continued to be unloved, WDS off 1.5%. In corporate news, BEN rose 8.2% as trading update, and margins were better than expected. LLC fell 2.1% after it agreed to sell its Asian businesses, SGR had the casino licences in QLD suspended now until December 24, down 2.2%. Nothing locally on the economic front, China saw some positive and negative data, as usual, it's complicated. Asian markets were quiet, Japan up 0.3%, HK up 0.6%, and China up 0.3%. 10-year yields at 4.21%.

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