Market Updates
End of Day Report – Thursday 1 October: ASX 200 drops 175 - Banks trashed - Broad losses - Tech only off 1% - LYC bids for MEI - US Futures better - Yields push up again
The ASX 200 plunged 175 points to 8,614 (2%) in a very miserable start to the new quarter. Across-the-board losses, with the banks leading the way down. CBA fell 0.9%, WBC fell 3.3%, and ANZ fell 2.9%. The Big Bank Basket fell to $258.69. Insurers also gave up any hope of gains on the back of higher bond yields, with QBE down 2.2% and SUN denying takeover speculation, falling the hardest, down 7.4%. MQG managed to hold up pretty well, all things considered, down only 0.1%. We also saw selling across the board in the REITs, which had a good day yesterday, but not to be repeated today, with SCG down 2.6% and GMG down 2.2%. Healthcare tumblers in the doldrums, with CSL down 3.3%, having risen 55% in September. COH resumed the fall, as did RMD . Industrials slid too, with TCL falling 1.7% after buying a further holding in its toll road network from a Canadian pension fund. WES dropped 1.2%, and retail stocks generally were weaker, with REA giving back some of yesterday's gains and both WOW and COL falling over 2.6%.Tech stocks also eased with WTC down 3.5% and the All-Tech index off 1%. In resources, things could have got worse, with BHP managing to hold the line, nearly down only 0.9%, but RIO and FMG both falling hard. Lithium stocks, too, came under renewed pressure, with PLS down 5.4%, LYC dropped 8.6% after a scrip bid was announced for MEI . MIN also dropped 4.6%, together with S32 . The gold sector eased back despite bullion going higher in Aussie dollar terms. We had NST down 4.1% and EVN down 2.0%, and the oil and gas space saw losses in WDS down 3.1% and STO down 2.7%. Coal and uranium stocks both under pressure, with WHC down 4.5% and PDN down 4.1%, together with KAR , which gave up some of yesterday's gains, falling 4.1%. In corporate news, DTL roared ahead after a trading update, and LYC dropped X% after announcing a scrip bid for Brazilian rare earths developer MEI . Nothing particularly important locally on the economic front, although we did get balance of payment numbers today. Asian markets pushed higher with Japan up 3.4%, HK 0.4% and China up 0.3% 10-year yields higher at 5.40% on CPI. US Futures lower. Nasdaq up 381 and Dow up 150. Marcus Today – Daily Market Insights Marcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise. If you'd like to go further: Start a free 14-day trial of Marcus Today http://bit.ly/mt-trial-podcast Join Marcus Today Use code MTPODCAST for 10% off http://bit.ly/mt-join-podcast-offer MT20 – Managed ETF Portfolio A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing. http://bit.ly/mt20-podcast Principles – How We Think About Investing A short video series on timing, behaviour, and decision-making. No stock tips. http://bit.ly/mt-principles-podcast — Disclaimer This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.
