End of Day Report – Tuesday 28 May: Quiet Drift Lower | PWR Falls

ASX 200 drifts 22 points lower to 7767 (-0.3%). A quiet session with some of Monday's exuberance fading. Banks were steady, with the Big Bank Basket at $209.80 (+0.1%). ANZ the best of the bunch. Insurers slightly firmer, SUN up 0.1% and NHF up 0.4%. REITs were pretty steady SGP up 1.8% and GMG down 0.6%. Industrials eased, TLS down 0.6%, WES down again off 0.4%, with TCL falling 1.6%. Tech eased back, with the All-Tech Index down 0.6%. WTC off 0.6%. In resources, BHP continues to hold steady ahead of the 'put up or shut up' deadline on the Anglo bid. Gold miners better, NEM up 0.3% and EVN up 0.5% on bullion rises. Oil and gas mixed, WDS down 0.3% and STO up 0.5%. Uranium stocks fell as the spot price eased back to $90. In corporate news, BOE sank 10.9% on news of three directors selling down considerably. WBC’s RAMS is being investigated over home loans. PWR dropped 12.6% on an earnings downgrade, and PME won another contract worth a minimum of $45m. PLY lifted its guidance too, and the stock jumped 6.1% in response. On the economic front, retail sales came in below forecasts at a weak 0.1% MonM rise. Asian trade mixed, Japan up 0.1%, China down 0.3% and HK off 0.1%. 10Y yields steady at 4.26%. Dow Futures up 18 points. NASDAQ Futures up 38 points.

Why not sign up for a free trial? Get access to expert market insights and manage your investments with confidence.

Ready to invest in yourself? Join the Marcus Today community.