Dow Notches 20th Record Close
Investors in the Australian stockmarket faces another tough decision today – do they continue to be bearish after yesterday’s big swings, or do they take their lead from another record on Wall Street?
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All ShareCafe Content
CBA On Track For Record Full-Year Profit
The Commonwealth Bank has confirmed that it is on track for another record full-year profit after reporting cash earnings of $1.9 billion for the March quarter, maintaining the strong run of profit results for the major banks.
Read MoreUGL Downgrades Again
If it wasn’t for the fact that the mining services sector is facing weakening conditions, you’d be entitled to label UGL Ltd a bit of a serial downgrader and under performer given its form over the past five years. If anything there seems to be the impression that the company has downgraded earnings more than it has upgraded them in that time.
Read MoreBHP On Austerity Drive – Watch Dollar
Forget the federal budget – much the changes won’t see the light of easy, if at all until after the September 14 election, except the increase in the Medicare levy.
Read MoreAustralian Households Still Deleveraging
More evidence this week that Australians are still acting in a financially conservative way, a direction that last night’s Federal budget won’t force people to change.
Read MoreMacquarie’s Hybrid Issue
Should you be wary of the latest hybrid fund raising offer from a bank which emerged yesterday? It all depends on what you want from such an issue (and if you want it at all). The end decision is yours, and it will pay to do your homework.
Read MoreGloss Off Dulux – Profit Fall For Incitec Pivot
The convoluted takeover battle for building products group Alesco late last year has bitten hard into the interim earnings of DuluxGroup, Australia’s major paint maker, with the company taking a $10 million write-off on the costs of the bid for the six months to March 31.
Read MoreCoffey’s Litany Of Woes
The slowing in the resources sector exploration and investment continues to hit mining services companies with Coffey International (COF) becoming the latest to downgrade its outlook and suffer a big sell off in its shares.
Read MoreStockland’s Mild Makeover – To Maintain Distribution For Next Year
Shares in property group, Stockland hardly edged higher yesterday after the well-telegraphed strategic review produced another small writedown and a slight shift in emphasis away from residential and towards retail and industrial property.
Read MoreDiary – Budget To Dominate, Watch For China, CBA Update, CSR, Dulux Profits
The Federal budget dominates the coming week in Australia, but with some much of the detail leaked in the last 10 days, it will be something of an anti-climax.
Read MoreDollar Dips Closer To Parity – Markets To Start Low And Slow
And in early trading in Asia Monday morning, the Aussie dollar slipped back under parity with the greenback to trade around 99.95 US cents, a sign the momentum is down for the time being.
Read MoreMarkets Gain, But Watch Yen And Dollar’s Impact
Coming off the back of a solid week here and offshore for equities last week, the local market should start on a slightly more confident tone today.
Read MoreNAB Hostage To Weak UK Economy
The National Australia Bank has fallen further behind its three big rivals (CBA, Westpac and ANZ), despite a rebound in earnings and a lift in interim dividend for the six months to March 31. The NAB yesterday reported cash earnings to $2.92 billion, up 3.1% with the interim dividend up 3c to 93c a share.
Read MoreKey Aussie Markets, South Korea And China See Patchy Economic News
South Korea has joined Australia in cutting its key interest rate by 0.25% amid fears of a slowing economy and concerns about a strong currency (especially against the yen). The Bank of Korea cut its main rate to 2.5% yesterday after strong pressure on it from the country’s government, which on Tuesday pushed a $US15 billion mini-budget of stimulatory measures through parliament.
Read MoreHidden Gold In Jobs Data For Investors As Dollar Slides Overnight
The Australian dollar turned down overnight, despite the second lot of official monthly figures showing the Australian labour market is much stronger than anyone had thought.
Read MoreCan Retail Bonds Really Compete With Shares?
So will investors in search of fixed-income assets chase Australian government bonds when retail trading starts on May 21? Tuesday’s surprise interest rate from the Reserve Bank seems to have undermined the other big investment destination for security-conscious investors – bank term and savings account deposits.
Read MoreNZ Moves To Drive Its Dollar Lower
The NZ Reserve Bank had a busy day yesterday – it moved to try and nip a speculative home loan boom in the bud by forcing the country’s banks to boost capital buffers on low deposit loans, and the governor Graeme Wheeler revealed the central bank had intervened to halt the strong rise in the country’s dollar, and might to it again.
Read MoreFlight Centre Shares Soar As It Rides The Strong Dollar
Travel operator, Flight Centre has spent the past six years proving why a late 2006 offer from management and private equity at $17.20 a share, was a steal that was rightly rejected.
Read MoreSurprise RBA Rate Cut, More To Come?
A whiff of a pre-emptive strike, or something other than the country’s central bank ‘fine tuning‘ the economy in yesterday’s surprise rate cut decision from the Reserve Bank? The decision knocked the dollar sharply lower – it fell from just $US1.0240 to just under $US1.0188 in the space of 10 minutes, especially as traders saw the bank leaving open another rate cut.
Read MoreRetail Sales Still Solid, Despite March Fall And The Rate Cut
Before the surprise rate cut decision yesterday afternoon we had more detail on the way the economy performed in March – and there was no real change. House prices were not as strong as expected in the quarter (perhaps the economists making their estimates were too optimistic) and the trade account moved back into the black for the first time in 15 months.
Read MoreCoke Warns On First Half Profits, Shares Fall In Over Reaction
The market gave Coca Cola Amatil shares a real mauling yesterday after the country’s dominant soft drink producer and marketer warned shareholders that first half earnings would be lower, thanks to intense price discounting and the impact of the stronger dollar.
Read MoreManagement Matters – Part 2 – Woodside, OZ Minerals, QBE
But then look at Woodside – a change of management, a tough decision or two and the company is no longer seen as a loser of value (or questioned about its use of capital), but now a favoured stock because of that capital return decision last month.
Read MoreManagement Matters – Part 1 – Newcrest
Investors and company management quite often ignore the most telling factor in investment success and that is the ability of those very same managers (which include the company boards) to extract value for shareholders, employees, the community generally and of course for themselves.
Read MoreJB Hi-Fi’s Rebound A Sign Of A Healthier Economy Than The Figures Show?
Will the Reserve Bank board cut its key interest rate at its May meeting today, or will it wait for a month before cutting the cash rate by 0.25% to 2.7%.
Read MoreJohn Aldersley On BHP & KCN
BHP Billiton (BHP)
Read MoreCanberra Set To Rattle Fund Managers
Here’s rule a change from Canberra that will rattle the huge, fee gouging funds management industry to the core, and improve transparency for millions of people with super, in all types of funds, apart from those which are self-managed.
Read MoreThe Week Ahead
So what’s ahead for markets this week after last week’s rattling? Yes, gold, copper, oil and fears about global growth remain dominant issues, but go short term for a day or so and look at some key American quarterly profit reports – especially those of Apple which will be the focus for the week when it reports Wednesday morning, our time.
Read MoreUpdate on BHP
My first effort at seeking the bottom in BHP had mixed results. I did get a good bounce to just over $34, but the momentum subsided and the stock retreated again. The Boston explosions and premature comments by our government spokesman that it was probably by “terrorists” (why not simply condemn an act of terror?) didn’t help our open yesterday and the BHPKME were stopped out when the stock touched $31.26 momentarily before closing at $32.15.
Read MoreHigh Frequency Rubbish
Over the past year many market participants and commentators have railed against “Algorithmic Trading” (AT) and “High Frequency Trading” (HFT). Organisations using these trading methods are accused of at best, taking an unfair advantage, and in some cases, outright illegal behaviour. Unfortunately, most of these comments betray astounding ignorance, breath-taking chutzpah, or both.
Read MoreRate Cuts Spurring Retail
So retail has enjoyed a big run up since the middle of 2012 and some analysts have been wondering if the gains are all in the bag. Perhaps they and investors should think again because two months of data from the Australian Bureau of Statistics is starting to suggest there could be more to come for the sector – retail sales gains of a restated 1.2% in January and 1.3% (seasonally adjusted) for February are starting to tell us consumers are spending.
Read MoreWhy US Soaring Natural Gas Prices Are Important In Australia
Almost without notice, the US natural gas price has soared to its highest level in 18 months. Suddenly all that talk about America’s low cost energy future is starting to look a little more expensive. Is America’s much vaunted energy revolution fading before it has even matured?
Read MoreGold Bulls Under Pressure
Despite Friday’s small price jump, gold had a week last week to forget – prices fell and are now down around 7% on a spot basis so far this year. More and more analysts are cutting their price estimates for the rest of the year. But there is still at least one bull, the Thomson Reuters-owned analytics group, GFMS (perhaps the most respected of all precious and base metal analysts) sees the metal rising to around $US1,850 an ounce in the back half of 2013. Bit has also warned that there’s also a danger of a bear market developing if market and economic conditions continue their recent improvement.
Read MoreTaxation on Super Pensions
This is close to my heart since I’m one of the people affected as I turned 60 last year and all my serious investments are in DIY Super. My time in the sun didn’t last very long, given a government desperate for revenue.
Read MoreOne Way Of Playing BHP At Its Lows
For most of my career, many professional investors have tried to avoid resources because of their high volatility and poor long-term returns.
Read MoreThe Korean “Crisis”
The casual observer of markets might think stockmarkets should be weakening heavily in the face of the North Korean “crisis” and the headlines appearing in newspapers predicting possible nuclear conflict and war in Korea.
Read MoreTen Rates Poorly
Ten’s interim result (for the six months to the end of February) was bad – a loss of $243 million after tax, with a write down of $290 million in the value of the TV licence (and write downs totalling $304 million all up).
Read More
A Letter To InvestorsThe sharemarket can be both a wonderful and a frustrating place to invest or trade. Indeed we suspect that many who entrust their capital to professional managers must struggle with the logic of what is being done on their behalf. Why buy when markets are falling? Why sit back when markets are rallying hard? Why raise cash and why trade out that position? These are some of the many questions we field in our dialogue with clients. Read MoreReal Assets Produce ReturnsIf you’ve ever met someone who bought a car because they liked the way it smelled, or a house because it “felt right”, you’ve seen “economic law” defied. Have you ever entered a supermarket with a single purchase in mind, only to get to the check-out with a full basket of goods? If you have, you know that consumers do not always act rationally. Investors are the same. Read MoreFour Stocks To Watch This Reporting SeasonThe coming of the 2011-12 reporting season may be compared to the “silly” season of Christmas. Read MoreA Review Of The Recent PastDuring September last year, markets were capitulating under a weight of worry flowing from a potential default by Greece plus the deteriorating fiscal positions of both Italy and Spain Read More
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