ASX 200 closes flat at 6251 to kick off the week. Volumes light ahead of Easter. US Futures up 11. Narrow range bound trading with little conviction. Banks holding the market up for a change as some signs of housing stability. Resources under pressure across the board led by BHP down 0.1% and NCM down 2.4% as bullion prices fall. CSL also fell 1.2% on a broker downgrade and bond proxies saw some profit taking. MQG hit another all-time high up 0.3% at the close with some buyers appearing in some consumer stocks, TWE up 1.67%. Asian markets boom on Chinese data but fail to stir the passion locally. AUD 71.74c.

Todays Highlights

  • ASX 200 unchanged at 6251
  • High 6259 Low 6239.
  • Narrow range and low volume.
  • Banks the standouts as miners sag a little.
  • Energy solid together with consumer stocks.
  • REITS and infrastructure weaken slightly.
  • AUD stronger at 71.74c
  • Aussie Gold falls to $1796.
  • Bitcoin eases to $5175
  • US futures up 11
  • Asian markets stronger with Japan up 1.45% and China up 1.20%.

STOCKS

  • Z1P +12.50% SPP massively oversubscribed.
  • WHC +4.21% technical buying.
  • PPT -4.72% performance figures announced Friday.
  • MGX +4.74% iron ore price rises.
  • PDL -8.71% FUM disappoints.
  • JIN +2.95% all cherries again.
  • PNV +5.49% heading towards 100c.
  • BAL -5.67% brokers turn neutral.
  • EVN -3.91% gold loses its lustre.
  • LYC -2.91% issues in Malaysia.
  • NEC +2.06% Stan is the man.
  • RIO +0.25% announces US investment.
  • ILU +0.44% turns higher on production numbers.
  • MLX +26.67% production report.
  • IRI +8.40% management changes.
  • BTH -11.30% ex entitlement.
  • Speculative Stock of the Day: Metals X (MLX) +26.67% blast from the past but quarterly shows record tin production and copper division improving. At least the company is taking the crucial steps to get Nifty back on track. Plans for the ‘Reset Plan’ are well advanced and will be announced soon.
  • Biggest Rises: Z1P, BVS, PNV, MGX, CVW, MSB and WHC
  • Biggest Falls: PDL, PRU, RMS, BAL, AVH, AMI, SAR and PPT.

TODAY

  • Iluka (ILU) +0.44% March quarter production report. Zircon, Rutile (used in paints and plastics) and Synthetic Rutile production was down 17% collectively to 154K tonnes, compared to the December quarter in 2018. Production was in-line with expectations and full-year guidance remains on track.
  • Caltex Australia (CTX) -1.16% Completes $260.2m off-market buyback. Due to strong demand for the Buy-back, an 86.86% scale back of successful tenders was required.
  • Rio Tinto (RIO) +0.25% Has committed $302m of additional capital to advance its Resolution Copper project in the US state of Arizona. The funds are seen supporting a range of activities as the miner advances the project to the final stages of permitting phase.
  • GBST Holdings (GBT) +4.10% There is speculation that Bravura (BVS) may look to sell the GBST Australian capital markets unit to Iress (IRE) if its proposal to acquire GBST is successful.
  • REA Group (REA) +0.53% Appoints Janelle Hopkins as CFO effective June 3. Hopkins joins REA Group from Australia Post, where she has been Group CFO since 2013.
  • Monash IVF Group (MVF) -0.94% Appoints Michael Knaap as CEO and Malik Jainudeen as CFO. Knaap was appointed interim CEO in October 2018 following his role as MVF’s CFO and Company Secretary. Jainudeen joined MVF in 2014 and has been in the role of Interim CFO since 2018.
  • ZipCo (Z1P) +12.50% Announced it has completed its share purchase plan to raise $5m. The SPP was oversubscribed with applications exceeded $35.8m.

ECONOMIC NEWS

  • Nothing locally.

BOND MARKETS

  • 2-Year bond yields up 3bps to 1.52%
  • 5-Year yields up 4bps to 1.55%
  • 10-Year yields up 6 bps to 1.94%

ASIAN NEWS

  • China export growth surprised on the upside by a wide margin. Export growth accelerated to 14.2% year on year from -20.8% in February.
  • Imports came in weaker than expected, by further declining 7.6% year on year in March (versus -5.2% in February). The trade surplus jumped to $US32.6bn from $US4.1bn
  • Indonesian exports fell for fifth consecutive month.
  • Asian equity ETF inflows have tailed off after MSCI Asia Pacific’s 12% rally this year.
  • Outside of China, Asian markets have seen equity volumes below average. China’s trade and lending data released last week, signalled that the economy was on more stable footing.
  • Global equity fund withdrawals continued for a fourth week during the April 4 to 10 period, according to the latest report from Jefferies Financial Group

EUROPEAN AND US NEWS

  • Huawei is still in the race for 5G in Germany. Trumps father’s birthplace.
  • Final season of GoT starts tonight. Winter is coming.
  • ECB is being called on to stimulate again as inflation eases.
  • Equities have had their best start to the year since 1987.

And finally……………thanks again to Stephen Holland, a buddy of mine who is king of the dad jokes..maybe ScoMo could run a few of these!

Police update : Someone has broken into the Terry Hills dogs home and taken all the dogs. Police are looking for any leads.

A black hole walks into a bar and orders a drink. The bartender asks if he’d like food with that.The black hole says, “No thanks, I’m a light eater.”

Police update : Someone has broken into the Terry Hills dogs home and taken all the dogs. Police are looking for any leads.

Sad news, the man who discovered fog has died. He will be mist.

Clarence

XXXX

mt_tryforfree

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