nigel-farage_2672003b

Says it all!!!!

ASX 200 down 167 points to 5113 in an historic day of trading, Brexit is official now. Financials and big miners led us down as currencies gyrate breaking new records. Asian markets down heavily, Japan suspends trading briefly and closes down 7.92% with China down a mere 0.66% AUD fell heavily to 73.31 but GBP trades at a 31-year low against USD as yields fall across the board. Gold, the big winner up to $1819 in AUD terms. US futures down 680 points.

What can I say…never ask a question you do not know the answer to…der!

Our market actually stabilised  and seemed to find a few bargain hunters. Monday will be interesting. we opened with such optimism and then it all went to custar…plenty  will be written about this historic day..Nigel Farage has been channeling his inner Bill Paxton from Independence Day 1 or even his Henry V…

Market volatility erupted as the bookies failed to predict the outcome ..who would have guessed that you couldn’t trust bookies. Trust Rupert Murdoch..he knows, not the bookies.

Enjoy that UK trip will not get any cheaper!

Stocks and Sector Highlights:

  • Big volumes today with over $10bn traded including the options expiry yesterday.
  • It was all about Brexit today with gold the only winner in this unexpected result. Highlights in the sector Newcrest (NCM) +8.83 and Evolution Mining (EVN)+12.33% as bullion rose the most since 2008.
  • Financial stocks were badly hurt with memories of the GFC fresh in investors’ minds, the big four down around 3-4.5% with UK exposed wealth managers especially hard hit. Henderson Group (HGG)-12.03%, BT Investment (BTT)-14.19% and Clydesdale Bank (CYB)-17.51%.
  • Energy stocks fell as oil slid on the UK news. Woodside (WPL)-3.12% and Santos (STO)-5.45%
  • Speculative stock of the day: Burey Gold (BYR)+66.67% after reporting exceptional gold results. Good day to do it.15m at 255g/t
  • New IPO Lithium Power (LPI) +37.5% enjoyed a good start to life as a listed company.

Corporate News

  • AMP -% has appointed Catherine Brenner as chairman.
  • Evolution Mining (EVN)+% investor day web cast.
  • Kogan Listing has been pushed back a week to listing on July 7th after the company was asked to update its prospectus.
  • Fortescue Metals (FMG) -% following an upgrade from Moody’s to a stable outlook.

Economic News

It is all about Brexit. Polls are not to be trusted it seems nor are bookies.

In Asia

  • The Japanese market has crashed with a huge rise in safe haven buying of the yen. BOJ chief Kuroda has said he is ready to offer liquidity and may need to intervene in the currency markets.
  • In Asian time: The Bloomberg Commodities Index fell as much as 2%.

Europe and US

UK Bank of England chief Mark Carney is standing by to add liquidity to the markets and safeguard financial stability.

  • Will be an interesting session to say the least. Expect central banks to try to soothe markets but there is huge uncertainty ahead and how the UK government proceeds from here will be instructive.
  • US futures are limit down with European markets showing big losses. Futures contracts on the CBOE Volatility Index soared 49% in after-market trading.
  • Just to add to the EU break up fervour Spain goes to the polls on Sunday.
  • Calls across Europe from right wing parties for their own referendums will grow.
  • ECB will need to move to calm markets.

And finally…….

Clarence

XXX

 

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