End of Day Report – Monday 18 August: ASX 200 up 21 points to new record | Results in focus

The ASX 200 hit a new record high at 8959 (+0.2%) as banks gathered strength. NAB results were in line, with the CEO sounding a little contrite — unlike QAN, which was hit with a record fine for “not being sorry enough.” QAN fell % while NAB rose 2.7%. The Big Bank Basket climbed to $280.06 (%).

Insurers were firmer, with IAG up 0.8%. Other financials were less enthusiastic. REITs gained ground with MGR up 3.5% and GPT up 1.9%, while DGT fell sharply after missing expectations. Down 14.1%.

Industrials firmed, with SGH up 2.6% on bargain hunting. REA rallied 4.5% on news of a new CEO, while CAR lost its CEO. Tech was flat, while retail was mixed: WES rose 1.1%, CTD did well rallying 3.9%, TPW continued to crater, down another 5.3%, and KGN fell 2.5% on write-offs at Mighty Ape.

Resources were mixed. Gold miners slipped on fading hopes of a US rate cut, with EVN down 1.5% and CMM off 1.6%. Iron ore miners also weakened, with BHP down 1.2% ahead of results tomorrow. Lithium and rare earths were in demand, with PLS up 3.2% and LTR gaining 6.5%, while ARU raised capital at 19c. Oil and gas edged lower, as did uranium and coal stocks.

In corporate news, A2M rose 3.1% on better results, ADB crashed 20.8% after lifting capex guidance by 25%, BSL fell 3.1% on US write-offs, while LLC climbed 6.7% on stronger-than-expected results.

Nothing notable on the economic front.

Asian markets mixed, Japan up 0.9%, HK up 0.6% and China up 1.3%

10-year yields steady at 4.27%

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