Marcus Today End Of Day Report
VIEW MORE ARTICLES BY HENRY JENNINGS
On the tapes…
- ASX 200 wilts in Sydney heat, finishing down 2 points at 5744
- High 5778 Low 5744.
- Banks shine again with big miners too. REITs under pressure.
- TLS slips with WES down too.
- Industrials and utilities fall. Energy stocks out of gas.
- Media reforms looking to pass.
- AUD firms slightly to 80.22c
- US Futures down 21.
- Asian markets higher with China CSI up 0.06% and Nikkei up 0.61%.
MT Stuff: One new trade and stop losses raised.
Ex Dividends today
- BXB -2.30%
- CGC -2.26%
- SVW -2.04%
- LOV -1.19%
Movers and Shakers
- MYX +13.18% on technical buying.
- PPH +3.02% rides the APT boom.
- WTC +3.15% continues to be tech stock of the year.
- GXY -3.02% profit taking.
- CBA +0.83% returns to US bond issuance.
- PLS +1.01% insiders tip drives price higher.
- MIN +3.55% lithium surge is strong with this one.
- AOG -2.76% potential class action.
- XRO +0.65% dons a turtle neck, launches swathe of new products at Xerocon.
- MGC +1.90% continued speculation on potential takeover.
- Speculative stock of the day: Wolf Minerals (WLF) +46.67% Tungsten play in Cornwall UK. Has cash flow problems though. Expect capital raising.
- Biggest risers – MYX, APT, PPH, SBM, CLQ and SAR
- Biggest fallers – GNC, HSN, NHC, NVT, MQA and BIN.
FUTURES AND HIGHS AND LOWS
- Afterpay Touch Group (APT) +9.50%% Announced today it has entered into an agreement with Jetstar to offer the Afterpay services to its customers.
- Newcrest (NCM) +0.90% Cadia East Panel Cave 1 production has recommenced. Remediation and upgrade work continues on other Panel Cave areas and are expected to be completed by December 2017.
- 360 Capital Group (TGP) – unchanged- has offered 195c in cash to buy Asia Pacific Data Centre Group (AJD) +4.80%.
BEST AND WORST
- The survey of 1,200 people by the Melbourne Institute and Westpac Bank published Wednesday found consumer sentiment rose 2.5% in September, from August when it dropped 1.2%.
- The survey's measure of family finances over the next 12 months fell 2.1% in September. The index of finances compared to a month ago did bounce 6.1%, but was still down more than 7% on a year ago.
- House price expectations dipped 2.8% but remained high, with 57% of the consumers surveyed expecting house prices to rise in the year ahead.
- Looks like media reform will go through as Xenophon agrees.
BOND MARKET UPDATE
- North Korea has vowed to accelerate the push for a nuclear missile to hit the US.
- Iron ore futures in China jumped more than 2%, rising with steel prices for a second day as traders build stocks to cash in on the peak season for demand in the world's top steel market.
- The most-traded iron ore on the Dalian Commodity Exchange was up 2.2% at 548 yuan ($84) a tonne.
- The most-active rebar on the Shanghai Futures Exchange rose 1.7% to 3,989 yuan per tonne.
EUROPE AND US MORNING HEADLINES
- Leon Cooperman, the billionaire founder of hedge fund Omega Advisors, says a market correction could start “very soon.” “We can have a 5 to 8% correction anytime.” Must be short.
- Sweden Q2 GDP, eurozone industrial production.
- Italian banks bad loans drop as the local economy rebounds.
- Rupert Murdoch is facing a broadcasting standards investigation over his bid for Sky in the UK.
- Good chart showing the rise in UK house prices. Amazingly 54% of homes are now more affordable since GFC (that’s record low interest rates for you). Average house prices are up 21%.
Henry Jennings has been involved in financial markets for over 35 years as both a trader and a broker in London and Sydney.
Starting his career in London trading derivatives and moving to Australia in 1989, Henry eventually settled at Macquarie Group, rising to become a Divisional Director responsible for Equity Trading in Australia. For the last decade, Henry has been involved in private client broking and now writes exclusively for the renowned financial newsletter Marcus Today. Henry regularly appears on ABC TV and Sky Business as a market analyst, commentator and strategist and has presented at various conferences most recently for the AIA on the Gold Coast.
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