Market Updates
A twice daily podcast from the team at Marcus Today, the stock market newsletter for investors, bringing you up to speed with the latest stock market, financial, and business news. Published just before market open and after market close (AEST), Monday to Friday.
Market Updates
End of Day Report - Tue 23 Nov
November 23, 2021
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Marcus Today
- The ASX 200 rallies 58 points to 7411 (0.8%) as bond yields rise to 1.87% in the 10-years. Banks did well on the back of the rising yields with the Big Bank Basket bouncing back broadly to $174.37 up 1.1%. Insurers also rallied on higher rates with QBE up 1.2% and SUN rising 1.9%. Higher rates hurt tech stocks as APT led the rout following Square falling over 6% in the US. APT down 5.4% and the All Tech Index falling 3.1% with WTC and XRO both substantially weaker.
- Industrials firmed as TCL rose 2.3%, TLS up 0.3% after KKR bid for the Italian mob, REITS rallied led by SCG up 2.3%. But the real action was in iron ore stocks as China seems poised to stimulate and Dalian futures limit up, BHP rose 4.0% on the WPL merger news with the oil company up 3.5%, RIO up 3.6% but FMG the stand-out galloping 9.8% ahead. Clearly pays to be green and clean. Base metal stocks also bolted higher, PLS up 1.6%, MIN up 4.9% and OZL up 1.4%. Energy stocks in demand as OPEC plus fights back against the evil empire about to release the strategic reserves.
- In corporate news, 4DX rose 15.4% on its first commercial deal, MNS rallied 18.9% as it trades on US markets tonight and GMA launched a buy back. 360 in a trading halt as it raises money to buy a Tile. BAP dropped 9.6% as popular CEO/MD announced his retirement.
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