The ASX rose 19 points to 6634 (0.3%) in lacklustre trade dominated by the Big Four banks rallying whilst miners took a modest breather although still positive. Dow futures down 40 points. The Big Bank Basket rose to $146.88 and MQG had a great result today after its baby was launched into society. Nuix (NXL) the ASX’s biggest float had a stellar day up 50.8%. Industrials flopped around with little conviction with BHP up 0.6% and RIO up 0.9% grinding out some small gains. Tech stocks saw some gains, TLS rose 0.7%, XRO up 0.7% and WTC up 2.8% though APT fell 1.8% and Z1P dropped another 3.1%. In corporate news, HMC launched a $125M placement at 380c/security, upgrades guidance. ASX down 0.4% on its November trading update. NIC down 3.8%, completes its institutional offer, raising $275m at 94c/share with a take-up of 73%. On the economic front, retail trade for October was up 1.4% vs expectations of a 1.6% rise. The 10-year bond yield flat lined at 0.99% and the AUD enjoyed a modest gain to 74.28c. In Asia, some slippage but modest, Japan down 0.3% and China down 0.4%.

Today’s Highlights

• ASX 200 up 19 to 6634.
• High 6650 Low 6614. Narrow range.
• ASX 200 up 33 points for the week. 0.5%
• Big Bank Basket up to $146.88
• All Tech unchanged.
• Dow Futures up 40
• Gold stable at AUD$2480
• 10-year yields steady at 0.99%
• AUD rises to 74.28c
• Bitcoin rises to $19,279
• In Asia, some slippage but modest, Japan down 0.3% and China down 0.4%.

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STOCKS

• APT -1.77% Goldman Sachs upgrades PT.
• AMP +0.58% loses Asia Pacific chief.
• FMG -0.19% pause for thought after huge rise.
• JHG +7.17% back in favour.
• WHC +8.08% coal price optimism.
• TWE +3.65% finite tariff plans?
• OZL +3.99% Carrapateena ramp up plan
• OML +6.80% CEO start date.
• NIC -3.77% completes placement
• QAN -4.01% rethink on travel.
• BET -11.27% capital raising weighs.
• MQG +2.32% NXL first day frenzy.
• RHY +17.57% Ausbiz comments yesterday.
• RIO +0.89% corruption issues in Mongolia emerge. No one seems to care.
• CAN +14.78% WHO cannabis ruling.
• FPH -3.48% profit taking.
• IPO watch: NXL +50.85% on debut. DOC up 16.25% and PRS up 10.00%. MGH up 35.50%. Good day for the stags.
• Speculative Stock of the Day: Linius Tech (LNU) +53.66% clarification of WHIZZARD product being hosted on the AWS platform. Though funding is not material, the inclusion on the AWS platform is significant. Good volume.
• Biggest Winners: NXL, MGH, JHG, WHC, OML, PNV and YAL.
• Biggest Losers: SHV, TLX, CHN, RRL, GXY and LOV.

TODAY

• The Star Entertainment Group (SGR) +0.52% The easing of restrictions in NSW on December 7 allows The Star Sydney to increase patronage from the current maximum of 1,800 patrons at any one time within the casino area to up to approximately 10,000 patrons.
• Ramsay Health Care (RHC) -0.25% Speculation Ramsay Health Care could be a potential acquirer of Icon Group, which is thought to be considering an IPO or sale in 2021. The Australian cancer care provider has EBITDA of ~$160m.
• Home Consortium (HMC) – To launch $125m capital raise at 380c to fund the purchase ofsix health, education and government services properties that would fall into HomeCo’s Health Wellness & Government REIT, which is on track to be spun-off in H1 of next year. Upgrades guidance: Acquisitions and placement to be accretive. FFO/security guidance (seven months to Jun-2021) 6.9c vs prior 6.6c.
• Nickel Mines (NIC) -3.77% Completes its institutional offer, raising $275m at 94c/share with a take-up of 73%.
• Australian Unity Office Fund (AOF) +0.46% Reaffirms FY21 distribution guidance at AGM, expects a distribution of 15c. Due to COVID-19 uncertainties, will not be providing funds from operations (FFO) guidance at this stage.
• ASX (ASX) -0.38% November volatility 0.7% vs year-ago 0.5%. Expected future volatility (as measured by the S&P/ASX 200 VIX) increased to an average of 18.0 vs year-ago 11.1. Total capital raised $8.42bn vs year-ago $9.64bn. Average daily number of trades -4% vs year ago. Average daily value $7.52bn vs year-ago $6.13bn.
• Premier Investments (PMV) +0.74% Receives first strike as shareholders vote 48.51% against the remuneration report.
• oOh!media (OML) +6.80% Cathy O’Connor to commence as CEO from January 1. As previously announced, Mr Cook will help with the transition until at least the end of 2021.

ECONOMIC NEWS

• Australian retail turnover rose 1.4% in October 2020, seasonally adjusted, according to the latest Australian Bureau of Statistics (ABS) Retail Trade figures.
• This updates the preliminary result of 1.6%, and follows a fall of 1.1% in September 2020.

BONDS

COVID – 19 NEWS

• South Korea reports 629 new coronavirus cases in 24 hours vs. 540 a day earlier
• President-elect Joe Biden said he would ask all Americans to wear a mask to prevent the spread of the coronavirus for the first 100 days of his administration.
• Texas logged its fourth straight day of 10,000-plus new virus cases.
• Coronavirus hospitalisations in New York topped 4,000 for the first time since late May.

ASIAN NEWS

• MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.6%, surpassing its November 25 peak.
• Chinese scientists claim to have built a quantum computer that is able to perform certain computations nearly 100 trillion times faster than the world’s most advanced supercomputer.
• Google said last year it has built a computer that could perform a computation in 200 seconds that would take the fastest supercomputers about 10,000 years.
• Shares in Next Digital founded by now jailed Jimmy Lai have risen over 100% on their return to trade.

EUROPEAN AND US HEADLINES

• ‘China poses the greatest threat to the U.S. and democracy around the world since Nazi Germany’ according to the US Director of National Intelligence John Ratcliffe.
• Pfizer reports supply chain issues. Doses only 50m by end of 2020. More than a billion in 2021 still though.
• US lawmakers vow not to go home on holidays before relief package sorted. They said that in the summer too. Now 250 days without a package.
• Hackers are targeting the vaccine supply chain.
• Trump has now raised US$665m to fund his election fraud appeals.
• Warner Bros 2021 movies to be released on HBO at the same time.
• The ECB has warned that banks are ’all over the place’ over bad loan preparations.
• US Senate confirms Christopher Walker for a Fed seat rather than Judy Shelton.

And finally….

A  Blonde was sent on her way to Heaven. Upon  arrival, a concerned St Peter
met her at the  Pearly Gates.  ‘I’m sorry,’ St Peter said;  ‘But Heaven is
suffering from an  overload  of goodly souls and we have been forced to put
up an Entrance Exam for new arrivals to ease the  burden of Heavenly
Arrivals.’

‘That’s  cool’ said the blonde, ‘What does the Entrance  Exam consist of?’

‘Just three questions’  said St Peter.

‘Which are?’ asked the  blonde.

‘The first,’ said St Peter, ‘is,  which two days of the week start with the
letter  ‘T’ ‘? The second is ‘How many seconds are there  in a year?’ The
third is ‘What was the name of  the swagman in Waltzing Matilda?’

‘Now,’  said St Peter, ‘Go away and think about those  questions and when I
call upon you, I shall  expect you to have those answers for  me.’

So the blonde went away and gave  those three questions some considerable
thought  (I expect you to do the same).

The  following morning, St Peter called upon the  blonde and asked if she
had considered the  questions, to which she replied, ‘I  have.’

‘Well then,’ said St Peter, ‘Which  two days of the week start with the
letter  T?’

The blonde said, ‘Today and  Tomorrow.’

St Peter pondered this answer  for some time, and decided that indeed the
answer can be applied to the  question.

‘Well then, could I have your  answer to the second of the three questions?’
St  Peter went on, ‘how many seconds in a  year?’

The Blonde replied,  ‘Twelve!’

‘Only twelve?’ exclaimed St  Peter, ‘How did you arrive at that  figure?’

‘Easy,’ said the blonde,  ‘there’s the second of January, the second of
February, right through to the second of  December, giving a total of twelve
seconds.’

St Peter looked at the blonde  and said, ‘I need some time to consider your
answer before I can give you a decision.’ And he  walked away shaking his
head.

A  short time later, St Peter returned to the  Blonde. ‘I’ll allow the
answer to stand, but you  need to get the third and final question
absolutely correct to be allowed into Heaven.  Now, can you tell me the
answer to the name of  the swagman in Waltzing Matilda?’

The  blonde replied: ‘Of the three questions, I found  this the easiest to
answer.’

‘Really!’  exclaimed St Peter, ‘And what is the  answer?’

‘It’s  Andy.’

‘Andy??’

‘Yes, Andy,’ said  the blonde.

This totally floored St  Peter, and he paced this way and that, deliberating
the answer. Finally, he could not  stand the suspense any longer, and
turning to  the blonde, asked ‘How in God’s name did you  arrive at THAT
answer?’

‘Easy’ said the  blonde, ‘Andy sat, Andy watched, Andy waited til  his billy
boiled.’

And the blonde entered  Heaven…

Clarence

Have a great weekend

XXX