End of Day Report – Friday 21 November: ASX hit hard, down 136 | Banks find friends

The ASX 200 dropped another 136 points to finish at 8417, bring total losses for November to 5% so far – placing it on track for the worst month since September 2022. Resources were pummelled, BHP fell 3.2% on Chinese ore embargoes with RIO off 3.2% and FMG tumbling 5.5%. Gold miners were also hit hard despite bullion holding up, NEM down 6.1% and EVN off 4.5%. Lithium stocks saw selling back in aggressively, LTR down 8.4% and PLS off 6.9%. Base metal stocks and rare earths in trouble too, ELV down 11.8% and ILU down 11.6%. Energy stocks also under pressure, WDS down  2.7% and STO falling 3.0%. 

Industrials were less affected, TCL down 1.4% and GMG off 3.6% with WES down 1.4% and retail falling after LOV down 13.8% on guidance and AX1 crashing 15.4% on similar negative guidance. Banks saw selling, CBA held firm, the other three off, the Big Bank Basket down to $265.65 (%). Other financial slid, HUB down 3.3% and NWL off 4.5%. Tech was mixed, WTC gained 2.4% on reaffirming guidance at the AGM. The All-Tech index falling 0.8%.

In corporate news, MYX saw its shares halted after a big fall and the Treasurer knocking back the bid. KGN rose slightly on an update, REH better despite a 18% fall in EBIT. WJL got BGH to pay 91c in the takeover battle. 

In economic news, nothing locally, Japanese inflation came in stronger than expected.  

Asian markets weaker with Japan down 2.5%, China down 1.9% and HK down 2.1%.

European markets set to open weaker again.

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