Marcus Today End of Day Podcast – Monday 29th May

ASX 200closed up 63 points to 7217 (+0.9%), rising a second straight session in a broad market rally on positive news that a tentative deal to raise the debt ceiling was reached over the weekend. Mining stocks were firm today, leading the market higher with solid gains in BHP, RIO and FMG, all up over 1% following a rise in iron ore prices late last week. Financials put on their money-making boots, with the Big Bank Basket up to $171.04 (+1.3%), with CBA leading the charge up 1.4%, while NAB, WBC, and ANZ followed closely up 1.3%, 1.2%, and 1.2%. REITS took centre stage as the best-performing sector, up 2.0%, GMG +1.8%, CHC +3.4% and MGR +2.2%. Consumer discretionary sector in the red today, as retailers took a hit MYR -1.4% and JBH -0.2%. Energy stocks were good, supported by stronger oil prices, WDS +1.0%, STO +0.9% and BPT up 1.1%. Lithium stocks stood out, with MIN up 2.3%, AKE up 1.4% and LTR up 1.5%. Gold sector was mostly flat, but EVN and SSR pumped the breaks falling 1.7% and 1.9%, respectively.
Tech a little flat considering, All Tech Index up 0.1%, SQ2 and NXT found support up 1.2% and 2.7%, while XRO slipped 0.9%. In corporate news, APX +10.6% on broker rating changes, LLL up 17.2% on securing $106m through a strategic placement, HUM climbed 7.7% after ASIC revokes BNPL stop order, and SHV gained 8.7% on results despite posting a net loss of $96.2m.
In economic news, WTI crude futures climbed over $73 a barrel, extending gains from the previous session on positive sentiment on the US debt ceiling deal. NZ dollar remains depressed, trading near six-week lows following last week's 25bps hike. Asian markets mixed, Japan up 0.7% hit a new 33-year high above 31,400 during trade, HK down 0.7% with China up 0.2%. Australia 10Y yield down to 3.7%. Dow Jones futures up 64 points and Nasdaq futures up 75 points.

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