Monday 11th May – ASX 200 drops 43 – CSL down 16% on write downs – OML gets new bid – Banks slip.

11 Monday May 2026

Posted by in Daily Reports

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The ASX 200 dropped 43 points to 8702 (0.5%) as CSL shocked investors again, with a huge write-off and a downgrade to guidance. CSL accounted for most of the loss today.  Elsewhere, banks recovered some from earlier large losses, CBA down 1.1% and ANZ, XD down 2.4%. The Big Bank Basket fell to $285.25 (-1.1%) ANZ XD.  MQG flat, well off session lows. Other financials found their feet, NWL up 1.1%, and IFT pushing another 3.7% ahead. REITS eased back except GMG, which was up 2.1%. Industrials mixed, BXB fell 1.4%, QAN dropped 1.8% as oil rose in Asian trade, ALL down 1.0%, and retailers still struggling somewhat. WOW and COL ease, but healthcare was shaken by CSL dropping 16.0% with SIG also slipping slightly. Tech was flat as we await the Xi/Trump meeting and the economic data this week.

Resources were mostly better, BHP up 0.7% and RIO doing well, up another % with gold miners easing on bullion, NST down 1.9% and GGP off 2.6%. Lithium and rare earths rose higher ahead of the summit, WDS rose 1.5%, and uranium stocks recovered from early losses. PDN up 5.8% and DYL rising 4.6%.

In corporate news, ING upgraded enough to not fall foul of investors, CSL was a bloodbath, and OML got another NBIO from PE.

Nothing today locally on the economic front. Chinese CPI came in higher than expected.

Asian markets saw losses today; Japan slipped 0.4% on the Nikkei, HK down 0.2%, and China up 1.4%. Kospi up 4% again.

US futures are mixed. Dow down 88, Nasdaq down 5. 10-year yields drifted to 4.99%. European markets are set to open slightly higher.

HIGHLIGHTS

  • Winners: WBT, AYA, ING, 4DX, OML, DNL, MTS
  • Losers: CSL, DTR, ELS, WEB, FML, EMR
  • Positive Sectors: Iron ore. Lithium. Rare earths.
  • Negative Sectors: Healthcare. Banks. Industrials. REITs.
  • ASX 200 Hi 8703 Lo 8644
  • Big Bank Basket: Falls to $285.25 (-1.1%) ANZ XD.
  • All-Tech Index: Flat.
  • Gold: Falls to $6433.
  • Brent Crude up 3.9%
  • Bitcoin: Steady at US$80918
  • 10-year yields: Steady at 4.99%.
  • AUD: Steady at 72.37c.

MARKET MOVERS

  • WBT +11.2% chip stock.
  • ING +7.4% earnings update.
  • DNL +6.6% explodes higher on update.
  • OML +7.1% PE bid at 145c.
  • MTS +6.6% trading update.
  • 4DX +7.2% bounce is in?
  • MMI +10.6% aluminium exposure.
  • SLS +10.1% confirms extension with new diamond hole.
  • CSL -16.0% write off and downgrades.
  • DTR -12.5% BFS disappoints.,
  • ELS -7.7% defence stocks under pressure.
  • MEK -10.7% no news.
  • Yesterday’s Hero: KAO +11.4%
  • Speculative Stock of the Day:  Nothing today on any volume.

ECONOMIC AND OTHER NEWS

  • One more sleep to go before the budget.
  • Michael Burry says the market today feels like ‘the last months of the 1999-2000 bubble’.
  • Chinese consumer prices ticked up 1.2% in April, exceeding economists’ estimate of 0.9% growth. The producer price index jumped 2.8% from a year ago, the highest since July 2022.
  • Bessent heads to Japan.
  • Airlines cut prices to entice holiday bookers worried about jet fuel.
  • European stocks are expected to open in mixed territory on Monday as investors digest the latest impasse in peace negotiations between the U.S. and Iran.
  • South Korea’s Kospi hits a fresh record.
  • Iran says it will never bow as Trump rejects the latest proposal.

And finally…..

Silly putty implies the existence of serious putty.

Clarence

XXXX

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