ASX 200 closes down 68 points to 7273 (1.6%) as Sydney numbers head higher. Late rally helping at match out. Alert and alarmed. Dow Futures up 2 points. Losses across the board and like a nuclear explosion, nowhere to hide not even under the table. Banks copped it as business shut down in Sydney, the Big Bank Basket dropped to $177.89, MQG off 1.9% and insurers also suffering as bond yields have tumbled recently, QBE down 1.7%. Healthcare in casualty today led by CSL down 1.3% and COH falling on deaf ears down 1.3%, RHC down 1.7%. Industrials squashed, WOW off 1.2%, WES down 1.8%, ALL off 1.0% and TCL down 0.8%. TLS did manage to hold up, one of the few. SYD saw some profit taking as the lockdown looks to be extended, falling 1.3%. Tech stocks also under pressure with BNPL stocks in the spotlight after recent strong runs. APT down 5.0% SZL off 8.5% and HUM down 3.0% on some historic issues coming to light. But not in a good way. The All–Tech Index dropped 2.4%. Miners were also in the spotlight, BHP down 0.4%, RIO down 0.6% but amazingly FMG rose 0.7%. Gold miners slightly weaker and energy stocks slipped as STO fell 0.1% and WPL off 0.6%. In corporate news, PMV has asked for a meeting with MYR to rid the company of three directors which have been costly for MYR who have ’endured enough’. AD8 rose 6.7% after a business update and VEA up 5.1% on an operational update and guidance. Nothing on the economic front and the 10-year yields steady at 1.35%. Asian markets weaker as South Korea heads into Level Four restrictions. China down 0.22% and Japan down 0.41% on the eve of a ‘spectatorless’ Olympics.
- ASX 200 down 68 to 7273.
- High 7330 Low 7226.
- ASX 200 down 36 points for the week.
- Dow futures up 2.
- Big Bank Basket slips to $177.89.
- All Tech Index smacked 2.4%
- Gold rallies to $2425 in AUD
- 10-year yield steady at 1.35%
- AUD drops 74.25c
- Bitcoin drifts to US$33129
- In Asian markets, Asian markets weaker with Japan down 0.41% and China down 0.22 %
- AD8 +6.73% trading update.
- VEA +5.08% business update and are friends electric.
- PRN +4.76% PAN contract.
- SZL -8.49% APT -4.97% Z1P -5.47% BNPL hit hard.
- WEB -5.71% FLT -3.89% QAN -2.68% CV19 bites.
- CXL -5.30% profit taking. Ceasing to be a substantial shareholder.
- CSR -6.61% ceasing to be a substantial shareholder.
- LOV -4.71% foot traffic blow.
- EP1 +7.14% DASS signs conditional HPA with ASIC to settle.
- UWL +1.21% keep calm and trundle higher.
- WSA -6.50% broker downgrades on June quarter production and sales.
- 88E -13.51% sagging again.
- FLN -4.65% selling continues.
- IPO of the Day: Silk Logistics (SLH) +25.00% strong start on good volumes too.
- Speculative Stock of the Day: Slim pickings – Petratherm (PTR) +20.69% Comet Project – Large gold anomalous are identified.
- Biggest Winners: AD8, VEA, BGP, PRN, GRR, CNI and CRN.
- Biggest Losers: SZL, CSR, WSA, BBN, WEB, Z1P, CXL and APT.
- Audinate Group (AD8) +6.73% Provides trading update, reports FY unaudited revenue of US$25.0m vs year-ago US$20.4m.‘In AUD unaudited revenue amounted to $33.4m, compared to $30.3m in FY20, reflecting a strengthening of the Australian dollar against the US dollar during the year. Uncertainties in global supply of chips and electronic components continues to be a near-term risk for both Audinate and our Original Equipment Manufacturer (OEM) customers… The strong finish to the year, together with the record backlog of sales orders, means that Audinate is well placed to return to USD revenue growth in the historical range and consistent with current market expectations in FY22.’
- Objective Corp. (OCL) -1.69% Reports preliminary 2021 results and 2022 outlook; 2021 net profit US$16.0m vs year-ago US$11.0m.2022 Outlook:‘Expects momentum to continue into FY22 with a continued material lift in revenue and profitability. Next investment in innovation will deliver important product releases for customers and further investment into existing product suite will underpin new customer acquisition across all business lines and expansion opportunities for existing customers’
- Viva Energy Group (VEA) +5.08% Operational update and H1 guidance; expects EBITDA $390-410m vs year-ago $269.3m. H1 market update: Total group refinery volumes 6,650 -7% vs H1-19. Geelong Refining Margin US$6.6/bbl vs year-ago US$2.9/bbl. Refining intake 21.4MBBL vs year-ago 18.4MBBL. Commentary: ‘The fuel security service payment (FSSP) is expected to commence 1-Jul-21 to 30-Jun-27. Retail Alliance sales volumes were impacted by short-term lockdowns averaging 58.4M/l per week in the period.’
- Rural Funds Group (RFF) -3.72% completes institutional component of entitlement offer at $2.47/unit, raising approximately $30m.
- Sydney imposes more rigorous lockdowns as CV19 outbreak numbers rise dangerously.
- Under 18s have a low risk of severe illness from the virus according to new research from the UK.
- Vaccine Tracker: 3.35bn doses in 180 countries. 37.6m a day. US rates dropped to %99,070 a day. Enough doses have now been administered to fully vaccinate 21.9% of the global population.
- In Australia,128,546 on average a day. 8 months to 75% coverage.
- South Korea goes to Level Four restrictions. There is no level five. KPSPI down 2.4% on the week.
- Enough doses have now been administered to fully vaccinate 21.9% of the global population.
- France has warned its citizens to avoid holidays in Portugal and Spain.
- The Hang Seng China Enterprises Index fell as much as 1.1%, extending its loss since a February high to over 20%.
- Chinese CPI up 1.1% y/y v 1.3% forecast. – PPI 8.8% v previous 9%
US AND EUROPEAN HEADLINES
- US drugmaker Pfizer plans to trial Delta vaccine variant in August, asks permission for booster shot. Israel having to rethink CV19 strategy even as the most vaccinated country in the world.
- UK GDP +0.8% in May v 2.3% in April. Y/Y 24.6% v Forecast of 25.9%
- ECB sets new inflation target of 2%. Wasn’t it always 2%? Never even close. Not even a housing component in EU CPI reading.
- UK and Brussels at it again over the Brexit Bill of GBP40bn. Cheque in the post?
- FB superstar Fidji Simo is leaving to join Instacart as CEO ahead of an IPO.
- G20 finance minsters meet in Venice to discuss global tax deal.
- Senators call for an investigation into the Didi IPO.
- Biden faces press to announce the end of troops in Afghanistan from August 31st.
- England v Italy Sunday. It’s coming home or off to Rome?
Have a great weekend
A man who lost his ears in a freak accident has had a ground breaking operation of having two pigs ear grafted on in place. A hospital spokesperson said, “The operation was a success and the man can hear, though he’s experiencing a lot of crackling!”
I’ve been having therapy to cure my obsession with the band Bon Jovi.Six weeks into my twelve week treatment my psychiatrist asked, “So, how are you feeling at this stage?”
I said, “Ohhhhh, I’m halfway there…..”
I never thought I’d get over my obsession with Phil Collins. But I have… take a look at me now.
There is a monastery in in Italy where all the monks must be over 6 foot That’s a tall order!!