On the tapes…
- ASX 200 rises 22 points to 5765 on CBA results.
- High of 5777 Low 5693.
- CBA results cheer bank sector.
- Consumer confidence falls again, stocks weaker as a result
- BAL back with a vengeance.
- USD earners rally. Gold miners rally too on AUD bullion price.
- Energy sector down. Telcos continue to struggle.
- Dalian iron ore futures are up 0.1%.
- North Korean issues pull Asia back
- Japan down 1.31% China CSI 300 down a more modest 0.05%
- US Futures down 28.
- AUD back below 79c at 78.83 on North Korean issues.
- MYX -7.45% continues slide on profit downgrade.
- JHG +5.59% after results and increased focus on cost cutting.
- CSL +1.20% on falling AUD.
- LYC +3.23% continues recent run.
- IFL +3.18% broker upgrades after result.
- ACX +3.23% shorts covering.
- GEM -2.84% heavy volume.
- TME -2.19% Amazon woes and broker downgrades.
- Speculative stocks of the day: ZIP +94.44% after doing a deal with emerging Convo app to integrate core Zipt IP. Good pedigree and could be company changing. Company entered a trading halt late.
- Biggest risers – JHG, EVN, CGC, OGC, MSB and MSB.
- Biggest fallers –MYX. SRX, IRI, SKC, CVW and MCY.
- CBA +0.57% has reported another record full-year profit. Total income was up 5%, coming in at $26,005m and Cash profit was up 4.6% to $9,881m. Commonwealth Bank plans to pay a final dividend of $2.30 a share, up from $2.22 last year and bringing the full-year payout to $4.29. The bank said its financial performance supported the board’s aim of stable
- com (CAR)+2.96% has reported their full year results. Revenue was up 8% to $372m and EBITDA was up 4% to $177m. Reported NPAT came in flat at $110m, primarily due to a $7.1m iCar write-down in the first half. The final dividend has been declared at 21.5c, up 10% on pcp.
- ResApp Health (RAP) –77.42% The company has been down as much as 77% this morning following disappointing study results.
- Bellamy’s (BAL) +4.06% Chinese authorities lifted a licence suspension on the infant formula maker’s recently acquired Camperdown canning facility.
- The survey of 1200 people by the Melbourne Institute and Westpac Bank found consumer sentiment fell 1.2% in August, from July when it edged up 0.4%. The index reading of 95.5 was 5.5% lower than in August last year, the lowest since April 2016.
- China Inflation rose less than expected in July; CPI up 1.4% following a 1.5% lift in June; while PPI increased 5.5% – same as previous month.
- Local home loan approvals fell short of expectations, rising only 0.5% in June, missing market hopes for an increase of 1.5%. value of loans for investment housing rose 1.6%.
BOND MARKET UPDATE
- Chinese CPI rose 1.4% over the 12 months, following a 1.5%rise in June, while PPI gained 5.5%, the same as the previous month.
- Dalian Wanda’s Hong Kong-listed subsidiary, Wanda Hotel Development, requested a trading halt on Wednesday for a “possible asset restructuring”.
EUROPE AND US MORNING Headlines
- Disney axing distribution deal with Netflix and will no longer provide Buzz Lightyear or Woody from 2019 No more infinity and beyond.
- Italy industrial production, Greece CPI.
- UK housing market held back by stamp duty a study shows. Chancellor urged to change it. Fat chance.
- Murdoch faces more questions and scrutiny in GBP 11.7bn takeover of Sky. The UK government has asked the regulator to look at 21st Century Fox’s broadcast record.