Today’s Headlines

• ASX 200 falls 7 to 5664 as buyers sidelined.
• High 5673 Low 5649. Tight range low volume.
• Gas suppliers agree deal with government. Crisis averted.
• QBE and TLS lead market down.
• Banks hanging on as CBA stutter again.
• Big miners recover as BHP remains positive on iron ore.
• Energy pauses as builders push up.
• AUD slips to 78.65c on Yellen speech.
• Inflation a mystery though.
• US Futures up 2.
• Asian markets slightly weaker China CSI up 0.15% and Nikkei down 0.35%.

STOCK STUFF

Ex-Dividend Today

• MYR +6.90%
• MXI -0.71%
• PFG unchanged

Movers and Shakers

• TTS -2.71% TAH -3.00% delays to merger continue.
• A2M +2.22% technical buying
• SM1 +4.06% follows A2M higher.
• BWX +1.89% buyers return.
• FMG +3.38% conference presentation
• QBE -2.84% Shaw and Partners downgrades to sell.
• STO -0.72% unmoved on gas deal
• ORG -0.81% gas deal helping here.
• MYR +6.90% after Lew request register to write to shareholders. Raising stake?
• Speculative stocks of the day: De Grey Mining (DEG) +150.00% 91 gold nuggets detected at Pilbara gold project, Loudens Patch.
• Biggest risers – MYR, WHC, MIN, BLD, BWX and ALQ.
• Biggest fallers – GXY, NEC, QBE, BAL, TAH and WSA.

 

TODAY

• Yancoal Australia (YAL) -unchanged+0.97 Has exercised its call option to purchase Mitsubishi Development’s 28.9% interest in the Warkworth joint venture for US$230m. Once completed, the Yancoal group will own approximately 84.5% of the Warkworth joint venture.
• APA Group (APA) -%Chairman of APA Group Mr Leonard Bleasel AM, intends to retire as a Non-Executive Director and Chairman of the Australian Pipeline Limited (APL) Board at the conclusion of APA’s Annual Meeting next month. He will be succeeded in the role by current APA Non-Executive Director, Michael Fraser.
• Afterpay Touch (APT) -0.96% Target signs on for its online customers.
• The court hearing to decide on the proposed transfer of Ten (TEN) shares to US studio giant CBS will tentatively go ahead on October 31.
• AGL -0.82% AGM today. Some positive news on gas.

ECONOMIC NEWS

• Nothing today.

BOND MARKET UPDATE

ASIAN NEWS

• Industrial profits increased 24% in August from a year earlier, the most in four years, compared with the 17% pace a month earlier, the statistics bureau said. Profits in the first eight months of the year climbed 22% from a year earlier.

EUROPE AND US MORNING HEADLINES

• Trump tax speech Hopefully more than a 1 pager this time.
• Boeing has complained to the US commerce department about Bombardier and the US has now slapped a 219% tariff on sales. Boeing has invested US$33m in a joint venture in China with Chinese state-owned aeroplane manufacturer Comac.
• The rally in US equities since March 2009 has entered the record books as the second-longest bull run. Based on a number of parameters, the market looks expensive, notably when judged against the operating profits of companies on the S&P 500 at least according to some.

• Dyson has unveiled plans to develop and build its own electric car by 2020. The company currently has a team of 400 staff working on the vehicle. It will also clean your house while you are not using it.

And finally……………..

Two regular golf buddies were sitting in the clubhouse grille after a normal round of golf at their club. Cameron excused himself for a few minutes, came back and resumed the conversation with Francis. The subject of the new club pro came up and Cameron was uneasy.

“I don’t know about that new pro,” said Cameron. “He may be a little strange.”

“Why do you think that?” asked Francis.

“He tried to correct my stance again,” said Cameron.

“So?” said Francis. “He’s just trying to help your game.”

“Yeah, I know,” Cameron started, “but I was standing at the urinal at the time.”

 

Clarence

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