Marcus Today End of Day Podcast – Tuesday 25th July

 ASX 200 closed up 33 points to 7340 (+0.5%), snapping a two-day decline, led by miners and energy stocks, although investors exercised caution ahead of local quarterly CPI results and FOMC meeting both due on Wednesday. Iron ore miners led the advance, sector majors BHP, RIO and FMG up 3.3%, 3.4% and 4.6%, respectively. Energy stocks rose as oil prices extended gains, with WTI crude futures hovering around a 3-month high. Index heavyweights STO up 0.6% and WDS up 1.2%. Lithium miners did well, MIN up 3.9%, AKE up 2.3%, and PLS gained 5.2% despite reporting a 33% drop in spodumene prices in the June quarter. Bucking the trend, bank stocks slipped, with the big four all losing between 0.2% to 1.1%. Big Bank Basket down to $178.6 (-0.3%). Gold stocks edged higher, NST +0.3%, and EVN up 0.8%. Consumer discretionary was the worst-performing sector today, extending losses into afternoon trade down 0.8%. WES down 0.9%, ALL off 0.5% and JBH slipped 1.0%. Tech struggled, XRO down 1.2% and CPU off 0.8%.

In corporate news, 29M fell 6.6% after reporting lower total site costs at its Golden Grove mine in June quarter, COF -0.4% divests 35 Robina Town Centre Drive for $40m, MND +5.4% secured $200m contract with Albemarie, GNG up 3.8% secured $81m contract LOI from K92 mining and NCM off 0.1% despite reporting a 9% increase in gold production.

Nothing on the economic front. Asian markets higher, Japan up 0.2%, HK rose 3.7%, and China jumped 2%, rebounding sharply from multi-week lows after China pledged to 'ramp up policy' support for its struggling economy.  Australian treasury yields edge lower 10Y yield up 4bps to 4.03%. Dow Jones futures down 13 points and Nasdaq futures down 1 point.

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