End of Day Report – Tuesday 12 Mar: Small bounce ahead of US CPI, iron ore falls again

Marcus Today Market Updates

ASX 200 limped 8 points higher to 7713. The market is waiting for direction from the US, with banks trying to rebound slightly as the Big Bank Basket flatlined at $207.93(0.1%). NAB slipped 0.4%. Other financials slightly better, QBE up 1.3% and SUN up 1.7% as GQG fell again down 2.3%. REITs mainly higher with GMG down 0.2% the rest better. Industrials a little higher, BXB up 1.4% and REA up 0.6%. Tech stocks rallying with the All-Tech Index up 0.7%. Retail better too, JBH up 2.0% and LOV up 0.9%. Resources suffered as the iron ore price fell again, BHP down 0.7% and FMG off 1.2%. Lithium stocks better as prices lifted in Asia, PLS up 4.3% on the back of an offtake agreement. MIN up 1.3% and LTR up 4.4%. Gold miners finally picked up with NST up 1.7% and NEM up 3.5% and oil and gas stocks eased WDS down 1.2% and STO off 0.6%. In corporate news, APX in a trading halt after a big rise of 30.1% and now an ASX query. AWC agreed a scheme with Alcoa, rising 8.1% and STX up 9.5% on a production update. Philip Lowe has become the chair of FGX with BGL up 10.3% on a production update. QVE and WLE announced a merger of unequals. Dalian iron ore hit a five-month low as China recovery disappoints. Asian markets mixed as Japan slipped a little and HK better. China flat. 10-year yields steady around 3.95%.
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