End of Day Report – Friday 9 August: ASX 200 rallies 1.3% - Still Down 2.1% on the Week - QBE NWS and REA Results

ASX 200 closes up 96 points to 7777 (+1.2%) still down 2% for the week. Resources took up the baton in the ‘repechage’. Gains in iron ore in Singapore brought buyers back in. BHP up 1.6%, and RIO up 2.0%. Lithium stocks also bounced, with PLS doing well, up 3.0%, as MIN rallied 1.5% and S32 up 3.9%. Gold miners bounced back, NST up 1.2%, and WAF up 6.8% after a baton drop yesterday. Oil and gas better too as WDS bounced 2.3%, with uranium stocks slightly firmer, clean out of the blocks this morning. Banks ran a solid race through to the semis, with ANZ up 1.1% and WBC up 0.7%, with the Big Bank Basket up to $221.19 (+0.6%). Insurers firmed, with the exception of QBE, which had a false start and disappointed selectors. Other financials pushed higher, with MQG up 1.0% and ASX up %. REITS on the podium, GMG up 3.2%, and GPT pushing 1.8% ahead. Good moves from REA and CAR, results from NWS too helping, tech better, WTC up 2.7% and XRO running a PB up 2.6%. The All-Tech Index up 3.2%. Retailers were mixed as NCK rose 0.1% on results, and Travel stocks failed at the new height losing a little. Healthcare stocks rose to the challenge and hopped skipped, and jumped higher, COH up 2.4% and SHL ahead by 0.7%. In corporate news, QBE fell 1.7% on results, NWS and REA delivered. NEU failed a drug test and slipped 5.5% on trial results. Nothing locally on the economic front, Chinese CPI rose. A promising sign for consumerism. Asian markets settled mixed, with Japan up 0.9%, HK up 1.4% and China unchanged. 10-year yields steady at 4.07%.

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