End of Day Report – Monday 26 August: ASX 200 up 61 points | Banks and uranium in focus

Market Updates

ASX 200 rose 61 points to 8076 (+0.8%) as uranium and US leads helped sentiment. Banks once again taking the market higher, CBA up 1.5% and NAB up 2.2% with the Big Bank Basket up to $236.90 (1.6%). MQG rose 1.0% with a mixed picture in insurers. NHF fell 17.7% on disappointing results. REITs were better though GMG fell 0.5% as tech stocks came under some pressure. GPT up 1.9% and SCG up 1.8%. Industrials better, WES up 1.1%, REH up 2.6% and SVW rising 2.7%. Retail stocks found friends again, SUL up 1.6% and ARB rising 3.9%. Travel stocks remain under pressure, WEB off 0.5% and FLT down 1.6%. Resources picked up throughout the day, the Three Amigos slightly firmer, FMG up 1.9% and BHP modestly higher ahead of results. Gold miners mixed and lithium stocks firmed throughout the day. PLS reported today, no surprises and the stock rallied 1.3%. Oil and gas mixed, STO down 1.4% and WDS up 2.1%. Uranium stocks glowed, BOE up 7.6% and NXG up 9.6% on Kazatomprom news. In corporate news, ABB produced the goods and dividend up 11.9%, KGN beat forecasts and rose 11.8% whilst TYR also did well, recovering 12.2%. KLS dropped 23.8% on capex issues, EDV disappointed by falling 6.9% on news, and GOR fell 4.4% after its half-yearly report. In economic news, China left rates unchanged again. Asian markets weaker, Japan off 0.9% and China off 0.4%, HK managed a 0.8% rise. 10-year yields falling to 3.86%. UK closed for Public Holiday today.
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