End of Day Report – Monday 6 May: WBC Cheers Ahead of RBA

Market Updates

ASX 200 puts on another 53 points to 7682 (0.7%). Banks firing up with the Big Bank Basket up to $207.14 (+1.3%) with WBC up 2.7% reporting in line and a special dividend and an increased buyback. MQG is finding some broker love, up 1.5%, and Insurers are weaker as yields fall. MFG with FUM numbers unchanged and GQG continuing higher. REITs doing ok, GMG sees buyers on increased data estimates, up 4.4%. Industrials mixed with WES up 1.2% after an investor day last week, WOW and COL still struggling for support. QAN up 0.3% after settling with the ACCC on the ‘ghost flights’. Tech slightly higher, TLS up 0.3% and healthcare sideways. In resources, the ‘Three Amigos’ rallying on better Iron ore prices, BHP up 0.8% and FMG up 2.6%. Lithium not doing much. Same with golds and oil and gas going nowhere in a hurry. On the corporate front, GNC slumped 3.6% on margin issues, THL crashed 36.8% as van sales and bookings hit a wall. IGL chair Geoff Selig has passed away unexpectedly. On the economic front, nothing today. Asia markets better, China up 1.3% and HK down 0.1%. Japan closed for a holiday. 10-year yields 4.38%.
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