End of Day Report – Thursday 5 June: ASX 200 falls 3 points | Lithium and rare earths rally hard

The ASX 200 tried hard to attack and sustain the all-time high but failed, dropping 3 points to 8539 (0.1%). Banks were flat as some profit taking crept in, CBA up 0.1% with the Big Bank Basket up to $282.74 (0.1%) insurers down slightly, QBE off 1.4% and financials finding sellers here. REITs mixed, GMG up 1.1% with GPT also firming. Industrials generally lower, CPU fell 1.2% with retailers giving back some of the gains, JBH down 2.0% and CTD off 1.1%. Tech better, the index up % with TNE and XRO making modest gains. In resources, the iron ore miners rose slightly, FMG the best up 1.5%, but the real action was in critical metals either rare earths, or lithium. LYC jumped 12.5% and ILU up 7.1% with MIN rallying 14.8%. PLS too doing well, up 12.5% as shorts moved to cover on Chinese reluctance to make a deal and rare earth exports not forthcoming. IPX soared 28.8% on a DoD deal for US$99m. Gold miners fell, GMD down 2.5% with EVN off 1.6% and CYL falling 3.5%. Uranium stocks flat, coal firmed, WHC up 1.8%. In corporate news, TYR fell 10.4% on news its CEO was leaving. CAT dropped 1.0% on an acquisition and PAC fell 5.0% on a media report on overvaluations. In economic news, Household spending rose 0.1% in April, the seasonally adjusted balance on goods decreased $1,479m in April.  Asian market mixed, Japan down 0.4% and HK up 0.6% China flat. 10-year yields lower at 4.24%. Want to invest with Marcus Today? The Managed Strategy Portfolio is designed for investors seeking exposure to our strategy while we do the hard work for you. If you’re looking for personal financial advice, our friends at Clime Investment Management can help. Their team of licensed advisers operates across most states, offering tailored financial planning services.    Why not sign up for a free trial? Gain access to expert insights, research, and analysis to become a better investor.