ASX 200 pushes ahead by 63 points to 6008 (1.1%) as late rally takes it back to highs. Dow futures up 270. Banks led the market higher as 10-year yields fell to 0.95%. RBA moves to pump money into the banking system is proving positive, the Big Bank Basket up to $122.41 with CBA up 1.7% and MQG up 1.1%. Elsewhere miners put in a spurt on higher iron ore and commodity prices. BHP up 0.9% and FMG up 3.5%. Energy stocks staged a small rally, WPL up 1.7% and STO up 1.5%. CSL had a good day up 2.1% but elsewhere in healthcare things were calm. Industrials were mixed, TLS picked up a few fans up 1.4% and TCL bounced back slightly up 1.7%. In the tech sector, APT fell 1.7% and Z1P dropped 2.2% with the All Tech Index flat. In corporate news, SYD fell 2.8% after completing its 1 for 5.15 retail entitlement offer raising ~$430m with a 62% participation rate. Confirms retail shortfall bookbuild cleared at 550c/share. PTM unchanged on its FUM update for August. MFG up 1.6% on a broker upgrade. ORG down 1.2% trading ex-dividend. On the economic front, ANZ Roy Morgan weekly consumer confidence lifted 1% to 91.1 last week. Between the week ending 14 March (the week Australia recorded its 100th confirmed COVID-19 case) and the week ending 22 August: Payroll jobs decreased by 4.2%. Total wages decreased by 5.2% according to the ABS. NAB monthly business survey for August, confidence rose 6 points to -8 index points after declining sharply last month. Conditions fell 6 points to -6 index points. In Asia, Japan up 0.5% and China down 0.5% whilst HK down 0.5% too.
- ASX 200 up 63 to 6008.
- High 6025 Low 5953.
- Below average volumes.
- Big Bank Basket rises to $122.41
- All Tech Index unchanged.
- 38 trading days until the US election.
- Dow Futures up 270.
- Gold flat at AUD$2646
- 10-year bond yield down to 0.90%
- AUD steady at 72.76c
- Bitcoin up to $10294
- In Asia, Japan up 0.5% and China down 0.5% whilst HK down 0.5% too.
- OPC +10.07% new bidder emerges.
- BRN +30.36% goes nuts on nothing and cops a speeding ticket.
- TLS +1.39% defensive is good.
- PRN +7.14% bond issue helps.
- WHC +4.09% CRN +4.62% coal stocks showing signs of life.
- UWL -9.41% could lose OPC.
- SYD -2.79% completes retail issue shortfall.
- NCZ -13.33% update on Goro transaction.
- PGL -3.75% change of director’s interest.
- CDP +16.54% August rent collection.
- RCE +10.17% positive CV19 results.
- GGG +15.56% moving closer to approvals.
- Speculative Stock of the Day: Dotz Nano (DTZ) +32.50% signs a landmark agreement for face mask authentication with Breathe Medical.
- Biggest Winners: BRN, OPC, SGM, WEB, NUF, PRN and CNU.
- Biggest Losers: UWL, MAQ, JLG, SPL, JMS and SZL.
- Splitit Payments (SPT) -1.67% Co-founder Alon Feit steps down from his executive role. Will remain on the board.
- Sydney Airport (SYD) -2.79% Completes 1 for 5.15 retail entitlement offer raising ~$430m with a 62% participation rate. Confirms retail shortfall bookbuild cleared at 550c/share.
- Iress (IRE) -0.10% ACCC will not oppose Iress’ proposed acquisition of OneVue Holdings.
- Platinum Asset Management (PTM) – Funds under management at the end of August $21.68bn vs $21.38bn at the end of July.
- New Energy Solar (NEW) +4.82%To undertake a strategic review of its portfolio. Remains committed to negotiations for the sale of 50% of Mount Signal 2, following the announcement of the asset sale process in late 2019.
- Scentre Group (SCG) +4.13% Collected $183m gross rent in August, representing 86% of monthly rental billings vs 82% month-ago.
- ANZ Roy Morgan weekly consumer confidence lifted 1% to 91.1 last week.
- Between the week ending 14 March (the week Australia recorded its 100th confirmed COVID-19 case) and the week ending 22 August: Payroll jobs decreased by 4.2%. Total wages decreased by 5.2%.
- NAB monthly business survey for August, confidence rose 6 points to -8 index points after declining sharply last month. Conditions fell 6 points to -6 index points. The decline in conditions was driven by a sharp (-11 point) fall in the employment index, though trading (down 3 points) and profitably (down 4pts) also softened in the month.
COVID – 19 NEWS
- South Korea added 136 more coronavirus cases in 24 hours
- France reported more than 4,000 new coronavirus infections on Monday.
- Bottled water company, Nongfu was oversubscribed 1148 times. US$87bn of subscriptions. Up 58% on listing today. No bubble here.
- China has proposed a new set of rules designed to prevent foreign governments from acquiring data stored locally. The guidelines reinforce Beijing’s long-held concept of data sovereignty, or limiting information flow across borders.
EUROPEAN AND US HEADLINES
- Brexit hits more snags. Sterling under pressure.
- European futures set to open higher.
- Belarus opposition leader Maria Kolesnikova disappears.
- Joe Biden stands a 71.1% chance of winning the Electoral College, according to the Sept. 7 run of poll aggregator FiveThirtyEight’s election forecasting model. He is predicted to win 334 of 538 electoral votes.
- Trump has vowed to scale back US economic ties with China talks decoupling again.
- Movies are back. Tenet makes a US$20m debut.
- Strong jobs US report may have dashed further stimulus hopes.
My son kept chewing on electrical cables so I had to ground him.
Currently he’s doing better and conducting himself well.