End of Day Report – Wednesday 13 August: ASX 200 falls 54 points | All CBA, down 5.4%

The ASX 200 fell 54 points to 8,827 (-0.6%). Not a bad day considering, CBA was smacked 5.4% on a solid but uninspiring result, with valuations already too stretched to be just “in line.” The fall; accounted for around 50 index points. The Big Bank Basket fell to $273.05 (-4.0%) with ANZ outperforming on catch-up. Other financials slid, QBE down 1.5% as IAG dipped 0.1% on a slight beat on results, ASX down 2.4% and GQG slipping 2.3% lower again.

REITs rose slightly, SCG up 0.3% and SGP up 0.5%. Healthcare was better with CSL up 2%, seeing inflows as CBA fell. TLX rose 2.7% in a rare up day recently. Industrials were flat, dominated by results — CPU hit 3.8% on broker downgrades post-results. BXB bounced slightly, SGH held after the rout yesterday.

Retailers were in the green, APE up 3.1% and TPW rising 1.5%. LNW had a good day, up 3.0%, and FLT up 1.2%. GYG came under some pressure, currently down another 3.7%.

In resources, lithium stocks saw the shorts return, LTR down 4.4% and PLS off 6.6%. Iron ore stocks firmed again — BHP up 1.1% and FMG up 1.4%. LYC rose 3.2% and EVN up 3.9% on better-than-expected results and an increase in dividend. Other golds did OK too, NST up 1.1% and GMD rising 3.2%. Oil and gas stocks slipped, BPT down 7.6% and KAR off 3.8%. Uranium drifted lower and coal off slightly.

In corporate news, BVS missed expectations losing 16.5%, TWE firmed despite some concerns, AGL ran out of power, down 13.1% on bad numbers, guidance underwhelms. TYR boomed 11.4% on takeover talk and ANG disclosed an accounting error.

On the economic front, wage increase and lending data. Looks like wage pressure has stabilised. Asian markets continued to march to records, Japan up 1.3%, HK up 2% and China up 0.9%.

10-year yields steady at 4.23%.

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