Morning all,

Feeling a bit the worse for wear this morning after my daughter’s Valedictory dinner last night..big night to say the least..where does the time go…so bit late this morning I am afraid…

Anyway back to the market…quiet night overseas with markets happy to consolidate the recent gains..same with Gold too..the economic figures are pointing to weaker growth numbers from major economies..China’s yesterday was still a little underwhelming and the US is limping along at best…However equity investors are ignoring the bad news and concentrating on the stimulus that we have all become addicted to…the sugar hit..when will it wear off..that’s the question but at the moment the trend is up and dips are an opportunity to buy..

Premier Investments ,the retail company that took on Ex DJ boss Mark McInness is showing MYR that all is not dead in retail land..up 10% this morning after some good numbers…heard Gerry Harvey on the radio yesterday..not sure he still gets it..there is a fundamental change occurring in the retail landscape..avoid DJs,KYR and I suspect HVN… Premier owns retailers such as Just Jeans, Jay Jays, Peter Alexander and stationery brand Smiggle.

It made a net profit of $68.2 million in the year to July 28, up from $40.5 million in the previous year.

Idea of the day….Cardno-CDD-Buy at 7.30 for a move to 8.00 –this from our friends at BBY …

Cardno Limited (CDD) has been ‘smacked’ along with any

stock associated with resources. Since 1 August 2012

when the share price was A$8.25/sh CDD has underperformed

the market (All Ordinaries Index {XAO}) by

16%. In our view, there is no justification for CDD to

under-perform the market. Earnings growth for FY13 is

underpinned by a combination of the contribution from

acquisitions made during FY12 and the year to date plus

organic growth (see Table 1). Only ~10% of CDD’s FY12

revenue is attributed to resources so soft commodity

prices and project cancellations should not have been a

major negative for CDD. We leave our 12 month target

price of A$9.00/sh

 

I agree wholeheartedly!!But happy to get out sooner!

Things to make me go all hungover…

1.Apple’s iphone 5 launches today..the whole prosperity of the Western World rests on this little block of technology…queues outside phone retailers this morning..its a phone..

2.Amazingly a stock I own is up 300% this morning..back to where I bought them!!!it just takes one drill result..

3.Gold steady and Iron Ore steady ..holding gains which is a positive.Market still hovering around 4400…jury still undecided though!!!

4.Finally SLX which I have been a fan of for years has got the US approvals..buy any weakness as this should move higher in the next six months…

5.Mario ‘Full’ Monti has revised Italian growth ..there’s an oxymoron…

•  *ITALY REVISES 2012 GDP TO -2.4% FROM -1.2%
• *ITALY REVISES 2013 GDP TO -0.2% FROM GROWTH OF 0.5%
• *ITALY RAISES 2012 DEFICIT TARGET TO 2.6% FROM 1.7%
• *ITALY REVISES 2013 DEFICT TO 1.6% OF GDP FROM 0.5%
• *ITALY SEES 2012 DEBT AT 126.4% OF GDP, 2013 DEBT AT 127.1%

Not good but who’s watching at the moment…

6.Finals fever this weekend…go Manly and the Swans!!!

7. BHP has shelved plans to build more than $US5bn worth of rail and port infrastructure in QLD as part of a broader review of its coking coal operations.

8.In the US Initial unemployment claims fell 3,000 to a seasonally adjusted 382,000 last week but remain high,showing the labor market is struggling to sustain improvement, while leading indicators dropped 0.1% in August.

And finally….I went to the doctors yesterday, ‘Doctor, I can’t stop singing the ‘Green Green Grass of Home’. He said: ‘That sounds like Tom Jones syndrome’. ‘Is it common?’I asked. ‘It’s not unusual’ he replied.

Back on Sky TV this afternoon for the ‘Wham bam thank you mam show at 5.30’..30 minutes of chat, no guests!!!Good way to finish the week!!

Have a great weekend

Clarence

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