End of Day Report – Wednesday 16 July: ASX 200 drops 69 | Banks under pressure, gold miners fall

The ASX 200 fell 69 points to 8562 after a record yesterday. Banks were weak on proposed RBA charges changes, CBA off % with the Big Bank Basket down to $279.26 (-1.5%) NAB under extra pressure on CEO issues, down 3.4%. Financials generally eased back, MQG off 0.8% and insurers down, QBE off 1.0%. REITs too under pressure with GMG down 0.2% and SCG falling 0.5%. Healthcare mixed, CSL fell 1.3% on US tariff issues on pharmas, PME up 1.7% and FPH slightly firmer. Industrials mostly lower, TCL off 0.7%, ALL down 1.7% and WOW and COL easing back as did TLS. Utilities pulled back as ORG fell 1.1% and AGL down 0.8%. Tech gained, WTC up 0.6%. In resources, it was all about rare and critical metals. News of Apple’s investment rocked the sector to the core, with good gains across the board. ILU rose 4.3% with LYC flat, even ARU rose 4.9% with MEI up 14.3%. Gold miners fell on NEM news, quarterlies doing nothing to help on profit taking after rises yesterday. NST falling 2.2% EVN down 2.3% on quarterly and WAF down 3.4%. Lithium stocks held up relatively well. BHP down 0.7% despite iron ore hitting $100 in Singapore. Uranium stocks up again, PDN up 3.3% and BOE up 3.3%. Oil and gas flat. In corporate news, LLC fell 1.7% on a luxury development news. RIO up 0.2% on quarterly and CEO change. 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.