End of Day Report – Friday 27 September: Fresh record | Resources explode, banks down

Record high.

ASX 200 finished the week steady up 9 points to 8212 (0.1%) as banks fell and resources rallied. ASX 200 unchanged on the week. The Big Bank Basket fell to $233.34 (-0.7%) with NAB down 1.8% and WBC off 1.7%. Insurers eased, REITS eased back too with GMG down 1.1% and SCG off 1.1%. Industrials mixed, WES slipped 0.4%, WOW and COL flat, BXB fell 1.0% and TLS falling 0.8%. Healthcare remained in ICU, CSL down 2.1`% and RMD off 0.8%. Resources in demand as shorts continue to cover. MIN up 13.9%, BHP up 3.2% and the Three Amigos now trading at $192.29. Lithium stocks also in demand as shorts raced to pare back risk. PLS up 5.7% and IGO up 4.2%. Gold miners saw profit taking off a tad, NEM down 0.6% and WGX dropping 3.2%. DEG up 3.4% as media speculation on a takeover were quashed by the company. Oil and gas down on crude prices, WDS down 1.4% and uranium stocks picked up slightly, PDN up 2.5% with coal stocks doing well. In corporate news, SGR came back to trade and regretted it instantly, down 44.4% and EDV lost the CEO, NAM fell 0.7% as the ACCC said it still had issues with Olam Agri. In economic news, China cut its repo rate. Asian markets pushed up again despite negative Chinese data, Japan up 1.6%, China up 3.7% and HK up 2.6% for its best week since 1998. China was the best since 2008. 10-year yields dull and boring at 3.95%.

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