ASX 200 closed up 16 points at 7150 (0.2%). Index down 6 points for the week. Another narrow range trading day with banks and resources heading higher in unison. The Big Bank Basket up to $184.60 (0.5%). MQG slipped a little, insurers better led by QBE up 1.9% and IAG up 1.2%. PPT down 2.4% with PDL down 1.6%. Healthcare slightly better, CSL up 0.4% and FPH rallying 2.7%. Industrials were firmer, WES up 0.7%, TLS up 1.6% and WOW up 0.7%. REITs better on falling yields, TCL doing well again too up 1.0%. Tech flat with WTC down 0.4%. Resources somewhat mixed as BHP rose 0.3% on its increased offer at 2825c for OZL up 4.0% Lithium stocks continue to see profit taking. CXO off another 1.1% with PLS sliding 2.9%. Oil and gas stocks fell, WDS down 0.8% and coal stocks finding support on higher coal prices. In corporate news, LOV slid 7.1% on a business update. STA up 5.6% on a corporate presentation, CTT fell 12.2% as founder sells down, NXL up 21.9% on its AGM addresses. Nothing on the economic front. Asian markets flat with the 10-year yield steady at 3.60%
- Winners: ARU, STA, RNU, AAC, PSI, CRN, OZL
- Losers: CTT, LOV, A4N, ZIP, SYR, PNI, AGY
- Positive sectors: Banks. Industrials. Bond proxies. Iron ore.
- Negative sectors: Lithium. Oil and gas. Gold miners.
- High 7166 Low 7138 Narrow trading range.
- ASX 200 unchanged on the week.
- Big Bank Basket: Closed up at $184.60(+0.5%)
- All-Tech index: Down 0.2%
- Gold steady at $2629.
- Bitcoin: Rises to US$16,838
- Aussie Dollar: Flat at 67.06c
- 10-Year Yield: Lower at 3.60%
- Asian markets: Japan flat HK up 0.5% and China flat.
- US Futures: Dow down 43 Nasdaq up 30
- European markets opening slightly firmer.
- ARU -13.58% On Ausbiz today.
- STA +5.56% corporate presentation.
- CRN +4.05% ex dividend and still bounces on higher coal prices.
- OZL +3.95% BHP bids 2825c.
- AAC +4.91% beef bounce.
- NXT +1.94% AGM meeting.
- NXL +21.93% AGM address.
- EXR +12.50% AGM presentation.
- DUR +4.67% FY guidance at AGM.
- BYE -7.41% company update.
- WR1 -8.97% winsome lose some. Prospectus.
- CTT -12.20% Dean Mintz sells down.
- LOV -7.13% trading update.
- MAD -20.00% liquidity an issue still.
- JRV -3.85% continuing to slip.
- SOL -3.88% ex dividend.
- Speculative Stock of the Day: WA1 Resources (WA1) +28.81% Capital raising at 200c and presentation. $10m raised at a premium.
IN THE NEWS
- AMP Bank (AMP) – AMP Bank to acquire Nano Digital Home loans loan book
- Cettire (CTT) – Dean Mintz founder of Cettire selling $60 million stake, offering 41.1 million shares to fund managers.
- Lovisa Holdings Limited (LOV) – Store sales are up 16.1% on FY22 year to date, with total sales for this period up 60% year on year.
- Pexa Group Limited (PXA) – Pexa Group issued a trading update at AGM and reaffirmed FY23 guidance. Exchange EBITDA margins are expected to be in the range of 50-55%, plans to invest 20% of revenue into exchange technology and invest ~$45 million in international expansion.
- Lendlease Group Management (LLC) – Landlease held its AGM today and reported a statutory loss of $99 million. Core operating profit down $276 from $377 million year on year. Financial performance is expected to be more subdued than originally anticipated as the deterioration in the macroeconomic environment outlook continues to negatively impact global real estate markets.
- NUIX Limited (NXL) -Nuix shares up 11.4% after AGM this morning. Nuix annualised contract value up 4.6% to $169.5 million, and customer retention up 5.5% compared to 5.4% last year.
- NIB Holdings (NHF) – NIB shares up 3% after AGM. NIB reported revenue up 4.7%, and underlying operating profit up 16.3% to $109.5 million. NIB has raised $135 through institutional placement and adding another $23 million via a share purchase plan. Proceeds to be used for the acquisition of NDIS agency Maple allowing NIB to grow in the disability support industry.
- Apollo Tourism & Leisure Limited (ATL) – Supreme Court of Queensland has approved the merger of Tourism Holdings and Apollo Tourism & Leisure.
- Sandfire (SFR) – Sandfire requested and is in a trading halt pending to a proposed capital raising.
- Astron Corporation Limited (ATR) – $891,000 raised through a Securities Purchase Plan (SPP). In total, the SPP and the Placement and Director loan Conversion announced 17 October 2022 have raised $5.9 million.
- Nanosonics (NAN) – Nanosonic AGM held today. Total revenue up $52.6 million up 42% year on year, and capital revenue up 63% year on year. Due to uncertainties, Nanosonic has not provided an updated outlook for the full year.
BHP Group (BHP) has revised its proposal for OZ Minerals (OZL) to 2825c
Key components of the revised offer:
- 13% increase on the initial $25.00 proposal.
- Represents an enterprise value for OZL of $9.6bn.
- Allows OZL to pay a franked dividend prior to the transaction.
- OZL has agreed to grant BHP the opportunity to conduct due diligence for four weeks on an exclusive basis.
- Subject to an agreement on an acceptable scheme, the OZL board intends to unanimously recommend the revised proposal.
Patient experiences – Key statistics
- 39.1% of people who saw a GP for urgent medical care waited for 24 hours or more
- Those living in outer regional, remote or very remote areas were more likely to wait for 24 hours or more to see a GP for urgent medical care
- 30.8% of people had at least one telehealth consultation for their own health in the last 12 months.
- Japan’s inflation showing the biggest rise in 40 years with consumer prices excluding fresh food climbed 3.6% in October from a year ago, with the acceleration driven by processed food and the fading impact of mobile phone fee cuts, the internal affairs ministry reported Friday.
- North Korea fired a suspected intercontinental ballistic missile Friday, the South Korean and Japanese governments said, a day after resuming weapons tests.
- Masayoshi Son owes $4.7bn to SoftBank following tech rout.
US AND EUROPEAN HEADLINES
- More Twitter employees resigned on Thursday after Elon Musk issued an ultimatum telling them they would need to be willing to commit to a “hardcore” work environment.
- Musk tweets that it is hitting record numbers of usage of the platform. Polls employees about whether they want to stay.
- UK Budget fallout today. Nothing compared to the last one.
- Taylor Swift ticket sales cancelled after Ticketmaster overwhelmed.
- Neighbours picked up by Amazon.
Nelson was 5’4” tall. His statue is 16feet tall.
That’s Horatio of
The person who invented crosswords is buried in Rookwood Cemetery
As you walk in through the main gates he’s 4 across and 3 down.