End of Day Report – Monday 25 Mar: Closing in on record high

Marcus Today Market Updates

ASX kicked another 41 points higher to a record close of 7812 (0.5%). Banks were solid again, CBA up 1.1% and ANZ slightly higher. The Big Bank Basket trading at $208.94(0.6%). MQG slid 0.8% despite stories of a bid for part of Heathrow Airport. Insurers flat. REITs rallied with GMG leading the way up 3.7% and MGR up 2.2%. Industrials too were solid, WOW up 0.2% and TCL running 1.1% higher. Tech stocks better, REA up 2.3% and XRO rallying 1.4%. The All-Tech Index up 1.0%. In resources, iron ore rallied dragging FMG up 3.5% on news that Twiggy is looking at copper, RIO up 0.9% and S32 continuing to rally up 1.7%. Gold miners mixed. EVN up 2.4% and SFR up 2.8% as copper stocks are in focus. Lithium stocks under a little pressure as Citi turned bearish. Oil and gas better, WDS up 1.2% and coal and uranium better. In corporate news, two more bids today, MRM and MEA and A2B voted in favour of the takeover and will be delisted in early April. Nothing on the economic front today. Asian markets were mixed, Japan down 0.6%, HK up 0.3% and China up 0.3%. 10-year yields back at 4% .
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