CBA takes GOLD….not a winner though!
- ASX 200 up 20 to 5861.
- High 5865 Low 5843.
- Narrow range. Thin volume.
- Royal Commission continues to take its toll.
- CBA wins gold.
- Scott Morrison deeply disturbed.
- Miners rally on RIO report.
- Energy gaining strength.
- Steel futures rally 2% in Asia.
- AUD rallies to 77.71c
- Bitcoin steady at US$7930.
- US futures up 59.
- Asian markets rally with China CSI up 0.14% and Japan up 1.49%
Movers and Shakers
- HVN +2.69% gets an upgrade.
- VRL -8.61% just got worse.
- AMP -2.20% another forgettable day.
- BLA -4.45% heading toward 266c price target from Glaucus
- WTC +6.89% tech stocks rally in US helping sentiment.
- NXT +3.52% well supported placement and SPP.
- CYB -6.65% takes a hit on UK PPI costs.
- CTD +6.44% technical buying.
- CBA -0.48% achieves gold medal status.
- PLS +4.40% KDR +6.82% lithium rallies.
- EHL +5.45% operational update.
- LNK -4.36% completes placement.
- MYX -2.80% new US manufacturing facility.
- PTM +3.95% bargain hunters and broker upgrade.
- BUD -16.67% TLS -0.95% deal announcement.
- MLX +6.29% finally some buyers on metal prices.
- SWM -3.88% Cricket not enough.
- IVX -21.21% Change in director’s interest.
- STO +0.84% NT fracking back.
- QAN -0.50% higher oil prices hurting.
- WPL +1.09% production report and royalty agreement.
- Speculative stock of the day: Jupiter Mines (JMS) -unchanged- new IPO one of the biggest manganese miners in the world based in South Africa. Pays dividends and should gather strength. Good pedigree and executive team.
- Biggest risers – WTC, CTD, WBA, NWL, KDR and HUB.
- Biggest fallers – CYB, CLQ, LNK, HT1, SWM and GEM.
- Rio Tinto (RIO) +1.11% Iron ore shipments higher on year. Good weather and the ramp-up of Silvergrass along with productivity improvements helped lift quarterly exports 5% on year. Iron ore shipments were down 11% on quarter. RIO said it plans to spend $1bn over the coming 3-years on sustaining output in the Pilbara. The company noted this year “will be more challenging than the last, as the industry faces rising cost inflation, as well as geopolitical uncertainties, particularly in relation to trade.”
- Woodside (WPL) +1.09% Quarterly revenue lifts with LNG output. First quarter production came in at 22.2m barrels of oil equivalent up 3.7% on year. Forecast production in 2018 is around 85m-90m million barrels of oil equivalent, after falling 11% last year to 84.4m. Sales revenue US$1.67bn compared to US$902m a year earlier. The company said Wheatstone LNG second production line is nearing completion. Meg O’Neill to succeed Mike Utsler as COO in May.
- Aurizon (AZJ) +1.81% Third quarter coal hauled is up 3% on year to 49.9 metric tonnes.
- Credit Corp (CCP) +4.46% Market update and has reaffirmed guidance of NPAT at between $62m-$64 with the US expansion going particularly well. The scaling up at Salt Lake City to a 400-seat call centre is on track. Productivity has increased despite the rising headcount.
- IMF upgrades Australian GDP to 3% in 2018 and 2019.
- The Westpac-Melbourne Institute leading index slipped to 0.69% in March from 1.43% in February, according to data out this morning.
- The index indicates the likely pace of economic activity three to nine months into the future.
ASIAN MARKET NEWS
- The People’s Bank of China late on Tuesday unexpectedly said it would cut the reserve requirement ratio (RRR), the amount of cash that most commercial and foreign banks must hold as reserves to pay back medium-term lending facilities, by 100 basis points for most commercial banks.
Japanese Trade Numbers
- New housing prices in major Chinese cities grew at the slowest pace in two years in March as property sales softened
- The chairman of Posco has offered to resign after leading the South Korean steelmaker’s successful restructuring over the past four years.
EUROPE AND US MORNING HEADLINES
- Barbara Bush dies.
- Trump hits the rough in Abe talks. TPP off again.
- Facebook will follow privacy rules in EU and then elsewhere. Quietly switched off data gathering app two weeks ago.
- EU is seeking emergency powers to deal with a hard Brexit.
- Starbucks will close all its stores for a day for retraining. On racism, not how to make coffee unfortunately.
- Tesla halts production of troubled Model 3 yet again.
- Lloyds Bank cuts another 1200 jobs and axes 49 branches.
And finally…………… Received this email this morning….feel like I should help them…popping down to Aldi for some supplies….if anyone wants to engage in the game contact me and I will send you his contact details!
We are freedom fighters from the Congolese Revolutionary Army in Kivu. We are looking for a supplier of Rice. Someone that can supply at least 50,000 tons of broken rice to our communities in Kivu.
We shall pay upfront the cost of the products, including shipping logistics cost from your country to Mombasa Seaport in Kenya.
Mr. Sekeba Mafutabangi,
General Secretary, Congolese Revolutionary Army. Kivu.