ASX 200 ground out a 15 -point gain to 6190 after a directionless day with an early rally failing and turning negative at one stage.US Futures were barely moved but a 3% rise in Dalian Iron Ore futures kicked the miners higher led by FMG up over 5.4%. BHP up 1.4% and RIO up 1.7% showed a clean pair of heels. Banks were mixed as CBA fell 0.7% on news it had rolled over in its dispute with the ATO although it reminded investors that $100m was not material. REA down 4.3% on thin trading and perhaps the weekend clearance results. Healthcare stocks were better led by CSL up 0.4%. AUD sitting just above 71c as we await the RBA minutes tomorrow and more central banks news from the US later this week.

Todays Highlights

  • ASX 200 up 15 to 6190 Early rally wilts. Late rally helps.
  • High 6201 Low 6167.
  • Asian iron ore up strongly.
  • Miners head higher as banks mixed with ANZ up.
  • Healthcare slightly better as CSL leads.
  • Industrials push ahead.
  • AUD rises to 71.13c
  • Aussie Gold falls to $1827
  • US futures up 2
  • Asian markets better with Japan up 0.67% and China 1.59%

STOCKS

  • MYO +0.30% Manikay Partners ups stake to 13.6%.
  • CBA -0.69% settles dispute with ATO.
  • MSB +10.24% change in substantial shareholding.
  • FMG +5.40% iron ore price rise in Asia.
  • PME +3.66% investor presentation.
  • IFL -unchanged – shareholder class action.
  • REA -4.38% weekend auction results perhaps? Director selling?
  • VOC -3.30% denies media speculation on capital issue.
  • MMS -3.02% ECX about to update market on trading.
  • CSR +2.72% some bargain hunting.
  • BUB +4.76% new range of toddler products.
  • CVN +4.49% broker reports add to buying case.
  • CTD +1.57% chair tries to explain why he sold $4m worth of shares.
  • JIN +7.40% $50m Jackpot tomorrow.
  • BLA -5.43% director leaves after just two months.
  • MNS +18.00% term sheet signed for US$52m NY Battery plant.
  • BYE +6.45% update on SM58.
  • GRR +5.66% iron ore pricing pushes higher.
  • SPT -10.94% Kohler tries to understand the model.
  • BKL +2.90% Christine Holman (not Gate) has been appointed to the board.
  • DUB -8.50% profit taking.
  • LMW – still suspended but CBA reinstates after data breach.
  • GSS -1.66% some profit taking.
  • Speculative Stock of the Day: Kingsgate Consolidated (KCN) +43.33% finally some good news for shareholders as the company has agreed to settle its PRI claim for $82m. The company is now debt free and will pursue the Nueva Esperanza project.
  • Biggest Rises: MSB, JIN, FMG, APE, CVN and NAN
  • Biggest Falls: BIN, HTA, FNP, REA, VOC and AHY.

TODAY

  • CIMIC Group (CIM) +1.70% Has won a $1.7bn contract at Debswana Dimond Company’s Jwaneng Mine Cut project in Botswana. CIMIC’s Thiess, in conjunction with a long term local partner, will provide full scope mining services over nine years.
  • Brainchip Holdings (BRN) – Appoints Roger Levinson as COO and Ken Scarince as VP of Finance, Controller, replacing the Company’s former CFO who left in August 2018.
  • Blue Sky Alternative Investments (BLA) –5.43% CFO, Elizabeth Walker to step down for personal reasons. Andrew Werro, currently the Company’s Chief Risk Officer will assume the role of COO. The search for a new CFO is underway.
  • Bubs Australia (BUB) +4.76% To launch eight new organic toddler snacks for children aged 1-5, to be available in May 2019. Bubs will also look to register the snacks for sale in China.
  • Eclipx (ECX) – In trading halt pending an announcement which will include a trading update. ECX is expected to merge with McMillan Shakespeare. MMS said it will consider its position in respect of the proposal to acquire ECX after reviewing the trading update.

ECONOMIC NEWS

  • On preliminary results, the national clearance rate was at 56.1% this week, increasing from last week’s final clearance rate of 47.8%, according to CoreLogic Final clearance rates are typically several percentage points lower than the preliminary numbers. With 943 auctions listed, Melbourne booked a preliminary clearance rate of 53.7%. Last month it had a clearance rate of 49.2%.

BOND MARKETS

  • 2-Year bond yields unchanged at 1.59%
  • 5-Year yields unchanged at 1.60%
  • 10-Year yields unchanged at 1.98%

ASIAN NEWS

  • The Tokyo Stock Exchange is preparing a report for the end of the month which may see a third of its largest listed companies demoted and the number of markets cut from four to three. Some may get cut from the so called First Section. The TSE is looking to raise its minimum market cap requirement to Y25bn. The panel is proposing categorizing TSE stocks into three sections — premium, standard and emerging.
  • Singapore’s domestic exports, excluding oil, rose in February, snapping three months of falls.
  • Japanese exports fell for a third consecutive month in February as shipments to Asia slipped while imports posted the biggest fall in more than two years

EUROPEAN AND US NEWS

  • Deutsche Bank and Commerzbank have started talks to discuss the possibility of a merger proving two wrongs cannot make it right.
  • Another weekend of ‘Yellow Vest’ chaos in Paris and other parts of France leaving Macron under yet more pressure.

And finally…

The teacher wrote on the blackboard: “I ain’t had no fun in months.” Then asked the class, “How should I correct this sentence?” Little Johnny raised his had and replied, “Get yourself a new boyfriend.”

 

An Irishman goes into the confessional box after years of being away from the Church. There’s a fully equipped bar with Guinness on tap. On the other wall is a dazzling array of the finest cigars and chocolates.

Then the priest comes in. “Father, forgive me, for it’s been a very long time since I’ve been to confession, but I must first admit that the confessional box is much more inviting than it used to be.”

The priest replies: “Get out. You’re on my side.”

 

The sergeant-major growled at the young soldier, “I didn’t see you at camouflage training this morning.” “Thank you very much, sir.”

PHOTO-2019-01-06-13-46-23 (002)

Clarence

XXX

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