- ASX 200 down 13 points to 5815.5
- High 5838 Low 5801.
- Banks slide with industrials.
- BHP and miners save blushes.
- China talks tough on trade.
- US set to hit Syria.
- AUD rallies to 77.50
- Bitcoin hits US$6940.
- US futures up 48 as rally fades.
- Asian markets weaker with Japan down 0.14%, China down 0.67%.
Movers and Shakers
- STO – unchanged – Harbour Energy hires ex BHP exec as CFO.
- BLA +1.13% media interview goes badly.
- CCL -0.56% starts Amatil X with $10m to fund start-ups.
- HSO +3.43% private equity bid speculation.
- ALL +1.51% Goldman upgrades.
- SHV +5.65% upbeat crop forecasts.
- BSL +2.26% 1 month high.
- MSB +5.47% rally continues.
- APT -4.46% Goldman downgrades.
- PPH -4.34% broker downgrades.
- AGY +8.62% finding friends.
- IVX -10.00% profit taking.
- WAM -3.61% Investment update and NTA/ ex div.
- IFN +9.17% substantial shareholder notice.
- KGN +7.38% embraces low cost NBN.
- Speculative stock of the day: Alt Resources (ARS) +19.35% following the announcement yesterday of high grade results at the Emu Deposit. Grades of up to 53g/t Au intercepted.
- Biggest risers –HT1, IFN, KGN, SHV, UPD and SM1.
- Biggest fallers –CVW, PPH, WGX, APT, BWX and KDR.
- Bubs Australia (BUB) +9.21% Quarterly update. NuLac Foods acquisition boosts sales and maintains cash on balance sheet. Q3 net sales up 422% yoy to $5.178m and cash balance at $5.570m. Bubs is expanding its Woolworths and Chemist Warehouse ranges from the next quarter.
- Brambles (BXB) –1.74% Divested its 50% stake in the Hoover Ferguson JV, receiving US$150m that will be used to reduce debt. The divestment will cause a non-cash writedown of US$4.9m to be included in FY18 results.
- Mount Gibson (MGX) +5.13 Quarterly update. Quarterly sales rose 16% pcp whilst 1-3Q revenue was $148m. Result underpinned by solid mid-west operations offsetting the Koolan restart project, which progressed to 57% completion. All-in group costs lowered by $1/wmt to $45/wmt. At this level, MGX sees no change to full year sales guidance.
- oOh!media (OML) –1.46% Confirmed it made an offer to HT&T for their Adshel business but were declined as it was too low. UBS see less regulatory road blocks down this path compared to APN Outdoor, as they operate in a different area of outdoor ads.
- BT Investment Management (BTT) –1.57% Funds under management increased by $0.9bn to $99.0bn for the quarter, backed by favourable exchange rates and a weaker AUD.
- Oil Search (OSH) +1.34% Independent reassessment and mapping of the P’nyang PNG site has found a significant increase in natural gas resources. The report estimated approximately 11 trillion cubic feet of undeveloped resources which supports OSH’s development of new LNG capacity. Macquarie says some of the upside from this is already factored in and the focus will be on the Koolan project restart.
- Freedom Food Group (FNP) –1.36% Released 3.94m new shares today as part of its retail offer and overall $200m equity raising. The shares were issued at $480c each.
BOND MARKET UPDATE
ASIAN MARKETS NEWS
- The Bank of Korea left its key interest rate unchanged at 1.5%. In a statement it said inflation this year would be lower than its previous projection of 1.7 percent, without providing an exact figure.
- China will “unquestionably” retaliate if the U.S. further escalates trade tension according to a senior trade official.
- PBoC governor Yi Gang said economic indicators have performed better than expected in the first quarter, amid continued improvement in the global economic outlook.
- IMF’s Christine Lagarde told Chinese policy makers to beware of financing unneeded and unsustainable projects in countries with heavy debt burdens.
- New Zealand has become one of the world’s first countries to ban all future offshore oil and gas exploration
EUROPE AND US MORNING HEADLINES
- Final talks have begun at the European Commission in Brussels on proposals to cap the amount of the toxin cadmium in fertilisers. Good for Russian fertiliser which has low cadmium. Bad for North African and Chinese suppliers.
- Less than a year to go before UK leaves EU. Things are not the disaster some predicted. Yet. Amazing what a devalued currency can achieve.
An elderly woman that had lost her husband a couple years ago decided that it was time for a new husband.
So being the old fashioned woman she is, put an add in the paper.
It stated. Looking for a husband. Must not run around. Must not hit on me but must also be good in bed.
Well one day she heard the door bell ring. When she answered it, she was shocked to see a man in a wheelchair with no arms or legs.
Man: afternoon ma’am. I’m here about the add in the paper.
Woman: you? But your in a wheelchair.
Man: well you see I have no legs so I won’t run around on you.
Man: you see I have no arms so I can’t hit on you.
Woman: yes that’s true. But are you good in bed?
Man: I rang the doorbell didn’t I.