End of Day Report – Tuesday 3 June: ASX 200 up 53 | IEL collapses, gold soars

ASX 200 up 53 points to 8647 (0.6%). A solid rally driven by bullion and banks. The Big Bank Basket rallied to $278.81 (+1.2%). CBA up another 1.3%, with ANZ doing well up 1.3%. MQG rose 0.9% and IFL up 2.7% on a broker upgrade, Insurers better, SUN was out and up 2.4% with IAG doing well, rising 2.9%. REITs rallied too, GMG up 1.1% and CHC rising 3.1%. Industrials in demand across the board, JBH up 1.9% with WOW and COL better, TLS continuing to push ahead up 1.0% with QAN up another 2.0%. Healthcare mixed, SIG up 2.3% and CSL off 1.0%. Tech stocks rose, with the All-Tech Index up 0.3%. In resources, iron ore stocks drifted lower as iron ore fell on Chinese PMI. Gold miners off highs, but still strong, NEM up 4.3% with GMD gaining 4.6% and OBM up 5.9%. Lithium stocks falling again, PLS down 0.4% and MIN hit 5.5%. Oil and gas stocks rose with crude, uranium still under pressure again. DYL down 1.9% and PDN off 1.3%. In corporate news, IEL fell 48.1% on a massive downgrade and nasty outlook statement, TEA ran 8.6% on a special dividend, DMP fell 2.2% after a raft of executive changes. In economic news, the RBA minutes helped sentiment, Chinese PMI dropped to 48.3. Asian markets slightly higher, Japan up 0.1%, HK up 1.1% and China up 0.5%. 10-year yields steady at 4.26%.

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