ASX 200 has crashed from a high of 5314 to a low of 5052 and closed down a mere 101 at 5157. A wild ride as President Trump seems to be a certainty. Gold the only winner up US$47 to $1334 and volatility extreme. Asian markets collapse, Japan down 5.48%, China down a mere 1.15% and Hong Kong down 3.64%. AUD drops to 75.94c and US futures down 789 points limit down.

STOCKS AND SECTORS

The game just changed. We now have the ultimate disruptive technology. Donald Trump.

  • All sectors came in for selling after the Florida count switched to a Trump lead. The markets were hostage to every vote counted as the lunch time nerves turned into a full blown rout. The good news is the gold sector rallied and that the market did pick itself up off the mat and we saw some bargain hunting. With results still coming in as the afternoon progresses it does look increasingly like we will have to get used to President Trump.
  • Little point in conducting a Post Mortem on the market as all sectors were smashed. There were some winners. Virgin Holdings (VAH) +4.65%, Webjet (WEB) +4.61%, Meridian Energy (MEZ) +1.92% and Incitec Pivot (IPL) +2.70%.
  • Big bank basket falls to $153. Retailers hurt as were IT stocks. Nextdc (NXT) -6.37%, Freelancer (FLN) -5.67%, Nearmap (NEA) -7.55% and Technology One (TNE) -4.50%
  • Gold stocks were the turnaround story from feather duster to rooster. Newcrest Mining (NCM) +9.79%. Northern Star (NST) +10.48% and Evolution Mining (EVN) +11.35%. Metals Ex (MLX) +8.16% also a stand out.
  • Speculative stock of the day: Smart Trans (SMA) +23.08% after announcing a launch of WeChat e-commerce market place with Chinese online marketing and social media company.

CORPORATE NEWS

  • Cash Converters (CCV) -3.03% will payback almost $11m to payday loan customers after the corporate watchdog caught it failing to check if borrowers could actually afford to pay back the loans.
  • Webjet (WEB) +4.61% is selling its Hong Kong and Singapore-focused Zuji business to subsidiaries of HK travel technology group Uriel Aviation for $56m. Webjet will make a profit of $26m on the sale having bought it in March 2013. The company also realised its guidance to $78m with bookings growth outperforming.
  • Commonwealth Bank (CBA) -1.64% after withdrawing its controversial Resolution 4 which was sety to reward CEO Ian Narev with reward rights for ‘Culture’. This has helped the bank avoid a first strike on executive remuneration and a huge embarrassment.
  • Ardent Leisure (AAD) -1.99% announced the company would tear down the Thunder Rapid River ride as a mark of respect. The company also announced the theme park would not reopen until health and safety checks have been completed.
  • Aristocrat Leisure (ALL) -5.86% after news that Jamie Odell announced his retirement. Trevor Croker will take over as CEO at the end of February 2017.
  • RIO -1.93% after it became aware of email correspondence from 2011 relating to a contractual payment of US$10.5m to a consultant on the Simandou project.

ECONOMIC NEWS

  • The Westpac Melbourne Institute Index of Consumer Sentiment fell by 1.1% in November from 102.4 in October to 101.3 in November.

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ASIAN NEWS

  • China’s factory-gate inflation picked up further last month while consumer inflation accelerated, suggesting the government’s efforts to reduce overcapacity have gained some traction.
  • The producer-price index rose 1.2% in October from a year earlier, compared with a 0.9% increase estimated by economists in a Bloomberg survey.

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EUROPE AND THE US

  • The dramatic fall of the Mexican Peso is a testament to the Trump victory (?). The value of the Peso dropped over 10%
  • The Canadian immigration web site crashed as searches for How to emigrate to Canada was the #1 Google search.

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  • The odds of a rate increase in December have fallen below 50% from 82% before the vote today.

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And finally …no words….well maybe a few..Bill will not be the First Lady after all!!

Orange is the new Barack!

Hold tight for a fast ride ..arms and legs inside the car..the louder you scream the faster you go!!

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Clarence

XXX

NT Markets

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