End of Day Report – Monday 3 June: Banks Leading the Charge to 7800

ASX 200 jumps 59 points to 7761(0.8%) as US gives a positive start to the week. Banks as usual leading the charge higher, the Big Bank Basket up to $210.96 (). WBC jumping 2.5%. MQG is up slightly with insurers doing well, QBE is up 2.6%, and SUN rallied 1.3%. REITs strong too, GMG up 1.9% and SGP up 1.8%. Industrials mixed, REA and CAR eased, WES up 0.8% and COL doing well, utilities also in demand, ORG up 1.2% and APA up 1.2%. Tech slipped WTC down 1.3% and the All -Tech Index down 0.3%. Healthcare mixed, PME up 0.9% and RMD slipping 0.8%. In resources, BHP moved another 0.7% higher, despite iron ore falling to a six-week low, PLS and the lithium players modestly better, IGO up 2.2% and LTR up 2.3%. Gold miners on the nose again, EVN down 1.0% and NST off 0.7%. Oil and gas stocks slightly firmer on OPEC Plus news. In corporate news, IMM raising $100m and signing up Merck with a new drug. LOV dropped 10.4% on the CEO succession plan, VUL tapped Gina for some more money, up 7.2%, APM agreed to a scheme from Madison Dearborn and RPL bought Merricks Capital for $235m. In economic news, China’s manufacturing activity expanded at the fastest rate in almost two years in May. Asian markets jumped Japan up 1.2% with HK up 2.3% and China unchanged. 10-year yields 4.37%.

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