End of Day Report – Tuesday 5 Mar: Gold soars, lithium crashes

ASX fell 12 points at 7724 (-0.2%). Some weakness in a few sectors weighed. Banks eased back with the Big Bank Basket down to $206.08 (-0.8%). CBA leading the loss, off 1.0%. MQG slipped 0.3%, and GQG fell 1.8%, with REITs down a tad. Industrials weaker across the board, looking a little tired after reporting season. ‘Old Skool Platform’ stocks dropped, with REA off 2.0% and CAR down 1.8%. Tech eased, with the All-Tech Index off 0.3% and supermarkets down. WES off 1.8%, and COL and WOW falling too. Ex-dividends weighing.  In resource stocks, iron ore miners perked up on Chinese stimulus hopes (again), BHP up 0.9% and FMG bouncing 1.9%. Lithium stocks pummelled as the rally ended abruptly. PLS dropped 7.0%, and MIN off 3.6%. Lithium in China fell, and Tesla ran into sellers in US. Gold miners in demand as bullion hit records. NST up 3.0%, and NEM up 5.5%, playing some catch-up.  Oil and gas stocks slipped, with WDS down 0.8%. In corporate news, MPL and NHF rose on premium increase news, HLS was a star performer as the CEO stepped down up 14.7%, and in economic news, the current account returned to a surplus, beating forecasts. GDP tomorrow. Asian markets sank on Chinese GDP news, HK off 2.2% and China up 0.2%, with Japan still at all-time highs up 0.6%. 10Y yields falling to 4.1%. Dow Futures down 68 points. NASDAQ Futures down 61 points.

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