End of Day Report – Thursday 29 January: ASX 200 rallies on BHP and RIO turnaround | Gold shines

ASX 200 fell 6 points to 8928 as iron ore stocks rallied into the close. The turn in BHP and RIO helped on a bump higher in iron ore. Gold miners were strong but not getting carried away. NST up 3.1% and NEM up 2.6% which considering the bullion price went nuts again, shows maybe some short-term fatigue. Uranium stocks were patchy too given the big move to US$100lb in spot prices, PDN only up 1.4% and DYL leading the charge, up 12.4%. Critical metal and rare earths stocks were walloped on unconfirmed reports that the US is abandoning its idea of a floor price. LYC fell 3.7% and ILU dropped 14.1% as impairments didn’t help there either. Lithium stocks under pressure too, IGO down 5.8% on production report, LTR fell 4.2% on a bond to equity conversion, MIN dropped 3.8%. Oil and gas doing very little. Meanwhile banks were mixed, CBA off 1.1% and the Big Bank Basket down to $266.66 (-0.7%). Financials were mixed too, ZIP fell 3.8% on the strong AUD, given most of its earnings are in USD now. Healthcare stumbled around in casualty, RMD down 1.1% on USD weakness, CSL the same applies off 0.4% and tech got smashed again. WTC down 2.1% and XRO heading that way, off another 3.1%. The All-Tech Index dropped 1.8%. Industrials slid, BXB down 2.6% and QAN off 2.1%. REITs also under pressure. That kind of day.In corporate news, APX jumped 30.5% as revenue rose to $73.4m. AMP fell 4.6% after some accountancy tweaking. QUB saw Macquarie extend its DD to Feb 15th.  Plenty of quarterlies to keep everyone on their toes. GMD announced some management changes along with production guidance.Asian markets are mixed, with Japan up 0.4%, HK up 0.3%, China unchanged with Indonesia falling hard again on a GS downgrade.US Futures firm, Nasdaq up 68, Dow down 42 - Gold hits record.10-year yields steady at 4.83%Want to invest with Marcus Today? Our MT20 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.