long days journey into nuight

Today’s Headlines

  • ASX 200 smashed down 166 to 5884.
  • High 6015 Low 5884 Big volumes as selling accelerates.
  • No place to run to, nowhere to hide. Closes on lows.
  • Banks smashed as across the board selling escalates.
  • Big miners sold off. Techs wrecked.
  • Gold stocks the only bright spot.
  • Asian equity and commodity slides add to selling.
  • AUD slightly weaker at 70.75c
  • Bitcoin falls to US$6223
  • Aussie Gold firms to $1686.
  • US futures down 190
  • Asian markets aggressively sold off with Japan down 4.20% and CSI 300 down 4.00% lowest in four years.


  • APT 11.05%, A2M -9.84%, APX -10.29% as high PE stocks get hit.
  • XRO -6.26% WTC -10.46% pretty girls getting hurt.
  • MFG -7.70%% exposure to financial markets.
  • SBM +6.27% gold shines plus gas fire power station.
  • EVN +6.27% Mt Carlton underground mine approval.
  • AMC +1.60% AGM presentation
  • FMG +2.45% company $500m buyback.
  • BYE -16.18% drilling fail at Bivouac Peak.
  • JIN -8.45% investor presentation.
  • BRG +0.24% positive write up.
  • PME -10.98% NAN -7.31% SPL -7.21% biotechs under pressure.
  • Speculative stock of the day: MGC Pharma (MXC) +3.12% after its CannEpi is now available for supply under prescriber scheme to treat adult patients with drug-resistant epilepsy. This follows trials at St Vincent’s in Melbourne.
  • Biggest risers – EVN, SBM, SAR, RRL, RSG and FMG
  • Biggest fallers – NEA, APT, PME, WTC, APX and A2M.


  • Transurban (TCL) –0.46% September quarter update. Over the period, average daily traffic (ADT) lifted 3.3%, with growth across all markets. Over the quarter TCL reached the financial close to acquire 51% of WestConnex from the NSW government. Click here to see the full update.
  • Fortescue (FMG) +2.45% To establish an on-market share buy-back program of up to $500m. CEO Elizabeth Gains said the decision is a natural extension of the company’s capital allocation focus, which has shifted from a debt reduction focus. The program is expected to start after the release of FMG’s quarterly report on the 25th of October and remain in place for 12 months.
  • Wesfarmers (WES) -3.06% To appoint Sarah Hunter as Managing Director of Officeworks, effective from the 1st of January 2019. She will succeed Mark Ward.
  • Evolution Mining (EVN) +6.27% Board approves Mt Carlton underground project, stage 4 pit cut-back and plant modifications. The capital expenditure for the underground development and plant modification is expected to be $60m. $10m will be spent in FY19 with the remaining $50m to be spent over FY20-FY22. The FY19 component was included in the guidance of $25-30m in major capital at Mt Carlton.


  • Kick a man when he’s down won’t you. House prices could fall by as much as 15% peak to trough, according to Morgan Stanley.

  • Dwelling prices have dropped 2.7% on an annual basis across the country, with Sydney falling hardest, by 6.1%, and Melbourne down 3.4%.



  • The IMF and the World Bank are holding their conference in Bali. Coincidence that an earthquake has hit with three confirmed dead.
  • Tencent has been renamed sixcent after biggest fall in seven-years. Now ten days in a row.
  • Battery maker Jianxi Gnafeng Lithium dropped as much as 28% on debut.
  • Cnooc slides 6.2% and PetroChina falls 5.8%, biggest loss for both in eight months.


  • Musk denies that James Murdoch about to become Tesla Chairman.
  • Trump thinks the Fed has ‘gone crazy’ raising rates. He believes the correction is good and one we have been waiting for a long time.
  • Mnuchin says US market correction is ‘not surprising’.
  • The world’s biggest bond ETF has suffered record withdrawals of almost US$2bn in a single day.

And finally………….probably could do with a laugh today!!!

Getting a Hairdryer Through Customs.

An attractive young woman on a flight from Ireland asked the Priest beside her, ‘Father, may I ask a favour?’

‘Of course child. What may I do for you?’

‘Well, I bought my mother an expensive hair dryer for her birthday. It is unopened but well over the Customs limits and I’m afraid they’ll confiscate it. Is there any way you could carry it through customs for me? Hide it under your robes perhaps?’

‘I would love to help you, dear, but I must warn you, I will not lie.’

‘With your honest face, Father, no one will question you.’

When they got to Customs, she let the priest go first. The official asked, ‘Father, do you have anything to declare?’

‘From the top of my head down to my waist I have nothing to declare.’

The official thought this answer strange, so asked, ‘And what do you have to declare from your waist to the floor?’

‘I have a marvellous instrument designed to be used on a woman, but which is, to date, unused.’

Roaring with laughter, the official said, ‘Go ahead, Father. Next please!’





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