End of Day Report – Thursday 2 May: NAB Buyback | WOW Down Down, Prices Are Down

Market Updates

ASX 200 rallies 17 points to 7587 (0.2%) as banks take heart from NAB result and new buy back. NAB up 1.5% and the Big Bank Basket up to $203.54 (+1.0%). MQG rallying 1.2% ahead of its results tomorrow, with NWL also doing well up 2.0%. Insurers eased back. REITs slightly better with GMG up 0.8%. Healthcare finding a few friends, CSL up 0.3% and RMD up 0.6%. Industrials mixed, WOW fell 4.2% on quarterly results underwhelming, COL down 1.9% and TLS falling 1.4%. Tech better, XTC up 2.7% and XRO up 0.4% with the All-Tech Index up 0.1%. Resources better as BHP moved slightly higher, RIO down 0.2% and FMG up 1.0% with gold miners putting in a solid day, NST up 1.0% and EVN up 0.8%. Oil and gas down and dirty STO off 0.8% and WDS falling yet another 1.2%. On the corporate front, BAP lived up to low expectations with a bad trading update and cratered 23.9%, NAM got another bid at 70c, RIO was quiet at the AGM on the BHP bid for Anglo, SQ2 fell 5.6% on rumours that US regulators are examining the business. In economic news, Building Approvals missed expectations, falling 1.9% in February. The BoP also missed expectations on exports in commodities. In Asia, Japan unchanged, China closed for a long weekend and HK up 2.4%. 10-year yields at 4.44% slipping slightly lower.
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