Marcus Today End of Day Report - Thursday 2nd September

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ASX 200 dropped 41 points to 7486 rallying off its lows with half of the fall BHP going Ex- Dividend. This will be a feature of the market as company dividends drop creating a headline headwind. BHP fell 6.9% to be lower than its 2021 open though it has paid around $4 in dividends thus year.

Other resource stocks were in the doghouse, NCM down 1.5%, RIO off 0.7% and BSL easing 1.4%. Healthcare slipped with CSL down 1.8% and RMD off 1.7%. Banks were mixed with the Big Bank Basket steady at $183.80.

Industrials mixed too with tech better as APT rose 0.9% and TLS slipped 1.0%. Consumer staples lower as WES, WOW and COL all fell. Uranium stocks doing well with PDN, BMN and even ERA firming.

On the economic front, a record trade surplus of $12.1bn was recorded in July, beating market estimates of $10bn. Exports +5% vs estimates of 3% with imports +3%, beating estimates of 2%. China’s manufacturing PMIs slips in August. The surprise fall in the Caixin PMI into contraction territory was driven by both weaker production and demand.