Clarence is back….three weeks in UK and Europe…6 months to go til Brexit..still nowhere!
- ASX 200 reverses early losses to close up 20 to 6185.
- High 6193 Low 6142.
- Royal Commission into Aged Care. Four Corners to come tonight.
- Current RC kicks off again.
- Banks find buyers in quiet trade.
- Energy stocks in favour. BHP slips on copper prices.
- AUD steady at 71.55c
- Bitcoin at US$6477
- Aussie Gold to $1670.
- US futures down 46
- Asian markets mixed as Typhoon hits HK. Japan up 1.20% whilst China down 1.20% and HK down 1.63%
- BWX -2.20% Bain Capital pulls bid.
- JMS +2.90% announces a bumper dividend.
- PLS +3.27% first shipment of spodumene ready.
- MSB +1.19% approvals for Tasly deal in China.
- SVW +2.73% market cheers PA deal.
- EHE -18.64% REG -17.13% AOG -7.21% and JHC -17.01% fall on RC.
- KDR -13.44% update on Mt Holland exemptions and minimum spend from WA mining warden.
- NAB +0.77% Mike Baird promoted. Now the Baird apparent. Hagger takes the fall to a plum UK job.
- TPM +3.81% TLS +1.57% telcos up on defensive buying.
- NCK +2.53% thin volume.
- AMP +1.91% sees dead people and charges them
- WGX -10.11% good volume sell-off continues.
- SDA -5.79% continues lower after results recently.
- TCL +0.89% change of directors interest.
- AHF – unchanged- Farms update.
- APA +1.76% media speculation ScoMo will allow HK bid.
- UPD +5.65% NY investor trip.
- ALX +2.71% good exposure to EU growth.
- Speculative stock of the day: 1414 Degrees (14D) +43.33% new IPO lists. A clean scaleable energy solution company. Market likes it so far.
- Biggest risers – UPD, JMS, ASB, FXL, TPM and PPH.
- Biggest fallers – EHE, REG, KDR, AOG and SDA.
- An independent adviser’s report has stated that the Mercury NZ (MCY) +0.33% takeover offer of 230c per share for Tilt Renewables (TLT), unchanged, is inadequate. The advisor has valued the company in the range of 256c-301c per share. Fiona Oliver, Tilt’s Chair of the Independent Directors, has subsequently recommended that shareholders reject the offer.
- Newcrest Mining (NCM) +0.20% Seven of the ten exploration licences subject to the joint venture with Encounter Resources (ENR) have been granted. The Joint ventures between the two companies now cover a total of 3,500km2 of the Tanami Gold Province in Western Australia. A further 900km2 of exploration licence applications are set to be granted by the end of the year.
- Regis Resources (RRL) +1.79% A new Managing Director and Non-Executive Chairman have been appointed after the completion of board and management succession planning. Jim Beyer, former CEO of Mt Gibson Iron Limited (MGX), has been appointed Managing Director, while Non-Executive Director James Mactier has accepted the role of Non-Executive Chairman.
- Cimic Group (CIM) – 0.65% Thiess, Cimic’s global mining services provider, has been awarded a $420m contract extension by Antofagasta Minerals to continue its operations at the Encuentro open pit in northern Chile.
- Pilbara Minerals (PLS) +3.27% The first shipment of spodumene concentrate from the Pilgangoora Lithium-Tantalum project is on track after progress with the production ramp up. The company has stated that exceptional product quality is being achieved. The 5000t shipment of >6% lithia and <1.4% Fe2O3 will be ready for ship-loading from around September 20.
- BWX -2.20% Strategic review has concluded the talks with Bain Capital with Bain pulling the pin. The company will now focus its attention on organic growth opportunities. Interim CEO Myles Anoschi has been given the top job on a permanent basis.
- Moody’s says Sydney will lead domestic house prices lower by 9% this year.
- The energy regulator in Victoria has issued a warning to AGL to revoke its licence if it does not comply with customer complaints data.
ASIAN MARKET NEWS
- Trade talks dominate in Asia with China saying it won’t ‘negotiate with a gun to its hand’.
- Hong Kong stocks weaker on Typhoon with Macau casinos sliding.
EUROPEAN AND US HEADLINES
- 6 Months til Brexit and still no clear path with London Mayor calling for a second referendum as London worries on implications.
- Deutsche Bank moving more assets from London to EU.
- Fun Bloomberg chart of the day is the fall in dining out in the US. The Masterchef effect?
And finally…did you miss me? Well did you?
A man was walking down the street when he was accosted by a particularly dirty and shabby-looking homeless man who asked him for a couple of dollars for dinner.
The man took out his wallet, extracted ten dollars and asked, “If I give you this money, will you buy some beer with it instead of dinner?”
“No, I had to stop drinking years ago,” the homeless man replied.
“Will you use it to go fishing instead of buying food?” the man asked.
“No, I don’t waste time fishing,” the homeless man said. “I need to spend all my time trying to stay alive.”
“Will you spend this on greens fees at a golf course instead of food?” the man asked.
“Are you NUTS!” replied the homeless man. “I haven’t played golf in 20 years!”
“Will you spend the money on a woman in the red light district instead of food?” the man asked.
“What disease would I get for ten lousy bucks?” exclaimed the homeless man.
“Well,” said the man, “I’m not going to give you the money. Instead, I’m going to take you home for a terrific dinner cooked by my wife.”
The homeless man was astounded. “Won’t your wife be furious with you for doing that? I know I’m dirty, and I probably smell pretty disgusting.”
The man replied, “That’s okay. It’s important for her to see what a man looks like after he has given up beer, fishing, golf, and sex.”
Have a great evening