End of Day Report – Thursday 27 June: The ASX 200 has finished the day down 23 points (-0.3%)

Market Updates

The ASX 200 has finished the day down 23 points (-0.3%) to 7760, staging an impressive 106-point turnaround. The recent CPI induced spike in bond yields triggered an excuse for a morning sell-off. Tech was the best performing sector, supported by a solid lead from the NASDAQ. WTC rallied 4.1% from a morning low (94.41) to finish up 2.5%. RMD up 4.1% helped Healthcare (best in the top 100). The stock slowly finding its feet again and outweighing losses in CSL and COH (both near flat). REITs had an awful day, suffering a double hit of ex-dividends and rising bond yields. SGP, GPT and MGR the worst of the worst. Down 4.6%, 5.9% and 6%. Wiping off nearly a billion dollars in market cap from those three alone. GMG only down 0.9%. Continues to act closer to a tech stock than REIT. Banks also experienced a nervous CPI/bond yield sell-down. Mortgage stress related concerns winning out over expanding margin expectations. CBA, NAB, WBC and ANZ down between 0.6% and 0.8%. All off lowest levels similar to the index as a whole. Consumer discretionary stocks performed better than yesterday. BBN jumped 19% after confirming guidance.

In commodities the iron ore giants finished mixed. A slow expansion in Chinese industrial profits not doing much to ignite the sector. BHP, RIO and FMG -0.4%, +0.5% and +0.2%. Lithium also had a mixed session. The short-sharp bounce from yesterday only following through for some. PLS up 0.9%. LTR and LRS down 0.5% and 2.7%. Uranium managed to rise from oversold levels, nothing convincing yet. BOE (+2%) outperformed PDN (+0.2%). Still consolidating from its recent capital raise announcement. It provided the market with a guidance update today.
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