ASX 200 up 8 points to 7511 (0.11%) – Waiting for Godot.

  • HIGH 7526 LOW 7493 Narrow range and lacklustre volumes.

MAJOR MOVERS: Winners: PNI FDV OCL RSG PRN JIN ACL Losers: GRR MCR VXR MGX CRN MMM

  • POSITIVE SECTORS: Banks. Healthcare. Industrials. REITs.
  • NEGATIVE SECTORS: Miners. Energy. BNPL.
  • BIG BANK BASKET:  Better at $183.07
  • ALL -TECH INDEX: Unchanged.
  • GOLD: Steady at AUD $2448.
    BITCOIN: US$39436. Set to test $40,000 again.
  • AUD:  Steady at 73.95c. 10-YEAR YIELD: Unchanged at 1.14%
  • ASIAN MARKETS: Tokyo up 0.4%. Hong Kong unchanged. China unchanged.
  • US FUTURES: Dow futures up 56. NASDAQ up 15.

ASX 200 closes up 8 to 7511 (0.11%). Quiet directionless trade but once again shrugging off CV19 closures cases and increasing lockdowns. Results and especially dividends the focus. Banks were again the firm sector with the Big Bank Basket up to $183.07 with MQG doing well up 0.9% and insurers slightly higher. Healthcare rallied again as CSL led the sector higher up 0.5% and RMD continue with another 1.1% rise. Industrials firmed, WOW up 0.8% and WES up 1.3%. ALL a standout up 2.3%. Big Miners though slipping as iron ore steadies at lower levels, BHP down 1.7% and FMG off 3.4% on Chinese growth fears as CV19 spreads from Wuhan. Tech stocks unchanged with APT down 1.1% as the BNPL takes a breather. In corporate news, NCK is down 0.1% despite profit doubling and a final dividend of 25c. BEN up 1.2% says second-half profit will include a collective provision release of $19.4m which reflects the improved domestic economic outlook and a credit expense of $18.0m. According to the ABS payroll jobs decreased by 2.4% between the weeks ending 3 and 17 July 2021.


STOCKS ON THE MOVE

  • PNI +8.95% great results.
  • FDV +5.13% rally continues on tech valuations.
  • LTR +2.67% someone’s happy.
  • RSG +4.50% sells Bibiani for US$90m.
  • AIS +2.22% buyers are back.
  • LKE -4.17% change in director’s interest.
  • 88R -3.92 % profit taking.
  • GRR -6.54% iron ore price collapse.
  • MMM -4.63% brokers continue to be negative.
  • JIN +4.12% hits the jackpot.
  • IOD +15.38% reinstated.
  • SWP +15.16% $5m deal with Orro Group.
  • MNS +18.75% market likes funding deal and NY binding agreements.
  • 4DS +5.13% movement at the station maybe results due soon.
  • POS 4.35 nickel price falls.
  • AXE -10.49% profit taking.
  • SPT -9.38% retraces big move yesterday.
  • PKD +6.98% rally continues.
  • JMS +3.39% boardroom moves.
  • MGX -4.82% iron ore crunch.
  • OSH -1.51% PNG PM says bid must make sense for country.
  • IPO of the Day Panteraminerals (PFE) +102.50% Great debut on good volume too.
  • Speculative Stock of the Day: Nothing else.

ANNOUNCEMENTS

  • Pinnacle Investment Management Group (PNI) +8.95% Full-year profit $67.0m vs consensus $63.5m. Revenue $32.5m vs consensus $29.6m. FUM $89.4bn vs year-ago $58.7bn. Net FUM inflows of $16.7bn. declares a final dividend of 17c, fully franked.
  • Wesfarmers (WES) +1.28% Is understood to be mulling an increased offer for Australian Pharmaceutical Industries (API) if granted due diligence.
  • Bendigo & Adelaide Bank (BEN) +1.24% Says second-half profit will include a collective provision release of $19.4m which reflects the improved domestic economic outlook and a credit expense of $18.0m.
  • Nick Scali (NCK) –0.08% Full-year profit $84.2m vs guidance $78-80m and consensus of $79.1m. Revenue $373m vs consensus $364.5m. EBITDA $126.6m vs guidance $120m and consensus $137.6m. Declares a final dividend of 25c. Outlook: Future growth will be primarily driven by a continuation of new store rollout and increasing online penetration. Trading during July was impacted by lockdowns with sales orders down 27% vs year-ago and +24% vs 2019. New Zealand continues to perform well with written sales orders up 91% vs a year ago and online sales up 88% over that same period.
  • Resolute Mining (RSG) +4.50% To sell its Bibiani Gold Mine to Asante Gold for US$90m.
  • Centuria Industrial REIT (CIP) +0.26% Reports full-year funds from operations (FFO) 17.6c vs consensus 18c. Revenue $157m vs consensus $129.1m. Distribution 17c. In FY22 expects FFO of no less than 18.1c and a distribution of 17.3c.
  • ASX (ASX) +1.32% July volatility 0.5% vs year-ago 0.9%. Expected future volatility average of 12.0 vs year-ago 19.1. Total capital raised $10.3bn vs year-ago $4.4bn. Average daily number of trades +1% and average daily value $6.16bn vs year-ago $6.11bn.

ECONOMIC NEWS/ BOND MARKETS

ECONOMIC DATA

  • Trade balance for June $10.5bn surplus vs estimates of $10.45bn. Exports: +4%, imports: +1%.

In the fortnight up to the week ending 17 July 2021:

  • Payroll jobs decreased by 2.4%, compared to a decrease of 0.2% in the previous fortnight

IN THE NEWS

  • Brian Henderson has died. Vale.
  • Solly Lew says he has no current plans to take over Myer.

CV19 NEWS

  • Sydney 262 cases 5 deaths. Hunter and Upper Hunter go into 1 week lockdown.
  • Infections hit 200m. 4.2m people dead.
  • Chinese outbreak gathers pace. 94 new cases reported for Wednesday.
  • Japan plans to increase the CV19 state of emergency to 8 more prefectures.
  • New South Wales state recorded 262 new cases, the vast majority in Sydney, which has been in lockdown for almost six weeks.

ASIAN MARKETS

  • Hong Kong Rugby Sevens cancelled for second year running.

US AND EUROPEAN NEWS

  • Tesla’s Chair Robyn Denholm sold 31,250 shares of the electric-vehicle maker for more than US$22m.
  • Biden approves first arms sale to Taiwan. US$750m deal includes 40 new self-propelled howitzers.
  • Siemens AG hikes its profit guidance.
  • Bank of England meeting tonight. Taper talk to come.
  • Deutsche Post delivers and not a Cartier in sight.
  • Negative yielding bonds now at US$16 trillion and counting.
  • Weber has cut its IPO price as coals cool for new issue.
  • Uber under pressure on heavy spending on incentives. 
  • All eyes on Robinhood tonight. Men in Tights.
  • Merck beats forecasts and ups outlook. Bayer does similar.
  • Glencore H1 EBITDA US$8.7bn. US$650m buyback.

And finally…

I have just applied for a job at the citroen factory.
I had to send in 2 CV’s

A devoted Yorkshire couple had been married 60 years when the wife passed away.

The husband thought for a long time as to something appropriate to put on her headstone but because she had been devoted to the church all her life he decided simply ‘ SHE WERE THINE’ to be adequate.

He went to the Stonemason and told him what he wanted then, the day before the funeral he went to pay for the headstone.

When the stonemason showed him he was horrified…..it read ‘ SHE WERE THIN’.

He said, ‘ you’ve left off the ‘e’

The Stonemason was very apologetic and promised to fix it for the next day so the husband paid up and left.

The funeral service was fine with lots of family and friends but as the husband walked with the vicar from the church to the cemetery for the interment he could see people laughing and pointing and didn’t think much of it until he saw the headstone, it said.. ‘E SHE WERE THIN’

Clarence

XXX