End of Day Report – Friday 22 Mar: USD strength weighs on resources

Marcus Today Market Updates

ASX finished the week down 11 points at 7771 (0.2%). No real damage, more apathy and quiet trading. The index rose 1.3% for the week. Weakness in banks after a stunning day yesterday, CBA down 0.4% and WBC off 0.8%. The Big Bank Basket slipped to $207.75 (%). MQG dropped 0.3%. Insurers rose slightly with QBE up 1.1% and SUN up 0.9%. REITS better, GMG screaming ahead up 3.4%. SCG up 1.2% and MGR rising 1.4%. Industrials mixed, TLS slipped 0.8% and WOW up 0.7% with the tech sector slightly higher, WTC up 0.8% and the All -Tech Index up %. Healthcare better, CSL up 1.7% and RMD doing well up 1.2%, on a FPH upgrade. In resources it was a sloppy day, BHP fell 0.8% with FMG easing 2.1%. Lithium stocks down too, PLS off 1.0% as lithium fell 2% plus in Asian trade. Gold miners took a break, with EVN falling 2.0% and GMD revealed a 5-year plan and fell 6.3%. Oil and gas stocks under pressure as were coal stocks. In corporate news, pretty quiet. The RBA released its Financial Stability Report, Japanese inflation came out a little higher. Asian markets a little mixed, HK down 3%, China down 1.5% with Japan unchanged. 10-year yields fell hard to 4.03%.
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