The ASX 200 staged a remarkable comeback (again) to finish up 4 points at 8,918 after falling nearly 100 points in early trade. Banks were under pressure from the off on broker downgrades but fought back with ANZ up 0.9% and the Big Bank Basket flat at $270.33(). The RBA held rates unchanged for a change, although warned further rises could not be ruled out as inflation remained the focus.
Financials were generally better, MQG up 0.7% and ASX gaining 1.0%, with ZIP up 1.8%. REITs drifted lower, SCG down 0.8% and SGP off 2.5%. Industrials were weaker, WES fell 1.1% with ALL off 1.6%, and tech continued to stumble around in the dark. WTC fell 4.2% and XRO down 1.7%, with the All-Tech Index down 0.3%. Healthcare was mixed, CSL up 0.7%, with RMD slipping 1.3% and SIG continuing to bounce as it has walked away from Boots.
In resources, BHP was firm but uninspiring, FMG fell slightly, and gold miners were better again, with NST up 2.5% and EVN gaining 1.2%. Not much conviction behind the move, with rare earths falling, lithium stocks depressed, and uranium stocks mostly flat. Oil and gas stocks firmed, WDS up 2.0% and STO up 0.8%, with KAR tumbling 11.6% on a production downgrade.
In corporate news, ALX unchanged on another rejection of the IFM bid. SXE roared 20% despite a placement at 400c to turbocharge growth opportunities.
On the economic front, the RBA left rates unchanged. Warned again of inflation risks.
Asian markets – China down 0.4% HK down 1.6% - Korea up 2.1%, Japan up 0.3%.
US Futures - Dow Jones up 19 Nasdaq down 48.
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