Back after a few days in Melbourne….
- ASX 200 tempers losses to close down 3 to 5940.
- High 5940 Low 5883. Low volume and conviction.
- Wentworth beckons. Up 0.76% this week.
- Banks rebound from early losses.
- NAB chief faces inquiry.
- Resources under pressure with CSL.
- Gold producers shine.
- AUD firms to 71.08c
- Bitcoin steady to US$6401
- Aussie Gold stronger at $1727.
- US futures up 31.
- Asian markets mixed as Japan flops down 1.03% though China takes heart up 0.21%.
- GXY +6.36% 3Q results cheer.
- SAR +5.29% quarterly results cheer.
- APT 3.47% some book squaring.
- BAL -3.18% slide continues.
- TWE -3.71% AGM weighs.
- BIT +13.73% volatility continues.
- PWH +8.45% AGM presentation.
- AMP +2.21% out of the limelight and finding buyers.
- ANZ +0.62% extends current buy back by 12 months.
- RRL +4.50% quarterly report.
- EVT +3.38% Chairman’s address.
- SVW -3.69% Chinese slowdown.
- AJD -unchanged – Bankwest calls in debt.
- WDE +1.08% accepts WAMs offer.
- SOL +4.92% just keeps going. China loves our coal.
- Speculative stock of the day: Living Cell Technology (LCT) +43.90% in response to an ASX price query. Focus on upcoming test results from NTCELL trial for Parkinson’s disease.
- Biggest risers – DCN, GXY, RSG, SAR, SOL and SBM – All gold. Nearly all.
- Biggest fallers – OFX, EHL, AMI, APL, NWH, CUV and PNI.
- Western Areas (WSA) –1.27% Has provided an exploration update at its Investigators Prospect, confirming that the current mineral system continues at depth, with additional massive nickel-copper sulphides.
- Mount Gibson Iron (MGX) +2.11% Appoints new CFO and COO. Gillian Dobson will move to the role of CFO and Scott de Kruijff will take on the position of COO.
- Sydney Airport (SYD) –0.60% Traffic performance for September. Total and international passengers grew 0.4% and 1.7% respectively. Domestic performance was helped by the school holiday period falling later in the year compared to last. Over the calendar year, domestic traffic lifted 1.8%.
- Regis Resources (RRL) –4.50% Quarterly report. Gold production at Duketon came in above the midpoint of FY19 guidance at 90,879 ounces, largely in-line with the prior quarter. Pre-royalty cash cost for the quarter was $793 per ounce and an all-in sustaining cost (AISC) of $932 per ounce was achieved. Both costs were well below the lower end of FY19 guidance. RRL sold 71,310 ounces of gold at an average price of $1,660 per ounce over the quarter.
- APN Outdoor (APO) – Group CEO James Warburton to leave the company after less than one year following the successful takeover by JCDecaux.
- Nothing of note.
ASIAN MARKET NEWS
CHINESE ECONOMIC DATA
- China has reported its slowest quarterly growth figure in almost a decade.
- Gross domestic product increased 6.5% in the third quarter from a year earlier, compared to 6.6% in a Bloomberg survey and down from the 6.7% pace in the previous quarter.
- Industrial output rose 5.8% last month from a year earlier, versus the forecast of 6%.
- Retail sales increased 9.2% in September, compared with the forecast 9%
- Fixed-asset investment climbed 5.4% in the first nine months, versus a forecast of 5.3%
- The urban monthly surveyed unemployment rate stood at 4.9% at end-September.
- China says it will steer its financial markets back to health. Shanghai Composite Index has fallen almost 5% this week. Keep calm and buy Chinese equities seems the mantra but nothing concrete.
EUROPEAN AND US HEADLINES
- JP Morgan has forecast the chance of a US recession in the next two years at 60%.
- A UK Conservative MP has admitted he wouldn’t vote for his own party if he wasn’t in parliament and described the running of the current government as a “sh*t show”.
- Just keeps getting worse for Theresa May, her own party is giving her the cold shoulder and so too is the EU. Ultimate hospital pass.
- HSBC will be listing its shares in Shanghai in a ‘symbolic’ move.
- UK Domino’s Pizza complains about the weather after a hot summer dented sales and rumblings of discontent with franchisees.
A lady goes to the doctor and complains that her husband is losing interest in sex.
The doctor gives her a pill, but warns her that it’s still experimental. He tells her to slip it into his mashed potatoes at dinner, so that night, she does just that.
About a week later, she’s back at the doctor, where she says, “Doc, the pill worked great! I put it in the potatoes like you said! It wasn’t five minutes later that he jumped up, raked all the food and dishes onto the floor, grabbed me, ripped all my clothes off, and ravaged me right there on the table!”
The doctor says, “I’m sorry, we didn’t realize the pill was that strong! The foundation will be glad to pay for any damages.”
“Nah,” she says, “that’s okay. We’re never going back to that restaurant anyway.”
Funniest thing of the week is the hijacking of www.scottmorrison.com.au
Have a great weekend.