End of Day Report – Tuesday 22 April: ASX 200 down only 2 points | CBA up 4.2%

The ASX 200 shook off early losses as banks pushed ahead. The index closed down 2 points at 7800 (0.03%), with CBA hitting a record high! Up 4.2% The strength here has masked underlying index weakness.  Other banks trailed in its wake with the Big Bank Basket up to $260.87 (+2.5%). Other financials were mixed, GQG up 2.9% with CGF also doing well, IFL dropped 4.3% on a broker downgrade, PNI fell 2.4% and XYZ off 5.5%. REITs also fell hard, GMG down 1.6% and CHC falling 1.2%. Industrials also fell with tech under serious pressure, WTC down 2.4% and the Index down 2.0%. Retail fell too, LOV off 1.6% and APE down 1.6%. Travel stocks fell, FLT off 4.1% and CTD falling 2.9%. In resources, gold miners were the stars again, NST up 3.0% and EVN pushing 4.9% ahead as copper hit a two-week high. GMD up 1.4% and OBM rose 3.0%. Lithium miners fell as CATL is pushing ahead with sodium-ion technology. Uranium stocks trounced as DYL paused its Namibian operations, falling 8.2% and PDN down 12.5%. Iron ore miners steady, despite the fall in iron ore in Singapore. In corporate news, MQG rose 0.6% as it sold is asset management business to Nomura. BGL fell 7.1% after more detail on its hedge book emerged. ILU and REE joined forces to bid for a Kenyan Rare earth project. Nothing on the economic front. Asian markets were better than expected with 10-year yields at 4.23%. 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.