- ASX 200 inches 1 point higher to 5665 as late rally saves blushes
- High 5700 Low 5625. Down around 4.6% in a week. One to forget.
- Volumes bumped up by expiry.
- Banks and miners lead tepid rally. Bank results next week.
- Energy sector under pressure. Gold miners slip.
- Broader market mixed. Healthcare rosy.
- AMP flails again.
- AUD eases to 70.30c
- Bitcoin steady at US$6390
- Aussie Gold firms to $1752.
- US futures down 212.
- Asian markets slip again into negative territory on US futures woes. Japan down 0.89% and China down 1.04%.
- AMP -4.80% MS sticks with overweight recommendation. Good luck.
- LYC +4.41% basking in yesterday’s quarterly.
- NEA +3.97% enjoying the tech bounce.
- SPL +5.80% quarterly cashflow.
- PME +2.38% thin volume rebound.
- RMD +3.64% good results and outlook.
- REH +2.01% broker upgrades after AGM.
- MYX -5.83% investor presentation of acquisition of halobetasol foam.
- NST -5.15% broker downgrade.
- IFL -5.17% under pressure after FUMAS report.
- CRN -1.47% woeful start to public life. Sells everywhere.
- QAN -2.43% AGM comments and oil price rise hurts.
- SWM +1.22% fights back with News Corp alliance and a food channel.
- DHG -3.14% selling continues.
- VTG +18.97% positive update.
- CGF -4.64% AGM presentation.
- PRY -7.66% underpays employees by $18m
- AYS +12.20% positive AGM comments. Sells fixed line business.
- MYR +1.05% Lew calls for second strike.
- UNV +7.50% takeover offer at 35c from South African company.
- SLR -4.24% quarterly report.
- Speculative stock of the day: Nothing significant with any volume.
- Biggest risers – SPL, CVW, FMG, LYC, FAR and NEA
- Biggest fallers – PRY, GEM, MYX, LIC and YAL
- Adairs (ADH) +2.41% AGM and trading update. CEO reiterates FY guidance saying “we recently provided the market with an update noting our like for like sales growth for the first 13 weeks was +5.2%…the business has continued to trade at this level in the weeks since this announcement.”
- Carsales.com (CAR) +0.49% Trading update at AGM. Domestic business in Q1 is solid, although display advertising weaker. Assuming stable market conditions, revenue, EBITDA and NPAT growth will moderate overall in the domestic core business. International business in Q1 good. Expect to see continued growth in Brazil and rest of South America, and South Korea.
- Challenger Limited (CGF) –4.64% AGM today. Brian Benari to retire as Managing director and CEO in January. Richard Howes to take over his role.
- Evolution Mining Limited (EVN) –2.19% Has received regulatory approval from the NSW Department of Planning and Environment (DP&E) for its Cowal Gold operation to commence construction of the Galway-Regal-E64 exploration decline.
- ResMed Inc. (RMD) +3.64% First quarter results. Revenue up 12% to $588.3m, 13% on a constant currency basis. Net income lifted 23% to US$105.7m and diluted earnings per share were up 22% to 73c. CEO Mick Farrell noted performance was underpinned by growth across RMD’s entire portfolio of offerings, which helped drive operating leverage and double-digit bottom line growth.
- Vita Group (VTG) +18.97% Earnings guidance updated with an EBITDA now expected of between $23m-$24.5m representing a 15% to 23% increase on last year. This guidance reflects solid performance across all Vita channels. The company is showing strong momentum in all its businesses.
- Nothing significant today
ASIAN MARKET NEWS
- The Chinese Renminbi has fallen to its lowest level since 2008. Fixed at Rmb6.95.
- China has told state owned oil companies to stop buying oil from Iran as sanctions are due to kick in on November 4th.
EUROPEAN AND US HEADLINES
- UK Budget – 120 pages. Brexit the focus.
- Trump has ordered another 800 troops to guard the Mexican Border.
- Sir Philip Green (BHS) has been named over harassment claims.
- New Fed Vice chairman signals only gradual rate rises and will ignore pressure from the President. Richard Clarida, giving his first public comments downplayed the potential impact of recent stock market turbulence on Fed policy, noting that the fundamentals of the economy are “very, very solid.”
- GDP tonight will set the tone.
- GDP tonight will set the tone. Real time info from Atlanta Fed below. Updated yesterday. Slowing.
I was wondering why the ball kept getting bigger and bigger, and then it hit me.
Innkeeper: “The room is $15 a night. It’s $5 if you make your own bed.”
Guest: “I’ll make my own bed.”
Innkeeper: “Good. I’ll get you some nails and wood.”
The past, present, and future walked into a bar. It was tense.