End of Day Report – Monday 21 October: MIN and WTC fall hard | Gold miners hitting highs

Market Updates

ASX 200 jumped 61 points to 8344 (+0.7%) as resources back in vogue. China cut rates today, iron ore futures rallied slightly. BHP up 1.4% on Samarco update, RIO up 1.9% and FMG rallying 1.5%. Gold miners in demand again, NST up 1.9% and EVN shooting higher, up 5.2%. Lithium stocks also seeing short covering, PLS up 3.4% and MIN suffering badly on CEO and tax issue news, down 13.8%. Oil and gas stocks better with WDS up 1.3% and STO rallying 1.5% with uranium stocks glowing, BOE up 6.2% and PDN up 4.2%. Industrials firmed, WES up 1.4% and ALL up 1.5% with retail under some pressure, LOV down 6.4% and SUL off 1.5%. A slight recovery in Travel stocks, FLT up 0.6% and WEB rallying 2.1%. Banks were solid again with the Big Bank Basket up to $247.89 (0.8%). Insurers better, QBE up 1.2% and MQG doing well today. Healthcare and REITs also doing well. In corporate news, WTC dominated as the CEO issues spread from the front page to the business page. It fell hard by 14.6%. NCK warned on freight costs dropping 4.1%. Quarterlies continue to drop with S32 down 0.3% on manganese shortfall. Nothing locally on the economic front, China saw some rate cuts to prime lending rates. Asian markets mixed, HK down 0.6%, China up 0.9% and Japan up 0.3%. 10-year yields 4.28% easing slightly.
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