End of Day Report – Friday 2 May: ASX 200 closes up 92 for a strong 3% weekly gain | Banks kick to near ATH

The ASX 200 kicked another 93 points higher to 8238 (1.1%) as China appears to often its tactics. A big kick in US futures on the news helped. Banks led the way higher for a change. The Big Bank Basket up to $269.96 (+1.6%) ahead of the results kicking off next week. CBA up 1.4% and WBC playing some catch-up up rising 1.9%. MQG finally joined in, and other financials did ok with the exception of XYZ, which cratered 26.7% on a downgrade and disappointing earnings. REITs continued higher led by GMG up 1.4% and SCG up 0.6%. Industrials continued to find strength, WOW up 2.3% and COL up 2.1% with WES up 1.2%. Retail took a breather, but tech was mixed with WTC looking at a potential US acquisition up 0.7%. The All-Tech Index down 0.9% as CPU weighs. Off 4.1%. Travel stocks sold down after CTD issued a warning, off 10.0% dragging WEB down 4.2%. Resources initially languished buy bucked up as China news came through, BHP up 0.7% and FMG rallying 1.1%. Gold miners also picked up with news that GOR had gone into a halt pending a takeover offer potentially, NST finding a base up 0.7% and EVN up 2.9% on copper rallies too. MIN rallied 0.8% with LYC under a little pressure still on Ukraine moves and China holding a olive branch. Oil and gas better, WDS up 2.0% ahead of OPEC+ meeting Monday, uranium stocks continue to push ahead as shorts cover, PDN up 2.8% and BOE up 5.3%. In corporate news, CSC jumped 2.8% on record revenues. On the economic front, retail trade rose 0.3% MoM. Asian markets rose, Japan up 1.2%, HK up 1.6% and China closed for a holiday. 10-year yields steady at 4.22%Want to invest with Marcus Today? The Managed Strategy Portfolio is designed for investors seeking exposure to our strategy while we do the hard work for you. If you’re looking for personal financial advice, our friends at Clime Investment Management can help. Their team of licensed advisers operates across most states, offering tailored financial planning services.  Why not sign up for a free trial? Gain access to expert insights, research, and analysis to become a better investor.