End of Day Report – Tuesday 19th August ASX 200 drops 63 - CSL down nearly 17% on guidance and restructure.

The ASX 200 dropped 63 points to close at 8896 (0.7%). CSL falling 16.9% on restructure and disappointing guidance, responsible for most of the loss. Banks edged higher post results, CBA up 0.5% and NAB gaining some broker love, up 0.8% with the Big Bank Basket up to $281.67 (+0.6%). Insurers sold off again, QBE down 1.2% and SUN off 2.1% with other financials flat, CGF doing well up 2.6%. REITs firmed with DGT up 0.4%. Industrials mixed, retail firmed, JBH back up 2.3% with CTD up 0.9%. ARB results today and the market liked them rising 8.6%. QAN dropped 1.2% after the record fine yesterday, TPG fell 2.3% after a cyber incident, tech was mixed, XRO recovered slightly up 1.7% and WTC slid 0.7%. The All -Tech Index up %.

In resources, BHP numbers were solid, the dividend beat forecasts, up 1.6% and some renewed interest in rare earths, LYC up 2.2% and ILU putting on another 1.9%. Gold miners drifted lower and BSL results failed to impress off 1.9%. SGM was another casualty on results falling 5.7% on Chinese scrap issues. Oil and gas stocks fell, STO revealed that DD had failed to come up with a definitive offer, WDS dropped 2.8% on its results and uranium stocks flat.

In other corporate news, JDO rose 0.3% on better numbers led by cost cutting. RWC fell 6.7% despite a 13.5% rise in FY net profits. SEK jumped 8.0% after an increase in revenue beating expectations.

On the economic front, Australian consumer sentiment jumped 5.7% in August to 98.5, the highest level since February 2022, according to the Westpac-Melbourne Institute survey.

Asian markets mixed, Japan down 0.2%, HK up 0.1% and China unchanged.

 10-year yields better at 4.32%

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