Today’s Headlines

• ASX 200 up 33 points at 5847.Top of recent range.
• High 5856 Low 5823. Tight range good volume for a Monday.
• From the bottom of the range to the top in two weeks.
• Resources bounce on renewed iron ore strength.
• Banks green across the screen.
• Industrials show good rises CSL leads.
• TLS rallies ahead of AGM.
• AUD stronger at 78.75c
• US futures up 23.
• Asian markets slightly higher with Japan up 0.65% and China CSI up 0.17%.

STOCK STUFF

Movers and Shakers

• QBE +0.29% recovery continues.
• CLQ +13.60% rally continues. PHK +5.26% a small cap wannabe.
• PLS +6.21% GXY +7.27% lithium back in favour.
• HVN +2.25% shorts feeling some pain.
• ORG +2.51% AGL +1.35% gas producers gather friends.
• IPH +4.77% bounce continues after NZ acquisition.
• TGA -21.98% trading update. 8-year low.
• RIO +3.43% buy back starts to shift into focus.
• OZL +1.49% after failing to sign energy deal for Prominent Hill mine
• SKB -7.69% after three fatalities at Mission Beach
• Speculative stocks of the day: LPD +60.00% LPDR +50.00% Rights issue closes 26^th GXY +7.27% has taken a significant investment in the company.
• Biggest risers – CLQ, GXY, PLS, CWY, BPT and BGA.
• Biggest fallers –SPL, SRX, OGC, MSB, BIN and FXL.

TODAY

• Oz Minerals (OZL) +1.49% Released 3Q report. Gold production 29,264oz. Copper production 28,880t. The miner lowers open-pit unit cost guidance for Prominent Hill by 5%, and says all other guidance is on track. Ended the quarter with cash balance of A$639m.
• Perseus Mining (PRU) +2.86% Released 3Q report. Quarterly gold output 51,309oz. All in costs came in at US$1,116/oz. Miner says its Sissingue mine development is on track and expects first gold in March 2018.
• Evolution Mining (EVN) +1.77% Releases 1Q report. Gold output 220,971oz. All in costs A$786/oz. Operating mine cash flow A$210.4m. Guidance is an expected 180,000 – 190,000oz for 2Q. And expects operating mine cash flow to fall in line with 1Q. Net debt falls to A$342.0m.

ECONOMIC NEWS

• Macquarie Wealth Management’s strategy team calculate $237bn will be spenton infrastructure projects over the coming four years. That’s $16bn from the federal government and $221bn from the states.

 

BOND MARKET

ASIAN MARKETS

• China’s producer price inflation unexpectedly accelerated to a six-month high in September. The producer price index (PPI) rose 6.9% in September from a year earlier, from 6.3% in August, the National Bureau of Statistics (NBS) said. On a month-on-month basis, the PPI rose 1.0% in September.

 

• Vietnamese mall operator Vincom is set for a market value of $3.1bn to $3.4bn when it lists next month in what will be the country’s biggest ever initial private offering.
• China’s economy is set to grow 7% in the second half of the year, the PBoC head said in Washington.
• Kobe Steel touched a five-year low. Down 40% since scandal hit.
• Oil prices are rising as Iraqi forces advance on Kurdish Kirkuk.
• China is focussing on consumption and services rather than manufacturing and production as it tries to curb emissions. Could see metal price continue higher.

• Chinese party congress starts Wednesday.

EUROPE AND US MORNING HEADLINES

• Say goodbye to Tom Tom. UK store John Lewis has now taken Sat Navs off its shelves and only selling online. Seems that everyone uses Siri, Google Maps or the internal Sat Nav. Other items falling out of favour include analogue radios, e-readers and push-up bras.
• Bank of England chief Mark Carney will be in front of parliament on Tuesday with rate rises firmly in mind.

 

And finally…………………..

Clarence

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