- ASX 200 up 25 to 6195 as 6200 proves a bridge too far.
- High 6210 Low 6175. ASX 2000 up 27 points for the week.
- Resources and techs prove popular.Banks flatline.
- Infrastructure and REITs under small selling pressure on higher yields.
- Citi unloads 10% stake in AZJ and takeover bid for PLG.
- AUD higher again at 72.92c.
- Bitcoin better at US$6538.
- Aussie Gold stable at $1658.
- US futures up modestly by 46 points.
- Asian markets strong with Japan up 0.92% to a four-month high and China up 1.82% as fears subside
- GXL +5.28% short covering rally.
- GOR +5.60% Denver conference presentation.
- ORE +7.03% short covering.
- LYC +2.44% annual report.
- MSB +5.06% positive trial results at 180-days.
- JMS -14.29% ex dividend. 5c.
- PDL -5.23% identity crisis continues.
- NEA -1.97% profit taking.
- PMV -4.21% broker downgrades.
- CLV -2.52% results slightly below expectations.
- HRR +8.93% G2 Lens drilling at Woodlawn delivers high grade assays.
- PAN +9.28% Savannah project restart update.
- PLG +9.52% takeover approach with conditions.
- Speculative stock of the day: Althea Group (AGH) +180.00% the new kid on the block in the medicinal cannabis sector. First-day trading and the investors backing this one would be pretty happy.
- Biggest risers – PLG, ORE, PME, AMI, GOR and SAR
- Biggest fallers – JMS, PDL, PMV, SEA, AZJ and NST
- Flight Centre (FLT) +0.51% Acquires Umapped, a Toronto-based company that provides travel documentation, communication and itinerary management software. FLT said the purchase price is immaterial to the company and has not been discussed.
- ALS Limited (ALQ) – Announces CFO transition. Luis Damasceno to succeed Richard Stephens.
- Propertylink (PLG) +9.52% Has received a non-binding takeover offer from ESR Real Estate for 115c per security. PLG closed down 0.9% yesterday to 113.5c. There is no guarantee that the proposal with ESR will lead to a formal binding offer.
- Aurizon (AZJ) -3.07% Citi has placed a 10% stake in the company at a 5% discount of 402c to the closing price. The raising was for around $814m so it is significant. The Children’s Investment Fund has terminated a equity swap agreement with Citi representing 10.17% which has triggered the sale.
- Ratings agency Standard and Poor’s has maintained Australia’s sovereign credit rating at “AAA” and raised its outlook to stable from negative on the expectation of the budget returning to surplus early in the next decade. “While our base case is for a soft landing, our ratings could come under pressure if house prices fall sharply and increase risks to fiscal accounts, real economic growth, and financial stability,” S&P said in a statement.
ASIAN MARKET NEWS
- Computer says No. India’s Yes Bank fell around 34% after the Reserve Bank ordered is chief executive to resign.
- China’s top state media regulator has proposed draft legislation to limit access to foreign broadcasted programs on television and radio.
- Confidence in Japan’s manufacturing sector has dropped to its lowest in almost two years despite strong underlying growth in the sector.
- Consumer prices in Japan rose at the fastest pace in six months in August. Market hits a 4-month high.
EUROPEAN AND US HEADLINES
- All going to custard for UK PM May as EU pushes back. Under six months until Brexit. A step into the unknown known as ‘blind Brexit’.
- Etihad and Emirates look like they are getting together to create the world’s largest airline company.
- Aston Martin are pushing ahead with a GBP5bn IPO. If it hits those valuations it will be a ‘ten bagger’ for its private equity owners who bought it in 2007. Italian supercar company Ferrari floated three years ago with a US$10bn valuation, when it was producing just over 7,500 cars a year and generating net profit of EUR290m (GBP257m) on revenues of €2.8bn. Aston Martin in its last financial year Aston made annual revenues of GBP876m and a pre-tax profit of GBP87m.
- Brilliant move by the French government to ban all smartphones in school classes. Under the new law, students can bring their phones to school but must keep them out of sight in their school bags or lockers. If they are caught using them, the phones can be confiscated for a day.
A little girl asked her mum, “Mum, may I take the dog for a walk around the block?”
Her mum says, “No, because the dog is in heat.”What’s that mean?” asked the child.”Go ask your father. I think he’s in the garage.”The little girl goes to the garage and says, “Dad, can I take Susie for a walk around the block. I asked mum but she said the dog was in heat and that should ask you.”Her dad said, “Bring Susie over here.”He took a rag, soaked it with gasoline, and scrubbed the dog’s butt with it and said, “OK, you can go now but keep Susie on the leash and only go one time around the block.”
The little girl left and returned a few minutes later with no dog on the leash.Her dad said, “Where’s Susie?”The little girl said, “Susie ran out of gas about halfway down the block and there’s another dog pushing her home.”
A sweet grandmother telephoned St. Joseph’s Hospital and she timidly asked, “Is it possible to speak to someone who can tell me how a patient is doing?”The operator responded, “I’ll be glad to help, dear. What’s the patient’s name and room number?”
The grandmother in her weak tremulous voice said, “Norma Findlay, Room 302.”
The operator replied, “Let me place you on hold while I check with her nurse.”After a few minutes the operator returned to the phone, “Oh, good news. Her nurse has told me that Norma is doing very well. Her blood pressure is fine; her blood work just came back as normal. And her physician, Dr.Cohen, has scheduled her to be discharged Tuesday.”
The grandmother said, “Thank you. That’s wonderful. I was so worried! God bless you for the good news.”
The operator replied, “You’re more than welcome. Is Norma your daughter?”
The grandmother said, “No, I’m Norma Findlay in Room 302. No one tells me anything.”