- ASX 200 closes down 29 at 5643 but bounces from opening lows.
- High 5652 Low 5594. Good volume.
- Banks rally as defensive yield plays. CBA chair in dock.MQG and WBC tomorrow.
- Miners and energy stocks fall hard. Tech under pressure.
- Healthcare rallies as CSL recovers.
- AGMs still positive. Guidance generally reaffirmed.
- AUD sells off in risk-off trade at 72.31c
- Bitcoin seriously weaker at US$4404
- Aussie Gold slightly better at $1688.
- US futures up 76. Turkey time beckons.
- Asian markets with Japan down 0.43% and China slightly higher by 0.09%.
STOCKS IN FOCUS
- APA -1.37% bid blocked.
- REA +3.55% positive AGM comments.
- TME +16.53% finally a takeover bid.
- COH +2.47% Vanguard becomes substantial shareholder.
- SHL +4.08% AGM presentation.
- HSO -3.42% CEO of new hospital resigns.
- SGP +2.53% sells retail centres.
- CSL +1.72% block trade yesterday relieves pressure.
- WOW +1.23% AGM Presentation. Switch from COL.
- CYB -19.87% results underwhelm in UK. Looks overdone.
- CLH +3.67% proxy advisors side with board.
- MQG -1.88% Shock and Orr looms.
- SEA -11.11% change of phone number. Oil didn’t help.
- ALQ -8.81% AGM presentation.
- WPL -2.10% signs deal to supply gas to WA Fertiliser plant.
- WOR -7.12% oil price falls.
- MUA +7.69% final furlong?
- CAR +3.12% bottoming?
- CTD +1.06% turning higher again.
- FBR -12.82% CEO address.
- CAT +1.48% new sport partnerships.
- Speculative stock of the day: No market for spec shares. Paygroup (PYG) +20.00% showing early signs following quarterly last month but volume unimpressive.
- Biggest risers – TME, SHL, REA, CAR, SGP and COH
- Biggest fallers – WES, CYB, BPT, PNI, ALQ and WOR
- APA Group (APA) –1.37% Reaffirmed FY19 guidance following the termination of the proposed takeover by CKI consortium. EBITDA is forecast to be between $1.55bn and $1.575bn, including the costs of the CKI offer.
- Sonic Healthcare (SHL) +4.08% FY19 guidance reaffirmed. EBITDA growth is expected to be around 3-5% on a constant currency basis. SHL expects seasonal earnings to be weighted to the second half, interest expense is anticipated to lift around 4% and the effective tax rate is expected to be around 25%.
- Cimic Group (CIM) – 0.54% Awarded a $1.38bn contract to provide line-wide works for Sydney Metro City & Southwest Project. Works are expected to start this year and finish around 2024.
- The Reject Shop (TRS) +13.99% Has received an unconditional takeover offer from Allensford at 270c per share. The offer price represents an 11.1% premium to yesterday’s closing price at 243c.
- Shaver Shop (SSG) +3.90% reiterates guidance at AGM; after first four months of new FY, performance is in line with internal guidance. Guidance ranges previously provided in the FY18 full-year results presentation on 23-Aug-18; Revenue A$160-170m, EBITDA A$12-14m, Gross profit 42.0% – 42.5%.
- Wisetech Global (WTC) –2.90% FY19 revenue is expected to be around $320m to $330m, up around 44-50% on the FY18 result of $221.6m. EBITDA is anticipated to be between $102m and $107m, up 31-37% on the FY18 result of $78m.
- Trade Me Group (TME) +16.53% Has received a non-binding takeover proposal from Apax Partners at NZ$6.40 per share. TME has provided Apax Partners with due diligence access to until December 12. The stock has been up as much as 16% on the release.
- Nothing today.
- Senior economists in China are being pushed to look on the bright side of life. 50 years of Python maybe?. Apparently they need to strive for higher-level thinking.
- China and the Philippines are playing nice with the signing of an MOU over the South China Sea and an oil and gas deal.
EUROPEAN AND US HEADLINES
- Thierry Bollare named as Renault interim CEO.
- The Swiss have a referendum coming up. Dark or milk? Social security reform the big issue. Swiss Franc a safe haven
- The Trump administration said China had “not altered” its allegedly predatory trade practices in recent months. Argentina is going to be fun.
- The Spanish have suggested that the UK will split up and that Scotland should be free to join the EU. Irish border is nothing compared to Gibraltar.
- Anti-Brexit players pressure City of London to call for a new referendum.
And finally…………..one of my favourite jokes of all time
A bloke calls his mate, the horse rancher and says he’s sending a friend over who is looking to buy a horse.
His mate asks, ‘How will I recognize him?’
‘That’s easy; he’s a dwarf with a speech impediment.’
So, the dwarf shows up and the guy asks him if he’s looking for a male or female horse.
‘A female horth.’
So he shows him a prized filly.
‘Nith lookin horth. Can I thee her eyeth?’
So, the guy picks up the dwarf and he gives the horse’s eyes the once over.
‘Nith eyeth, can I thee her earzth?’
So, he picks the little fella up again and shows him the horse’s ears.
‘Nith earzth, can I thee her mouf?’
The rancher is getting pretty ticked off by this point but he picks him up again and shows him the horse’s mouth.
‘Nice mouf, can I see her twat?’
Totally mad at this point, the rancher grabs him under his arms and rams the dwarf’s head up the horse’s fanny, pulls him out and slams him on the ground.
The midget gets up, sputtering and coughing.
‘Perhapth I should rephrase that. Can I thee her wun awound a widdlebit?’