Today’s Headlines

• ASX 200 up 23 to 6281 as rally fades.
• High 6298 Low 6255. Up 17 points for the week.
• Afterpay hits afterburners again. Rarified air though.
• Healthcare looks rosy as CSL tops record.
• Banks take heart from jobs numbers.
• Strong jobs number helps the dollar.
• Big miners on the nose.
• AUD slips to 73.75c
• Bitcoin firms a little to US$7435
• Aussie Gold rises to $1658
• US futures down 55
• Asian markets mixed with Japan down 0.51% and China up 0.28%.

STOCK STUFF

Movers and Shakers

• DMP -2.76% US master company results.
• AX1 -6.02% profit-taking.
• CSR -7.95% AWC numbers weigh on Aluminium business.
• AWC -4.18% results underwhelm.
• CIM -3.19% profit-taking.
• NGI +5.43% update on Mesirow transaction.
• TWE +3.62% stand out today.
• RHC +2.72% showing promise.
• FAR +13.04% buyers back again.
• LYC -5.61% quarterly report. Stockpiles for later concerns?
• UPD +7.33% the next APT?
• AVZ +14.29% recovery continues.
• PHK +9.88% still doing well.
• BLA -12.53% not so much today.
• QBE +0.41% stirring. Slowly.
• Speculative stock of the day:Ore Corp (ORR) +55.88% after announcing the completion of the earn-in phase and execution of conditional heads of agreement to acquire 100% of the Nyanzaga project in Tanzania.
• Biggest risers – FAR, UPD, APT, NGI, PLS and BLD.
• Biggest fallers – CSR, LYC, AX1, KDR, AWC and SAR.

TODAY

• Sydney Airport (SYD) +0.84% June traffic numbers saw a 5% lift in international passengers but no change in monthly domestic passenger numbers. Overall the total 1.8% gain in monthly passengers was driven by additional seat capacity.
• Tabcorp (TAH) +1.07% After hours yesterday announced it is exiting its UK joint venture, Sun Bets, due to its underperformance. Tabcorp will pay $71m to its partner, News UK, to exit the agreement and incur an after-tax impairment of $91m in the FY18 statements and up to a $10m cost in FY19.
• Xero (XRO) +1.52% Has entered into a strategic alliance with a US payroll platform, Gusto. The alliance will integrate Xero’s payroll solutions into Gusto’s platform to serve 50 US states and account for each state’s different tax implications.
• Oil Search (OSH) +1.05% and Santos (STO) +2.48% locked in Chinese energy giant PetroChina as a contracted customer for LNG from their Papua New Guinea venture. The three-year deal was signed on the back of outperformance of the plant since it started up more than four years ago. PetroChina has signed up to a contract to buy about 450,000 tonnes a year of LNG for the next three years.
• BlueScope Steel (BSL) +1.78 % the company has signed a deal to install 500 solar panels to lock in cheap energy through renewables.

ECONOMIC NEWS

• Nothing today.

BOND MARKETS

ASIAN MARKET NEWS

• Hong Kong stocks hit a 10-month low.
• China is starting to look decidedly wobbly. Yuan has slid 8% since March.

• China’s peer-to-peer US$192bn lending industry is in trouble. At least 118 platforms have failed this month through early Friday, according to Shanghai-based Yingcan Group, whose tally for July stood at 57 just three days ago.

• Meanwhile,, the base metal rout continues on trade fears.

EUROPEAN AND US HEADLINES

• Tech stock funds have amassed even more cash this year with US$20bn inflows.
• The Royal Mail has been stunned as 70% of its shareholders voted against executive remuneration plans.
• UK shoppers have shunned shopping as hot weather and the World Cup have ensured more beer sales and fewer clothes. Must be linked.

And finally…………….

A little old lady answered a knock on the door one day, only to be confronted by a well-dressed young man carrying a vacuum cleaner. ‘Good morning,’ said the young man. ‘If I could take a couple of minutes of your time, I would like to demonstrate the very latest in high-powered vacuum cleaners.’
‘Go away!’ said the old lady. ”I’m broke and haven’t got any money!” and she proceeded to close the door. Quick as a flash, the young man wedged his foot in the door and pushed it wide open. ”Don’t be too hasty!” he said. ”Not until you have at least seen my demonstration.” And with that, he emptied a bucket of horse manure onto her hallway carpet. ”Now, if this vacuum cleaner does not remove all traces of this horse manure from your carpet, Madam, I will personally eat the remainder.”
The old lady stepped back and said, ”Well let me get you a fork, ’cause they cut off my electricity this morning!

 

Clarence

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