• HIGH 7419 LOW 7393. Narrow range. Olympic focus.


  • POSITIVE SECTORS: Big iron ore miners. Gold. Tech. BNPL.
  • NEGATIVE SECTORS: REITs. Defensives.
  • BIG BANK BASKET: Unchanged at $177.49
  • ALL -TECH INDEX: Up 2.3%.
  • GOLD: Rises to AUD $2461.
    BITCOIN: US$39853. Slipping slightly.
  • AUD: Stronger at 73.78c. 10-YEAR YIELD:  1.15%
  • ASIAN MARKETS: Japan up 0.6% HK soars 2.8% China up 1.6%
  • US FUTURES: Dow futures up 10. NASDAQ down 40.

ASX 200 up 30 points to 7410 (0.5%). Big miners lead the charge post RIO dividend generosity, BHP rose 1.6% and RIO up 1.5% with S32 up 1.4%. Healthcare better with RMD up 1.7% again and CSL rallying %. Industrials generally firm with tech better, BNPL in the green with APT up % and Z1P up 0.5%. The AllTech Index rose 2.3%. The Big Banks lagged after Sydney recorded another record number of cases. The basket closed unchanged at $177.49. MQG rose 0.3% after its update. REITs on the nose today. In corporate news, all about quarterlies. MIN up 3.7% and ORE added 1.9%. RSG down 7.1% on production numbers. SFR up 1.2% on production numbers. RIO up 1.5% following results last night. FMG firmed 1.9% on production numbers. IRE up 13.9% on guidance and a share buyback announcement – another positive pre-results ‘confession’. PBH in a trading halt as it looks to launch a $400m capital raising. SGP down 2.5%, CFO Tiernan O’Rourke steps down. On the economic front, the export price index rose 13.2% in the June quarter, import prices rose 1.9%.


  • IRE +13.91% bid approach from PE. Limited DD allowed.
  • VUL +9.74% quarterly.
  • VXR +4.61% Sulphur springs project update.
  • BET+9.19% PBH goes big and raises $400m.
  • Z1P +5.79% APT +3.08% BNPL bounce.
  • KED +5.26% quarterly presentation.
  • IMU –9.09% Placement and SPP.
  • NSR -1.85% quarterly report.
  • NXL +1.20% MQG says no corners cut in float.
  • SGP -2.48% leadership team announcement.
  • FCL -1.52% quarterly activities.
  • 3DP -11.58% enterprise sales and ACV update.
  • TNT +14.29% good quarterly run rate.
  • WZR +9.09 good quarterly.
  • EGR +8.82% funding for expansion of battery anode facility.
  • FMG +1.90% production report.
  • BLD -0.81% last day for bid.
  • DTC +6.64% rally continues.
  • PDN +6.12% uranium rally.
  • Speculative Stock of the Day: Red Sky Energy (ROG) +28.57% SA government has approved operations at Killanoola PRL13. Not much volume though.


  • IOOF Holdings (IFL) -unchanged- Q4 funds under management $213.3bn, up $9.4bn over the quarter.Expects to record a $200m one-off non-cash impairment charge. IFL note that the impairment will not impact underlying profit or final dividend.
  • NextDC (NXT) +3.30% To acquire the S4 Data centre site in Western Sydney for $124m. S4 is a long-term expansion site that will provide data centre services to Hyperscale Cloud Providers in a new Availability Zone within the Sydney market not currently serviced by NXT’s existing data centres (S1, S2 and S3, which is currently under development).
  • Australian Pharmaceutical Industries (API) +2.13% Rejects Wesfarmers $1.38 offer, the board noting the offeris not compelling and is not in the best interests of API shareholders
  • Woodside (WPL) +0.32% There is new speculation that a deal for BHP’s US$15bn sale of oil assets to Woodside is imminent.
  • Ramelius Resources (RMS) +1.86% Full-year production 272.1Koz at an AISC of $1,317/oz vs revised guidance 275-280Koz at an AISC of $1,280 – 1,330/oz.
  • Sandfire Resources (SFR) +1.17% Full-year gold production of 39,459oz. Expects FY22 gold production of 30-33koz. Confirms copper production of 70,845t. C1 costs of US$0.82/lb vs guidance of US$0.80-0.85/lb.
  • CSR (CSR) -unchanged- Sells final 12.4 hectares of land at Horsley Park for $124m. The sale is expected to generate property EBIT of -$62m and is anticipated to be recorded in the financial year ending 31-March-2025.
  • Stockland (SGP) -2.48% CFO Tiernan O’Rourke steps down, will remain until late 2021 to facilitate a smooth transition.
  • Fortescue Metals (FMG) +1.90% Full-year 182.2mt total ore shipped vs company guidance 178-182mt. Average revenue of $135/dmt, realising 88% of the average Platts 62% CFR Index. C1 coast (US$/wmt) 13.93 vs company guidance US$13.50-$14.00/wmt. In FY22 sees iron ore shipments of 180-185mt and C1 cost of $15.00 – $15.50/wmt.
  • Splitit Payments (SPT) -2.02% Q2 merchant sales volume US$90.3m vs year-ago US$65.4m. Gross revenue US$2.8m vs year-ago US$2.4m. Total Merchants 2.8K vs year-ago 1K. Total shoppers 566K vs year-ago 309K.
  • IRESS (IRE) +13.91% Advises that it received and rejected a confidential, unsolicited, non-binding offer from EQT of $15.30-15.50/share, cash. Announces it will launch a 12-month on-market share buyback of up to $100m. First half pro-forma profit of $27.1m vs year-ago $24.9m.
  • Johns Lyng Group (JLG) +2.78% Acquires 60% controlling equity interest in Steamatic Australia for $10.8m in cash and shares, plus a potential future earn-out based on the financial performance of FY22 and FY23. It is expected to be immediately earnings accretive.
  • iCar Asia (ICQ) -unchanged- Grants Carsome 6-weeks of exclusivity to undertake due diligence for its conditional, non-binding 55c offer.
  • Macquarie Group (MQG) +0.29% ObservesImproved trading conditions with 1Q22 operating group contribution significantly up on the pcp which had mixed trading conditions. Group capital surplus of $7.4bn at the end of June vs $8.8bn at the end of the march quarter. Bank CET1 Level 2 ratio 12.1% vs 12.6% in the March quarter. Updated its annual dividend payout policy range to 50-70%, down from the previous target of between 60-80%.
  • PointsBet Holdings (PBH) -Halt- Q4 turnover of $986.1m vs year-ago $349.4m. Gross win margin 10.0% vs year-ago 12.4%. Australian active clients 196.6k, +117% vs year ago. The Company continues to be well funded to achieve its strategic objectives and planned activities. To launch fully underwritten $400m capital raising, 1 for 9 entitlement offer to raise $184.9m at 800c. Institutional placement to raise $215.1m at 1000c. Co-founders to sell down a portion of their holdings.


  • Export price index rose 13.2% this quarter and 26.0% through the year.
  • Import price index rose 1.9% this quarter and fell 2.5% through the year.
  • The exchange rate had a small upward impact on export prices and small downward impact on import prices this quarter.

The main contributors to the rise were:

  • Metalliferous ores and metal scrap (+18.5%), driven by the demand for iron ore from China and constrained global supply.
  • Coal, coke and briquettes (+15.6%), reflecting the demand for thermal coal for household power production in Asia.
  • Gas, natural and manufactured (+14.6%), due to the oil-linked contracts capturing the continued rise in oil prices in early 2021.
  • Petroleum, petroleum products and related materials (+12.0%), driven by stronger oil demand and reduced global supply.
  • Meat and meat preparations (+10.1%), due to constrained global meat supply driving price rises across both beef and lamb.

The main contributors to the rise were:

  • Petroleum, petroleum products and related materials (+10.2%), driven by stronger oil demand and reduced global supply.
  • Fertilisers (excluding crude) (+18.3%), driven by strong global and domestic demand amid favourable planting conditions.
  • Iron and steel (+11.8%) due to global construction demand outpacing supply.
  • Non-ferrous metals (+8.9%), driven by strong demand in both manufacturing and construction globally.
  • Plastic in primary form (+12.8%), driven strong demand and constrained supply.
  • The main offsetting contributor was:
  • Telecommunications and sound recording equipment (-2.9%), due to the discounting of older model mobile phones.


  • Stubblety-Cook wins Gold. Clearly not in it for the money.
  • S&P Global Ratings expects residential house prices to rise by 10% this year and next


  • Sydney hits new record. 239. Fines increased. Expecting things to get worse.
  • The Tokyo Olympics found 24 new coronavirus cases related to the event on Thursday, three of them among athletes.
  • Australian Athletics team in iso after US case.
  • Disney has mandated facemasks at theme parks.
  • 1.5m Pfizer doses left the US for Thailand yesterday.
  • Vaccine Tracker 3.98bn doses in 180 countries. 37.7m. In Australia, 160,533 does, good jump and now only 5 months until 75%.


  • Tencent has become Ninecent after huge US$170bn wipeout.
  • Nine of top 10 market value losers in July are Chinese firms
  • China injects cash to shore up the market. PBOC adds 30 billion yuan with seven-day reverse repos.
  • India’s steel consumption is set to break records this year. Demand for steel is expected to surge 17% to 110 million tons in the year started April.
  • China has sent a high-profile pig billionaire to jail for 18 years in a strong signal not to challenge the Communist party. His crimes and misdemeanours, gathering people to attack state agencies, obstructing public administration and “picking quarrels and provoking troubles”


  • EU chief economist says muddling through and breaking rules is not sustainable.
  • FB warns of significant slowdown in revenue growth.
  • First year analyst at Morgan Stanley will be paid US$100,000.
  • Robinhood sets IPO price at US$38 at low end of range.
  • CS investigation reveals multiple stuff ups but no illegal conduct. Just dumb.
  • Shell annopunces US@bn buyback. VW beats forecasts.

And finally….