- The ASX 200 closed down 20 points to 7300 (0.3%) on a decent bounce from lows. 10-Year yields pushing higher again hurting tech stocks and yield sensitive REITs but helping banks. Miners did well on iron ore and record coal prices in China on flooding and mine closures. BHP rose 0.9%, RIO up 1.9% and FMG up 5.3%, the coal stocks in demand, YAL up 13.8% and WHC rallying 6.2%.
- Gold miners drifted higher with NCM up 1.9% and oil and gas higher with STO up 1.5%. Healthcare a little under the weather today, CSL down 1.0% and RMD down another 1.0%.
- Industrials also on the nose as SGR issues with organised crime and money laundering surfaced and dropped 23%. WES fell 1.1%, TLS down 1.0% and tech under pressure with the All-Tech Index down 1.9% led by APT off 4.2% and XRO down 4%. REITs eased on higher rates and banks shrugged off earlier losses to see the Big Bank Basket up to $187.24, 1.1%.
- In corporate news, ALD looks set to win ZEL with both stocks rising, STX delivered its maiden Perth Basin gas reserve. ASIC crashed a pump and dump chat room targeting YPB up 25.00%.
Win up to $3000 by picking the best performing stock on the ASX. Submit your entry for the One Stock Portfolio Competition today.
