End of Day Report – Friday 8 November: ASX 200 up 69 | Banks rally to fresh highs

ASX 200 ended the week sprinting 69 points higher to 8295 (+0.8%). A good 2.2% rise for the week. It has been a momentous week, money being put to work in the ASX. Resources buoyed by China hopes. BHP, RIO and FMG all better despite iron ore in Singapore falling 2.6%. Gold miners recovered as bullion pushed up again, NST up 1.8% and NEM up 1.2%. Uranium stocks ran out of ‘oompf’ on Cameco production downgrade and oil and gas stocks eased. Lithium stocks mixed, PLS eased 1.0% with LTR up 2.5% despite the royalty ruling. Industrials and banks the driving force. Healthcare recovered, CSL up 0.7% and RMD up 1.1%. Tech better, WTC up another 1.8%, XRO rising 1.2% with the All-Tech Index up 1.0%. Retail better, JBH up 3.9% with PMV up 1.9% and DMP bouncing 1.3%. Travel stocks also finding friends, with FLT up 0.8% and CTD rising 2.5%. Banks were solid. CBA leading again up 1.4% with WBC, the Big Bank Basket up to $253.24 (+1.4%). Record highs. ANZ results were a little underwhelming but nothing either way, expect some modest downgrades, as we saw with NAB and WBC. MQG flat with other financials better. In corporate news, NEU jumped another 15.1% on strong US Daybue sales, REA up 0.3% on results, NWS off 2.1% on a revenue surge on Real Estate exposure. MYX rallied 15.1% on M&A hopes. Nothing on the economic front, apart from the Fed! Asian markets better, China heading for its best week in a month. Japan -0.1%, China down 0.5% and HK down 0.9%.

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