End of Day Report – Tuesday 14th October ASX 200 up 17 - Resources go hard - Industrials and banks fall - Rare earths in focus.

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1d ago 17:21

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The ASX 200 rose only 17 points today to 8899 (0.2%). But that action belies some extraordinary moves in the resources. Rare earths, lithium, critical metals, and strategic metal plays all soared. ARU up 25.4%, ILU up 15.8% and LYC up 5.0% with second liners flying. PLS up 2.7% and LTR rising 6.9%. Gold miners too in demand as bullion hit fresh records, NST up 2.8% and GMD up 5.4%. Big miners also got the memo, BHP up 2.2% and RIO rising 1.8% after production numbers. Uranium too in demand, LOT up 11.4% on a site visit, PDN up 9.6% on production numbers. Oil and gas in the slow lane as usual. The source of funding for all this buying was banks and industrials. CBA down 0.5% with WBC off 1.2% and the Big Bank Basket down to $281.46 (-0.6%). Insurers also fell, although financials tried to garner some support, MQG up 1.2%. Healthcare eased, REITs fell, industrials slid. WES down 1.2% and ALL off 1.2% with retail under pressure following weaker consumer sentiment data. Tech tried hard to hold, TNE up 1.8% and XRO up 0.5%.

In company news, plenty of production and drilling reports to keep things interesting. SRG rose 29.3% on an acquisition of TAMS. ABB fell 3.1% after reporting 22k new subscribers. BRE jumped 6.8% after a cap raise supported by Rinehart. CSC rose 3.4% after a deal to sell a 25% stake in a Cu-Ag project.

On the economic front, RBA minutes together with ANZ Roy Morgan Consumer confidence numbers.

Asian markets fell, Japan back from a holiday off 2.8%, HK down 1.1% and China 0.8%

10-year yields fell to 4.25%. European markets slightly lower

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