Go the Lions!!!
- ASX 200 falls 55 points to 5704 as bargain hunters emerge.
- Volume remains muted. Low of 5676.
- Index down 17 points in volatile week.
- Broad based selling on rising bond yields.
- BHP and RIO the positives today.
- ACCC examines Murdoch-Gordon bid for TEN.
- Elon Musk to build world’s biggest lithium battery in SA.
- AUD 75.84c.
- US Futures up 3pts. US NFP numbers tonight. 179K expectation.
- Asian markets weaker, China -0.48%, Japan -0.52%.
- CCL -2.69% Morgan Stanley and Macquarie lower price target 20% and 5%.
- DMP -1.39% takes the ‘Pepsi challenge’ and shrinks pizzas to boost margins
- PTM +4.25% as bargain hunting continues.
- PLS +3.66% positive momentum on reserve upgrade.
- ORL +4.00% UK fund manager sells stake to a listed local retailer.
- GXY +5.00% upgrades following recent production report.
- BAP -3.30% discounting in auto products hurting sentiment.
- MGX +8.96% settles insurance claim for $64.3m cash.
- LIT +42.86% commencing drilling next week at Raventhorpe.
- TGR -5.40% continues sell off on environmental concerns in Macquarie Harbour.
- Biggest Risers – PTM, GXY, MIN, VOC, ORE and IRI.
- Biggest fallers – TGR, NXT, IGO, NAN, WOR and PRY.
- Bellamy’s Australia (BAL) – has announced this morning that Chinese authorities have suspended Camperdown Powder’s CNCA license. Bellamy’s recently acquired a 90% interest in a newly formed entity that holds all the issued capital for Camperdown.
- Flight Centre (FLT) –0.11% has said today it has made separate deals to acquire Olympus Tours, a Mexico-based destination company, as well as Bespoke Hospitality Management Asia, a growing Thailand–based operator of leisure hotels.
- Nearmap (NEA) +9.84% has released preliminary results for FY17, the company has announced it is continuing to show growth in its main US and Australian markets and has achieved EBITDA guidance of around $5.8-6m (subject to final audit).
- Michael Hill (MHJ) unchanged Trading update showing a 6% sales increase with same stores sales growth of 1.59%. The June quarter had same store sales up 3.1%. Gross margins though were down due to a tougher Australian market.
- Praemium (PPS) +15.49% Record quarter has driven FUA to over $6bn. Quarterly inflows to global platform of $554m. $364m for Australian business. Record inflows of $190m to International business.
BOND MARKET UPDATE
- The Department of Industry, Science and Innovation has revised down the value of its resources and energy export earnings in the financial year by 4.6%, or nearly $10bn, due largely to falling prices for iron ore.
- South Australia has announced Elon Musk’s Tesla as the principal builder of the world’s largest lithium ion battery. The project is intended have a storage capacity of 100 megawatts, or 129 megawatt hours, and could power about 30,000 homes, according to Tesla. 100 days to build or its free.
- Computer says ‘No’. National Australia Bank is the latest bank to toughen lending criteria as it tries to stop households taking on too much debt. The bank will “start declining loans with a high loan to income statement” without specifying the new, lower thresholds that will trigger the refusal.
- ASIC has closed the loophole that allows accountants to offer investments in unlisted companies like Guvera under trust schemes.
- Samsung topped analyst estimates with its best-ever operating profit as the new Galaxy S8 flagship smartphone won over customers. Operating income rose to 14 trillion won (US$12 billion) in the three months ended June. That compares with the 13 trillion-won average of analysts’ forecasts.
- Chinese bank shares lose a combined US$16bn in Hong Kong over the week.
- Silver ‘flash’ crashed 10% in Asian trade before reversing declines.
EUROPE AND US MORNING Headlines
- Eschewing protectionism in the US, the EU and Japan have signed a free trade agreement. One of the largest trade deals ever.
- UK business leaders press Brexit secretary for transitional arrangements to guard against shocks to the UK economy. Leaders believe that a deal by the Brexit deadline is ‘impossible’.
A man inserted an ‘ad’ in the classifieds: “Wife wanted.” Next day he received a hundred letters. They all said the same thing: “You can have mine.”
A wife got so mad at her husband she packed his bags and told him to get out. As he walked to the door she yelled, “I hope you die a long, slow, painful death.” He turned around and said, “So, you want me to stay?”
When I got home last night my wife demanded that I ‘take her somewhere expensive’… I took her to a petrol station…
Have a great weekend