End of Day Report – Tuesday 23 July: ASX 200 Rallies Back 39 points Ahead of Tesla and Google - Resource Still Unloved

ASX 200 rises 39 points to 7671 (0.5%). Banks and industrials lead the market back from Monday’s loss. CBA up 1.1%, NAB up 1.2% and the Big Bank Basket up to $228.53 (1.1%)  Insurers and other financials also doing well. QBE up 0.5% and SOL up 0.9%. REITS a little mixed, GMG down 1.0% but others firm. Healthcare stocks also in demand, CSL up 1.0% COH up 2.9% and RMD up 1.7%. Supermarkets saw sellers, WES up 1.9% and TCL up 1.3% on Brisbane news. Tech stocks ran, the All -Tech Index up 1.4% with WTC and XRO up around 2%. Resources were once again the drag, iron ore stocks fell, FMG down 1.4% with RIO off 0.6% and the gold sector under some pressure as risk wanes. NST down 1.4% with EVN off 1.9%. Lithium stocks remain out of favour as do rare earths, new entrant AXL collapsed 37.5%  on listing., Oil and gas under pressure as WDS lost 3.7% after disappointing with quarterly and broker review following acquisition. Uranium continues to lose its gloss. In corporate news, LYC quarterly fails to impress, PNV up 7.9% on quarterly revenue jump. SPR jumped 23.6% on a reserve upgrade, and ARU locks in debt funding.  Nothing on the economic front today. Asian markets a little weaker, Japan unchanged, HK unchanged and China down 1%. 10 -year yields 4.34%.
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