End of Day Report – Thursday 8 August - ASX 200 drops 18 points - Banks Rally - Resources Stumble - AMP Surprises

ASX 200 slips 18 points to 7682 (-0.2%) as banks rally and resources slip. BHP testing $40, down 2.0%, with RIO and FMG under pressure too. Lithium stocks fell as MIN down 2.2%, and IGO off 2.5% on nickel plans. Gold miners fell hard as bullion slipped, NST down 2.5% and PRU off 4.9%, with changes in Burkina pushing WAF down 10.8%. Uranium stocks fallout continues with BOE off 4.0% and DYL down 5.6%. Oil and gas mixed, WDS falling away again, down 1.9%, and STO holding steady. Banks held up well on defensive qualities and comments from the RBA governor, perhaps on rates. CBA up 1.4% and ANZ up 1.1% on capital position news, The Big Bank Basket up to $219.92 (+1.3%). Financials firm ASX up 2.2%, and NWL rallying 1.0%. REITs under pressure as MGR disappointed, GMG down 2.2% and GPT down 2.8%. Industrials mixed, COL and WOW up around 0.5% -1.1% with ALL firming 1.3%. Elsewhere, TLS slipped 0.5% and TCL reported today, falling 0.8%. Tech mixed. In corporate news, AMP rallied 13.3% on better-than-expected news, and MYR dropped 7.1% on a trading update. QAN ex-CEO Joyce will forfeit $9m of his pay in review. Nothing on the economic front. Asian markets mixed, Japan down 0.3% and HK up 0.3% with China up 0.2%. 

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