End of Day Report – Tuesday 2 April: Drifting Lower | Gold and Iron Ore in Favour

ASX 200 fell 9 points to 7888(0.1%) as profit-taking in banks and industrials weighed. Banks slid with the Big Bank Basket down to $210.39 (0.1%). CBA down 0.2% and ASX off 1.0% in financials. Insurers also slipped a little, QBE down 0.5% and SUN off 1.2%. REITs mixed, GMG falling 1.3% with MGR better by 0.4%. Industrials soft in quiet trade, WES off 1.0%, BXB falling 2.2% and TLS down 1.0%. WOW and COL slid with tech easing back too, XRO down 0.6% and the All -Tech index down 0.5%. Resources were the bright spot, BHP and RIO bounced as iron ore in Asian trade hit $100 and rebounded. Lithium miners were a little better, PLS up 0.5% with gold miners doing well, NST up 2.6%, and NEM better. Oli and gas stocks are also in demand, STO up 1.2% and KAR up 0.9%. Coal stock very firm as were uranium explorers, PDN rose 4.7% on modest first production. In corporate news, ASB got a bid from a South Korean firm rising 10.5%, CTT crashed again on a broker downgrade and ORA cratered 14.7% on a trading update with Saverglass the issue. On the economic front, we had RBA minutes and a speech from Chris (Clarke) Kent on the mechanism of the financial system. Asian markets mixed, Japan off 0.2% HK up 2.4% and China down 0.3%. 10-year yields 4.07%.

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