End of Day Report – Monday 30 September: ASX hits new record, up 58 | Iron ore shines

Market Updates

ASX 200 finished up 58 points at 8270 (+0.7%). Nice tickle up at the close for month’s end. Another day and another resource rally, as Chinese markets once again soared. Japan slid with money going elsewhere as risk with new PM seems to be key. Banks held firm with CBA up 0.9% and NAB up 1.1% with REITs coming under a little pressure after early strength. The Big Bank Basket up to $234.94 (+0.8%). Insurers better, QBE up 0.9% and SUN up 0.4%. GMG were a standout out in the REITs up 3.0%. Industrials were mixed, tech was better, the All-Tech Index up 0.8%. WTC up 1.5% with XRO up 0.5%. Supermarkets slipped slightly after Macquarie stressed caution, WES down 0.4% and ALL up 0.7%. Resources saw the best gains as BHP ran 2.7% higher on a 10% rise in iron ore in Singapore ahead of Golden Week. RIO up 1.3% and FMG up 2.9% all off highs. Gold miners were sold off as money was put to work elsewhere. Lithium stocks in focus, MIN up 5.9% and PLS up 3.5% with LTR ahead by 2.6% on first shipment. Oil and gas stocks better too, WDS up 3.5% and STO up 2.6%. Uranium stocks eased and coal stocks better. In corporate news, PSQ rejected the Genesis bid and SM1 rallied 7.0% despite a huge loss. In economic news, Chinese PMI came out slightly worse than expected. Asian stocks saw a huge shift, Japan down 5% and China up 7.2% with HK up 3.5%. 10-year yields steady at 3.96%.
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