End of Day Report – Tuesday 30 July: ASX 200 makes Good Recovery from Early Rout - Down 36 points - FMG down 10% as Block Trade Hurts - CCP Beats Expectations.

ASX 200 rallies off lows to close down 36 points at 7953 (-0.5%) as banks steadied after early falls. CBA up 0.8%, and the Big Bank Basket rising to $231.70 (+0.4%) as ANZ copped a broker downgrade. Financials were generally steady, with REITS under some pressure, GMG off 0.5% and SGP down 0.7%. MPL rose 1.3%, bucking the negativity. Industrials were slightly weaker, no real harm done, tech eased back but off lows. WTC down 2.1%, and REA off 0.4%. Once again, it was resources that stumbled. FMG fell 10.2% under serious pressure as a $2bn block trade was being priced. Iron ore weakness was headwind too, BHP down 1.3% and RIO off 1.0%. Lithium was weaker again, PLS down 4.5% and MIN dropping 3.7%, with gold miners also under pressure. EVN down 1.3% and PRU off 4.3%. Oil and gas slipped too, as Brent fell below $80. Uranium stocks also easing back. In corporate news, CCP rose 14.0% on its better-than-expected results, and APX was Lazarus-like in a business update, rising 55.8%. BHP joined with Lundin to make a Canadian copper asset, IGO fell 4.8% after reporting higher underlying earnings. Nothing on the economic front as the BoJ meeting kicks off today. Asian markets lower, Japan down 0.2% and HK down 1.3% with China off 0.7%. Dow Futures up one point and NASDAQ Futures down 16 points.  Why not sign up for a free trial? Get access to expert market insights and manage your investments with confidence. Ready to invest in yourself? Join the Marcus Today community.