- ASX 200 loses momentum to close up 6 points to 5896.
- High 5910 Low 5885. Narrow trading range.
- Big miners slump. Banks the green on screen.
- REITs slip as gaming loses
- Industrials find support.
- AUD steady at 78.55c
- US futures down 8.
- Asian markets slightly mixed with Japan up 0.66% and China CSI down 0.34%.
- Been a good October
Movers and Shakers
- RCR +6.13% awarded a power station contract in Indonesia.
- GXY +5.49% further drilling at James Bay project.
- BIN +2.63% responds to media talk of licencing issues.
- DMP +3.46% says ‘Ja’ to a German pizza.
- TWE +3.22% AGM draws buyers.
- APT +4.05% rally continues.
- BAL +7.02% broker flip flops to buy from sell.
- MLX +2.35% quarterly report.
- LYC -9.09% heavy volume.
- NUF +2.33% broker upgrade.
- AWC +1.31% Alcoa quarterly.
- PLS -3.75% profit taking.
- RIO -2.54% allegations and metal prices taking effect.
- Speculative stocks of the day: WGL +75.0-1.81%% after announcing the launch of Wangle Family Insites commencing 23rd Apple has confirmed acceptance of Wi-Fi iOS version in app store
- Biggest risers – RCR, BAL, GXY, BIN, PNI, API and TWE.
- Biggest fallers – LYC, PLS, S32, SBM, RSG and CWN.
- Woodside Petroleum (WPL) – narrowed its full-year production guidance to between 84 and 86 million barrels of oil equivalent – from 84 to 90 mmboe, because its second Wheatstone LNG train is not expected to start up for another six to eight months. WPL reported a drop in production to 20.3 mmboe in the three months to September 30, from 25.2 mmboe a year earlier, due to scheduled maintenance. Total sales revenue down 7.5% to $US914 million ($A1.2 billion) in the quarter, compared to $US988 million in the prior corresponding period.
- Santos (STO) +1.18% 3Q report. Produced 15mmboe, up 2% on the prior quarter and 4% lower than the prior year. Sales were steady at 21.5mmboe; revenue was higher at US$793m. So far this year, sales are down 4% on the pcp but higher pricing saw revenue higher. Sales guidance lifted to 79m – 82mmboe, and production guidance to 58m – 60mmboe.
- Healthscope (HSO) +2.67% Held its AGM and declared that FY17 results were ‘below expectations’ in its hospital division. Overall hospital EBITDA was pressured by a softer private hospital market, a slower ramp up of patient volumes at its newer facilities, and higher wage costs. To remedy this in FY18, the company says it plans to accelerate top line growth; drive great operational efficiency via a business improvement program; undertake a review of its portfolio; and execute its brownfields expansion strategy successfully. HSO says it expects further softness in the private hospital sector to continue in the short term, and expects is operating EBITDA to be similar to that of FY17.
- Crown Limited (CWN) -2.85% Shares are down a further 1.82% today thanks to a parliamentary speech that included an accusation of poker machine tampering.
- Westpac (WBC) +0.57% will refund about $65m to 200,000 customers holding “packaged” accounts.
- South32 (S32) -2.48% warned that it may be facing cost pressures from rising raw material input costs and a weaker US dollar. It maintained its guidance but expect some downgrades to come. S32 posted a 2% increase in aluminium production to 249,000 tonnes for the September quarter, while nickel output jumped 34% to 11,700 tonnes. Manganese ore, production rose by 11% to 1.3 million tonnes.
- The unemployment rate fell to 5.5% for September from 5.6% in August, beating market expectations. Full-time employment rose by 6100, while the number of new part-time employees was up 13,700. The participation rate ticked down 0.1% to 65.2%.
- China’s economy rose 6.8% in the third quarter, slightly below the previous period but ahead of the government’s full-year target.
- Fixed asset investment for the year dipped more than anticipated to the lowest level in close to 18 years.
- New construction starts measured by floor area rose 6.8 percent in January-September, slowing from a 7.6 percent rise in the first eight months of the year.
- factory output grew 6.6% in September from a year earlier, beating expectations, while fixed-asset investment expanded 7.5% in the first nine months of the year, missing forecasts.
- Retail sales rose 10.3% in September from a year earlier, compared with analysts’ expectations for a 10.2% rise.
EUROPE AND US MORNING HEADLINES
- UK retail sales, Sweden unemployment.
- At least we know why the Dow is at a record.
- Mnuchin warns of equities fall without tax reforms.
- In the UK, the NHS has banned surgery for obese patients together with smokers. So far only the NHS in Hertfordshire has adopted this plan in the face of serious criticism.
I T A L I A N G R A N D M O T H E R S
An Italian grandmother is giving directions to her grown grandson who is coming to visit with his wife. “You comma to de front door of the apartmenta. I am inna apartmenta 301 There issa bigga panel at the front door. With you elbow , pusha button 301.
I will buzza you in. Come inside, the elevator is on the right. Get in, and with you elbow , pusha 3. When you get out, I’mma on the left. With you elbow , hit my doorbell.” “Grandma, that sounds easy, but, why am I hitting all these buttons with my elbow? ……..
“What . . . .. .. You coming empty handed?”
No PM report tomorrow Clarence is heading to a long lunch.