End of Day Report – Tuesday 11 March: ASX 200 bounces off lows | Gold miners under pressure

The ASX dropped hard and bounced a little closing down 72 points at 7890 (0.9%) after touching 7818. Banks were the turnaround story with the Big Bank Basket down to $240.73 (0.2%). MQG suffered as US investment banks have sunk. Other financials were also sold down hard, GQG off 3.2% and XYZ falling 6.3% with insurers slipping lower as government warns on Alfred issues. REITs fell back to earth, DGT dropped 7.4% on a broker downgrade, as HMC fell 9.7% too, SCG off 0.9%. Industrials slipped across the board, QAN fell 8.9% with it ex-dividend too, SGH down 3.2% and CPU falling 3.6%. Retail under pressure, JBH down 2.5% and TPW sliding 3.7%. Travel stocks took their cue from Delta Airlines, CTD off 0.5% and FLT falling 3.6%. Tech was also on the nose for obvious reasons, WTC down only 1.9% after bouncing hard off the lows, XRO saw no real bounce with the All-Tech Index down 4.0%. Resources was an interesting space. BHP and RIO both rallied hard, gold miners fell hard despite bullion prices picking back up. NST fell 1.9% and NEM dropped 2.6%. Lithium stocks under pressure as usual, oil and gas stocks better, WDS up 1.2% and uranium remains under a toxic cloud. In corporate news, NIC saw a large block trade causing a drop of 19.9% combined with possible tax changes. ASB in a trading halt as it seeks $200m at 380c together with a founder partial sell down. PNV lost its CEO and more value, GYG fell 2.2% on details of recently released escrow stock. In economic news, consumer confidence rose in March. In Asia, Japan down 1.3%, HK off 0.8% and CSI China off 0.6%. 10-year yields 4.36%. 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.