ASX 200 shrugs off Victorian lockdown to close up 2 points at 7105 (0.03%). Another soft match out.  Dow futures down 30. Despite mid-morning news of the Melbourne lock down, the market pushed higher and even travel stocks closed positively. WEB up 1.4% and FLT up 2.8% with QAN up 0.4% Maybe a known length ‘snap down’ is a positive. Banks slipped off highs with CBA down 0.6% and WBC off 0.7%. CBA help an investor day today and the Big Bank Basket fell to $180.31. Big Miners were back on the podium with BHP up 1.0% FMG up 4.9% and RIO up 0.9%. Good bounces too in base metal stocks with OZL up 3.3% and IGO up 0.1%. Gold miners slipped as NCM fell 3.3% with modest losses in NST and EVN. Industrials were mixed, ALL up 1.1% with TPG having a good day for a change up 8.0% and CAR up 1.6% after the rights finished trading. Tech stocks saw gains led by APT up 1.6% and XRO up 2.7%. The All-Tech Index rose 1.7%. In corporate news, CGC were smashed avocado today falling a massive 24.1% on a disappointing update, the market wanted more growth. Looks overdone though. FPH were left gasping after great numbers but no guidance upset the true believers, down 6.0%. AMP rose in a rare day of positivity despite ASIC charges, up 8.4%. In economic news, On the economic front, private capital expenditure (business investment) rose 6.3% in the March Quarter vs estimates of +2%. 10-year yields slipped to 1.64%. Asian markets mixed with Japan down 0.53% and China flat.

Today’s Highlights

  • ASX 200 up 2 to 7095
  • High 7119 Low 7082.  Narrow range.
  • Big Bank Basket flat at $180.31.
  • Melbourne lockdown.
  • All Tech Index up 1.7%
  • Dow futures down 30.
  • Australian Gold rallies to $2455.
  • 10-year yield drifts to 1.64%
  • AUD slips to 77.43c
  • Bitcoin dips to US$37703.
  • Asian markets mixed with Japan down 0.53% and China flat.

STOCKS

  • PPK +10.91% BNNT is the new BNPL perhaps. More director’s buying.
  • BET +5.96% another run higher.
  • AMP +8.45% strange days as it confirms ASIC proceedings.
  • CGC -24.10% ‘Smashed Avo’ today.
  • EML +5.17% corporate action perhaps.
  • PLS +6.17% lithium back in focus.
  • EOS +6.62% Diehl Defence teaming agreement.
  • IMU -9.57% AFR takes aim
  • FPH -5.99% great result -no guidance.
  • PPM -4.31% another sneeze.
  • DMP -4.90% Pizza Hut bids for Dragontail.
  • JHC +3.64% operating conditions improved.
  • AIS +15.15% Constellation continues to shine.
  • RCE +10.10% demonstrates R327 in first multiple mechanisms of action.
  • SYA +40.62% returns to trade.
  • RHC -3.47% goes big in UK.
  • IPO of the Day: Swoop (SWP) +171.74%. James Spenceley winner.
  • Speculative Stock of the Day: Emerge Gaming (EM1) +33.33% reaches 1m subscriber Community Milestone.
  • Biggest Winners: PPL, GXY, TPW, AMP, TPG, SM1, EOS and PLS.
  • Biggest Losers: CGC, IMU, INR, SIG, FPH, PDN, DMP and PPM.

TODAY

  • Catapult Group International (CAT) +12.94% Full-year (9-months) profit -US$8.8m vs year-ago (12-months) -US$5.2m.CAT changed to a March 31 financial year-end from June 30 financial year-end, and is now reporting a 9-month period vs year-ago 12-month period. Revenue (9-months) US$50m vs year-ago (12-months) US$67.7m. Is increasingly confident in the short- to medium-term, for continued strong organic annualised contract value (ACV) growth. The company is also confident in its long-term strategy of expanding ACV to 10x its current size. Recently announced a transition of Performance & Health capital deals to subscriptions. This transition will temporarily reduce reported revenue and EBITDA, as sales will be recognized over the life of the subscription contract.
  • Fisher & Paykel Healthcare Corp. (FPH) –5.99% Full-year profit NZ$524.2M vs consensus NZ$556.3m.Operating revenue NZ$1.97bn vs consensus NZ$2.06bn. Increases final dividend by 41.9% to $0.22 from $0.155. No FY22 guidance given current uncertainty. In the financial year so far, Hospital revenue continues to remain variable with higher volumes of Hospital hardware and consumables to locations with hospitalisation surges and an ongoing shift towards Optiflow nasal high flow therapy. The company expects to continue growing its investment in R&D and SG&A.
  • AMP (AMP) +8.45% ASIC commences civil penalty proceedings in Federal Court against five companies that are, or were, part of AMP. ASIC alleges that these entities were involved in charging life insurance premiums and advice fees to more than 2,000 customers despite being notified of their death. The relevant AMP Companies are AMP Superannuation Limited, NM Superannuation Proprietary Limited, AMP Life Limited, AMP Financial Planning Proprietary Limited, and AMP Services Limited. ASIC seeks declarations of contraventions of the ASIC Act and Corporations Act, and is also seeking pecuniary penalties and other orders to be made by the Federal Court.
  • BHP (BHP) +0.97% Bloomberg has claimed that BHP is in talks with Nutrien about potential partnership in its Canadian potash venture. Citing people familiar with the matter, the article reports that the two companies are discussing multiple options, including Nutrien becoming the operator and selling the potash through its existing channels, or Nutrien taking a stake in the Jansen mine. The article notes that BHP is expected to decide in the next few months on whether to approve a further US$5.7bn in spending to bring Jansen into production.
  • Commonwealth Bank of Australia (CBA) -0.61% Makes minority investments in strategic partnerships worth a total of $50m. These resulted in a: 23% shareholding in Little Birdie, an online shopping startup to help customers find special deals when shopping online, and a 25% shareholding in Amber which provides subscription-based access to wholesale electricity prices.
  • Costa Group Holdings (CGC) –24.10% Has provided a trading update; First half performance expected to be marginally ahead of year-ago, driven by strong results in international market segments. Performance has been offset by challenges in domestic produce conditions.

ECONOMIC NEWS

  • Total new capital expenditure rose by 6.3%
  • Buildings and structures rose by 3.8%
  • Equipment, plant and machinery rose by 9.1%
  • Estimate 2 for 2021-22 is $113,635m. This is 7.9% higher than Estimate 1 for 2021-22

BOND MARKETS

CV19 NEWS

  • Vaccine Tracker: 1.74bn doses in 176 countries at 29.8m a day. In Us , 289m doses at 1.7m doses a day. Slowing daily rate as expected.
  • China’s Sinopharm releases long awaited vaccine data.
  • Joe Biden has ordered the U.S. intelligence community to “redouble” its effort to determine the origin of the coronavirus
  • Melbourne lockdown for 7-days.

ASIAN NEWS

  • HSBC will exit US Retail banking to target Wealth Business.
  • If Japan ditches Olympics, it could wipe out its entire GDP growth for 2021.

US AND EUROPEAN HEADLINES

  • European futures slightly firmer.
  • Biden’s man in Asian says the era of engagement with China is over.
  • Tesla is going to pay for chips upfront to overcome shortage and jump the queue.
  • France and Germany complain the EU is too soft on tech behemoths.
  • Fiery Senate hearings into US banks to continue. Jamie Dimon bears brunt of Elizabeth Warren’s attack.
  • Ford aims for 40% of its vehicles being electric by 2030.
  • Apple quietly preparing to accept crypto payments through its wallet.

And finally….look away children…

A family is at the dinner table. The son asks the father, “Dad, how many kinds of boobs are there?” The father, surprised, answers, “Well, son, a woman goes through three phases. In her 20s, a woman’s breasts are like melons, round and firm. In her 30s and 40s, they are like pears, still nice, hanging a bit. After 50, they are like onions.” “Onions?” the son asks. “Yes. You see them and they make you cry.” This infuriated his wife and daughter. The daughter asks, “Mom, how many different kinds of willies are there?” The mother smiles and says, “Well, dear, a man goes through three phases also. In his 20s, his willy is like an oak tree, mighty and hard. In his 30s and 40s, it’s like a birch, flexible but reliable. After his 50s, it’s like a Christmas tree.” “A Christmas tree?” the daughter asks. “Yes, dead from the root up and the balls are just for decoration.”

Clarence

XXX