ASX 200 up 70 to 6396 as enthusiasm wanes again before late rally. Dow futures down points. Another strong out of the blocks start but again we saw no follow through with banks sagging after good bounce. CBA down 0.5% and ANZ +0.1%. Miners gave back some early gains as RIO went ex div and fell 1.7% and BHP down 0.7%. FMG enjoyed a 5% run though.  Healthcare dominated by CSL up 3.5% (16 index points) with tech stocks higher led by XRO up 3.1%. The All -Tech index rose 1.5%, again well off its intraday highs. Energy stocks slightly better with WPL up 0.7% and STO up 0.1%. Defensive sectors like REITS and consumer stocks were positive as WOW +1.9% rallied on toilet roll sales and GMG up 3.3% on broker upgrades. In corporate news, the ACCC decision not to appeal the TPG/Vodafail merger dominated with both rerating on the news, HTA up 13.3% and TPM up 9.6%. Plenty of ex dividends around too shaving some shares and giving investors reasons to move on. NAB has lost the services of ex-premier Mike Baird as new CEO makes his mark. Once again, the 10-year yields around 0.77% and the AUD is pushing ahead to 66.29c. Economic news saw the trade surplus numbers whilst Asian markets fared better than the ASX, China up 1.6% and Japan up 0.8%.

• ASX 200 up 70 to 6396 well off highs.
• High 6447 Low 6350. Good volume again.
• Banks remain under some pressure.
• Miners suffer as RIO goes ex. FMG shines.
• CSL pushes further ahead.
• ACCC not to appeal TPG deal.
• REITS better and consumer defensives firm.
• 10-year bond yields firms to 0.77%.
• AUD rises to 66.23c.
• Dow futures down points
• Aussie gold drifts to $2475
• Bitcoin stronger at US$8905
• Asian markets better with Japan up 0.8% and China up 1.6%.

STOCKS                                               

• ELD +8.46% raining.
• HTA +13.33% TPM +9.56% ACCC no appeal
• MGX +8.5% iron ore price.
• JIN -7.66% ex dividend and ex everything.
• CTD -7.50% ex div. More travel pains.
• FLT -5.00% boosts tech platform.
• MVP -6.46% leadership change.
• GEM – 5.00% coronavirus at a childcare centre
• FMS +45.45% better ore prices.
• PNR +10.50% broker research.
• ADT +14.75% punters are back.
• PET +8.77% corporate presentation.
• CVW -13.89% change of director’s interest.
• WTC -1.40% broker upgrade.
• BHP -0.71% Macquarie cuts PT.
• BRG +2.47% UBS irons out problems turns bullish.
• NCM +1.5% finalise sale of Gosowong.
• HUB -+0.46% block trade.
• Speculative stock of the day: Nothing again. Speculative stocks not the game at the moment.
• Biggest Rises: HTA, TPM. MGX, ELD, OCL and OPT
• Biggest Falls: JIN, CTD, MVP, WGX, GEM, FLT and CUV

TODAY

• TPG (TPM) +9.56% Profits up more than 200% and dividend up by more than 50%. Revenue up only 0.9% to $12.5bn with a profit of $143.6m due to a $227.4m impairment expense from the cessation of its mobile network build in the previous year. Net profit for the company fell 30% due to a $53.7m spectrum amortisation charge and a near $20m increase in net financing. Dividend of 3c. Underlying BAU EBITDA $775m-785m vs prior guidance $735m-750m versus estimates of $744m. ACCC announced it will not appeal Federal Court’s decision to allow TPG-Vodafone merger.
• Myer (MYR) –4.35% EBITDA down 0.4% to $113.1m. NPAT of $41.5m up 0.4%. Net cash improved to $103m up $65m. No dividend. Operating Gross Profit (OGP) margin increased by 62 basis points to 39.14%. No guidance except some words of wisdom, “The supply chain impact of Coronavirus is currently being managed by our teams in Hong Kong and Shanghai. The team are focused on mitigating the impact of delays to the planned delivery of merchandise. “Myer anticipates the challenging macro environment will continue in the second half, and the ongoing impact of the Coronavirus on store traffic remains uncertain. The pace of change will, therefore, be managed in the best interests of customers and shareholders. “On the face of it, these numbers are not too bad at all given the doom and gloom in the sector and compared to DJs. Should cheer some. Especially Solly.
• National Australia Bank (NAB) +0.22% Former NSW Premier Mike Baird will leave NAB to consider new opportunities after three years with the bank.
• Metcash (MTS) +3.75% CFO Brad Soller to retire. Soller will stay on through Metcash’s process of considering, appointing and inducting a successor, which is expected to be completed by the end of FY21.
• ASX (ASX) +0.41% reports February activity. Volatility 0.8% vs prior month 0.4%. Expected future volatility increased to an average of 14.9 vs month-ago 12.6. Total capital raised $2.41bn vs year-ago $1.28bn. Average daily number of trades +19% y/y. Average daily value $7.65bn vs year-ago $6.00bn.
• HUB24 (HUB) +0.46% appoints Debbie Last as interim CFO until a permanent CFO is appointed, a search process has started.
• Magellan Financial (MFG) +1.87% total FUM at February 28 $100.65bn vs month-ago $104.31bn. Over the month MFG experienced net inflows of $453m, which included net retail inflows $60m and net institutional inflows $393m.
• Newcrest (NCM) +1.57% Completes sale of Singapore business to Indotan for $90m, of which $60m has already been received, with the remaining $30m payable in 18 months.

ECONOMIC DATA

• Enhanced screening of arrivals from Italy, Iran and Korea travel bans.
• A trade surplus of $5.21bn was recorded in January, down $166m from an upwardly revised figure in December and above market consensus of a surplus of $4.8bn.

BOND MARKET

ASIAN NEWS

• Toyota recalls 3.2m vehicles for being too boring.
• Deaths from the coronavirus surpassed 3,000 in China. Global cases reach 94,410; death toll rises past 3,269.

EUROPEAN AND US NEWS

• California has declared a state of emergency as Biden looks the man.
• Apple warns of shortage of iPhones in some stores. First world problem when there are no toilet rolls.
• Bloomberg gone; Warren next.
• IMF pledges US$50bn to fight virus.
• UK airline Flybe fails as CV19 hits demand.
• GM is set to spend US$20bn on EVs and self-driving cars by 2025.
• OPEC plus meeting tonight. 1m barrel cut to production is the magic number.

And finally……….thanks to Sneji

I changed my iPod’s name to Titanic.  It’s syncing now.

England has no kidney bank, but it does have a Liverpool.

Haunted French pancakes give me the crepes.

This girl today said she recognised me from the Vegetarians Club, but I’d swear I’ve never met herbivore.

I know a guy who’s addicted to drinking brake fluid, but he says he can stop any time.

A thief who stole a calendar got twelve months.

When the smog lifts in Los Angeles U.C.L.A.

I got some batteries that were given out free of charge.

A dentist and a manicurist married.  They fought tooth and nail.

A will is a dead giveaway.

With her marriage, she got a new name and a dress.

Police were summoned to a daycare center where a three-year-old was resisting a rest.

Did you hear about the fellow whose entire left side was cut off?  He’s all right now.

A bicycle can’t stand alone; it’s just two tired.

The guy who fell onto an upholstery machine last week is now fully recovered.

He had a photographic memory but it was never fully developed.

When she saw her first strands of gray hair she thought she’d dye.

Acupuncture is a jab well done.  That’s the point of it.

I didn’t like my beard at first.  Then it grew on me.

Did you hear about the crossed-eyed teacher who lost her job because she couldn’t control her pupils?

When you get a bladder infection, urine trouble.

When chemists die, they barium.

I stayed up all night to see where the sun went, and then it dawned on me.

I’m reading a book about anti-gravity.  I just can’t put it down.

Those who get too big for their pants will be totally exposed in the end.

Clarence

XXX