- ASX 200 losing traction; closes down 13 points at 5894.
- High 5925 Low 5906. Low volume as selling takes hold.
- Banks give up early gains. REITs go backwards.
- Insurers benefit from rising rates.
- Miners in the red. Gold miners under pressure.
- Industrials slip.
- Telcos hold the line.
- AUD steady at 78.25c
- US futures up 3.
- Asian markets slightly better with Japan up 1.19% on Abe win and China CSI up 0.04%.
Movers and Shakers
- MLX +8.11% broker upgrades.
- WPP -12.04% earnings guidance disappoints with NPAT of 2-4%
- ANZ -0.16% settles BBSW case with regulator.
- NAB +0.34% next to settle BBSW case.
- TLS +0.85% ACCC decision on roaming.
- MQA +2.62% Morgan Stanley upgrade-new CEO to drive earnings.
- RCR +3.98% awarded $110m solar farm contract.
- FXJ +3.32% Domain listing drawing buyers.
- BUB +29.46% two positive announcements with Chemist Warehouse deal promising.
- RHC +2.02% buyers returning.
- SM1 +3.00% formula for success with A2M.
- APX -11.20% Google AI system AlphaGo Zero learns Go. That’s a big deal for AI.
- RWC -3.69% change in substantial holding.
- Speculative stocks of the day: Petrel (PRL) +133.33% finally the company has discovered the first hydrocarbons in Uruguay. 2m at 783m but more results to come.
- Biggest risers – MOE, RCR, LYC, MLX, HUB and MLD.
- Biggest fallers – APX, WPP, NHC, WSA, MSB and RWC.
- Vocus Communications (VOC) -0.36% 1Q results. Says it is trading in line with budget to achieve FY18 guidance. It expects proceeds from asset sales to materially reduce debt levels and says there is progress on its review of its non-core Australian assets. Sale of its NZ business should be completed by end FY18.
- Suncorp (SUN) -0.15% is raising A$250m via a capital notes offering. The raising is set to fund the capital needs of its regulated businesses.
- BUBs Australia (BUB) +29.46% Positive announcement today as it has launched its products on Chemist Warehouse Tmail Global platform. Quarterly results again showing strong growth with Q1 Gross sales up to $1.724m. Gross margins up 119% over the same period last year. The Tmail announcement is significant given the upcoming Singles Day in China. This will help increase sales in China.
- Super Retail Group (SUL) -% issued a trading update this morning. Auto retailing up 6% Leisure up 7% and Sports retailing up 5%.
- Restrictions on bank lending will remain in place under household debt levels stabilise and lending standards are improved, APRA head Wayne Byrnes has said.
- PM Turnbull has conceded that NBN is not viable. Four Corners program tonight will shed more light on it.
- Japanese PM Abe has won another term following a massive victory over the weekend. Unofficial tallies showed the LDP winning 283 seats and its coalition partner Komeito taking 29 roughly similar to the split after the 2014 election.
- In China, new-home prices, excluding government-subsidised housing, in September rose in 44 of 70 cities tracked by the government, compared with 46 in August. Prices fell in 18 cities from the previous month and were unchanged in eight.
EUROPE AND US MORNING HEADLINES
- Speculation OPEC will decide to extend supply curbs past the end of March when it meets in Vienna on Nov. 30. Compliance to the OPEC-led cuts was 120% last month.
And finally…great to get such nice comments from Clarence’s recollections of 30 years ago….thanks…was a big lunch Friday and so good to catch up with old friends and colleagues.
Health & Safety Test
I failed a Health and Safety course at work today.
One of the questions was: “In the event of a fire, what steps would you take?”
“Bloody big ones!” was apparently the wrong answer.
Doctor: “I’m sorry but you suffer from a terminal illness and have only 10 to live.”
Patient: “What do you mean, 10? 10 what? Months? Weeks?!”
Doctor: “Do you do sports?”
Patient: “Does sex count?”
Patient: “Then no.”