End of Day Report – Wednesday 9 October: ASX 200 closes up 11 | RIO bids for LTM

ASX 200 rose 11 points to 8187 as an early rally was snuffed out by weak Chinese markets. Banks good. Resources bad. The Big Bank Basket rose to $234.34 (+0.5%). CBA up 0.5% as a defensive play, Insurers better too, ASX rose 1.4% and SQ2 did well on a BNPL sector upgrade, up 4.4%. REITs mixed, GMG down 1.4% and SCG up 0.3%. Industrials firmed, TLS up 1.3% with REA up after AGM comments. Tech better, WTC up 1.5% and XRO pushing 1.5% ahead. The All-Tech Index up 1.8%. Retail and travel stocks better. FLT up 1.4% and PMV up 1.3% with ALL up 2.0%. WES, WOW and COL better by over 1%. Resources were in a world of pain. BHP dropped 1.1% with RIO down 2.3% and FMG off 1.6%. Lithium stocks suffered as the bears were back having a picnic in PLS off 5.0% and MIN having a double whammy hit, down 6.4%. Oil and gas fell hard, WDS down 3.0% and uranium stocks under a little pressure. In corporate news, RIO -2.3% to acquire LTM for US$5.85/share cash, APA rose 2.6% on pipeline relief from the regulator, MAC raised $140m to repay debt and on the economic front, our Kiwi brothers saw a 50bps rate cut. Asian markets were mixed, Japan up 0.3%, China falling hard down 5.0% and HK down 0.6%. Stimulus? What stimulus!. Dow Futures down 25 points. NASDAQ Futures down 50 points. 

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