End of Day Report – Monday 14 October: ASX 200 up 38 points | Resources rally on China

ASX rallied 38 points to 8260 (0.5%) just a few points shy of a record close. Banks and resources in favour as US bank reports revive optimism, CBA up 0.9% and ANZ up 1.6% with the Big Bank Basket up $236.36 (+0.9%). MQG rallied 0.7% with insurers and other financials doing well, QBE up 1.1% and GQG up 0.4%. REITs a little weaker, GMG off 0.1% with healthcare doing well, CSL up 1.2% and RMD up 1.1%. Industrials mixed, WTC off 0.3% with the All-Tech Index down 0.3%. TPG fell 4.1% after selling its fibre business to Vocus for $5.25bn. Travel stocks twitched lower following a WEB downgrade and a 35.6% fall.  FLT dropped 1.7% with CTD falling 3.7%. Retailers mixed. In resources, a better-than-expected Chinese market and a higher Iron ore price helped with BHP up 0.9% and FMG up 2.8%. Gold miners doing well, EVN up 2.8% and BGL kicking 4.4%. Lithium unmoved, PLS flat, oil and gas slipped, WDS down 2.1% and uranium stocks slightly firmer. In corporate news, SEK launched a bid for XF1, APX returned having raised $50m to trade % higher. In economic news, Goldman Sachs has upped Chinese GDP. Trade numbers yet to drop in China. Asian market mixed and volatile, China up 2.0% and HK up 0.2% with Japan closed for a holiday.

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