Last update for a month or so…off on holidays…

The ASX 200 closed 37 points lower at 9,128 (0.4%) after a strong start was ambushed by a higher-than-expected CPI number this morning. What looked like a good day all round turned into a negative one, with results also weighing on the market and some high-profile companies disappointing.

Banks continue to wallow, with CBA down 1.0% and the Big Bank Basket falling to $264.50 (0.4%). MQG was a standout, up 0.3%, but insurers gave back some of yesterday’s gains, with QBE down 1.1% and IAG down 1.2%. GQG fell 7.0% as it went ex-dividend today.

Industrials slid, with some of the healthcare stocks giving back some of the gains of recent times. CSL was down 0.7%, while PME also fell 3.2%. Tech stocks were also on the nose today, led lower by WTC, which fell 10.1% on disappointing results, while XRO also fell more than 5.6%. DTL gave back some of its recent gains, falling 5.4%, and the All-Tech Index was also lower. TLS eased back 2.6%, while retail was mixed after good results from LOV, with WES rising 0.7%. WOW also had a good day after promising results, up 3.4%, while COL kicked again on broker upgrades.

In resources, BHP eased slightly, while RIO was up a little. Gold miners continued to enjoy the gains, with PRU one of the best performers, up 9.5%. We also saw a rise in SFR, up 6.0%, while PLS managed a good rise today after yesterday’s falls.

Oil and gas stocks eased back, with WDS down 3.3%, while uranium stocks were better, with PDN up 5.1%.

In corporate news, CTT rallied 16.7% on its results, NEU is paying its first dividend, DMP was sold down again after further writedowns, CBA agreed to a $249m settlement of a class action, and LOV delivered a strong result.There were plenty of casualties on results today, including DRO, which fell 11.0% on lower margins, while FLT dropped 7.4% and INA also fell hard on a takeover of PPC.

Asian markets were mixed, with Japan up 0.7%, Hong Kong up 0.6%, China up 0.8%, Kopsi up 0.4%, and US futures were drifting lower ahead of Nvidia and PCE data., with the Dow up 4 points and the Nasdaq down 68. PCE data tonight. European futures pushing slightly ahead.

Clarence

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