End of Day Report – Friday 3 May: MQG Disappoints | US Jobs in Focus Tonight

Market Updates

ASX 200 kicks another 42 points higher to 7629 to finish the week up around 0.6%. Banks were better again post NAB with the Big Bank Basket up to $204.53(+0.5%). MQG disappointed again. Three in a row, starting to become a habit. Down 2.2%. Insurers mixed, GQG better on div announcement, REITs up as bond yields fell to 4.41%. GMG up 2.7% and SCG rallying 1.0%. Healthcare in the pink, CSL up 0.2% and COH up 1.4%. Industrials bouncing back. WES strategy day yesterday drew positive broker comments, up 2.8%, WOW bounced 0.3% with ‘old skool’ platforms doing well. REA up 2.0% and CAR up 2.2%. Tech better on Apple results, WTC up 1.2% and XRO up 1.3% with the All -Tech Index up 1.5%. In resources, slight improvement in the Three Amigos, FMG the best up 0.4%. Lithium stocks finding some friends for now, PLS up 3.0% and MIN up 1.9%. Gold miners sold off on bullion drop, NST down 1.7% and EVN off 5.6%. Oil and gas doing little. In corporate news, SQ2 rallied hard 9.8% on results despite question on money laundering. BAP now being talked of as a takeover target after 24% fall yesterday. On the economic front, HSBC forecast no change to rates in 2024 and new housing loans rose 17.9% since March. Asian markets mixed, China closed for a holiday, HK up 1.3%. 10-year yields at 4.41%.
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