End of Day Report – Thursday 14 August: ASX up 47 points | CBA falls again, WBC flies

The ASX 200 touched 8900 (nearly) before profit-taking crept in as jobs data was better than expected. The index closed up 47 points at 8874 (0.5%). ‘Super Thursday’ with results dominating. Banks were mixed as CBA continued to struggle, down % with the Big Bank Basket at $274.63 (+0.6%). WBC results were solid and, given its relative value to CBA, rose 6.3%. Other financials firmed, MQG up 1.7% and insurers doing well, SUN up 3.6% on better-than-expected results. GQG rallied 3.2% with XYZ up 2.4%. REITs firmed, GMG up 1.4% and MGR rising 1.8%. Industrials mixed, CPU rose 1.7% on broker comments, WOW and COL firm, WES up 0.8% and JBH rallying another 1.8%. JHX had a good session, up 4.0%, and REH jumped 4.3%. ORG also did well on better-than-expected results and a guidance upgrade, up 6.3%.

Resources mixed as iron ore players folded, RIO crashed 3.7% with BHP down 0.5% and FMG losing 1.7%. Gold miners were mixed, NST up 1.2% and EVN falling 0.6%. Some buyers appeared in lithium stocks, although LTR were clawed 9.1% lower as the SPP letter was sent out. PLS up 0.9% and MIN up 0.7%. Uranium mixed, PDN up 1.7% and BMN down 1.6%. Coal stocks fell and oil and gas stocks were becalmed.

In corporate news, TPW was a stand-out on the numbers and growth projections, up 8.8%. WBC had its best day in five years, S32 dropped 5.2% on issues with power in Mozambique and a write-off, and PME rose 6.2% after profits came in line with expectations.

On the economic front, unemployment eased slightly and RBA maybe on hold for longer. 

Asian markets mixed, Japan saw some profit taking down 1.3%, HK down 0.4% and China up 0.2%.

10-year yields steady at 4.21%

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