ASX 200: Henry Jennings, Australian Market Rap. Stocks & Sectors, Bonds & Economic News – END of DAY REPORT.

 

Today’s Headlines

  • ASX 200 up 12 to 5841.
  • High 5868 Low 5836.
  • Initial rally fades on low volume.
  • Big miners lead. Banks fade as RC kicks off again.
  • Healthcare continues to rally.
  • AUD rallies to 77.33c
  • Bitcoin rallies further to US$8146.
  • US futures up 116.
  • Asian markets mixed with China CSI down 1.67 % and Japan up 0.24%

STOCK STUFF

Movers and Shakers

  • WSA +4.19% metal price rises.
  • S32 +3.16% aluminium price rises.
  • BLA – 22.14% more trouble in alternative valuations.
  • WEB – 5.18% changes to management roles.
  • SWM – 10.34% reality bites. Broker downgrade.
  • PPT – 5.37% FUM slips.
  • PPS +6.45% good FUA report.
  • BYE – 6.41% profit taking.
  • FBU -0.33% Ellerston Capital takes a 5% stake.
  • UPD – 7.01% profit taking.
  • RAP +6.25% response to ASX letter.
  • NWL +4.03% bounces off support.
  • ORG +2.21% Macquarie upgrades to ‘outperform’.
  • RFG – 4.30% sell off renewed.
  • A2M +0.86% South Korean deal.
  • APX +2.54% renewed tech interest.
  • Speculative stock of the day: Celsius Resources (CLA) +40.62% Opuwo cobalt project maiden JORC update. Maiden indicated and inferred resource of 112.4m tonnes grading 0.11% cobalt. Exceeds company expectations.
  • Biggest risers – WSA, NWL, BIN, PME, MYX and ASB.
  • Biggest fallers – SWM, CDD, UPD, NWH, PPT and WEB.

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    Beeks Downunder – Because not all financial news is boring!

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TODAY

  • Lynas(LYC) +0.62% Quarterly report. More production but lower revenue. Decline in revenue, down 8% QoQ due to weaker prices. Sustained positive cash flow of $3.8m; 9% increase in NdPr production QoQ; debt reduced to US$185.3m by the end of 3Q. Customer orders exceeded production capacity for rare earths. Lynas is now looking to increase capacity through its NEXT initiative. This was despite challenges including regulatory inspections, works undertaken as part of Lynas NEXT, and a significant restriction in the Kuantan water supply in late January.
  • Perseus Mining(PRU) – unchanged – Quarterly report. Gold production at Edikan and Sissingue mines was up 32% pcp, whilst all in costs were inline the same as the prior corresponding period. Reaffirmed production and cost guidance for the half year 2018 and full year 2018. Lastly, working capital was up 83%QoQ to $40m as at the end of 3Q.
  • Blue Sky Alternative Investments (BLA) -22.14% The company has responded to market concerns with a revision to AUM to $4bn-$4.25bn and profit guidance of between $20m-$25m as the ability to execute new deals is seriously constrained by the negative press and the speculation on valuations
  • A2Milk (A2M) +0.86% The company has announced it has signed an exclusive sales and distribution agreement with Yuhan Corp to promote and distribute A2M products in South Korea. Initial sales are expected to commence in second half of 2018. The company is also set to introduce a premium milk powder blended with Manuka Honey.
  • Transurban (TCL) +0.63% March quarter update. Average dailyt traffic increased 2.7% with all Australian markets seeing growth.

 

ECONOMIC NEWS

  • Domestic cattle prices are expected to “simmer” during 2018 according to the Australian 2018 Beef Cattle Seasonal Outlook. Increased cattle supply, reduced producer demand and weaker global prices mean that domestic cattle prices will drop from highs in 2017 according to report author Rabobank.
  • Industry body Wine Australia revealed that total wine exports by all players to China had jumped by 51% to $1.04bbn in the 12 months ended March 31.

BOND MARKET UPDATE

 bonds 17.4.18.png

ASIAN MARKETS NEWS

  • The People’s Bank of China raised its 14-day interest rate on Monday, in line with a similar hike made to the central bank’s one-week lending rate in March.
  • Russian aluminium producer Rusal tumbled as much as 21% on Monday morning in Hong Kong after the US promised more sanctions gainst Moscow for supporting the Syrian government.

EUROPE AND US MORNING HEADLINES

  • Asking prices for newly-listed UK properties edged higher in April, climbing just enough to post a record national average of £305,732, according to Rightmove.
  • Russia launches cyberattacks on UK. Considers sanctions against US aerospace. ISS may be an uncomfortable place at the moment.
  • BlackRock chief warns on West’s complacency over Chinese disruptive tech companies.
  • JP Morgans says US companies will unleash record buy backs and dividends on tax cuts. Not jobs or investment though.
  • WTO warns US – China tensions threaten global growth.
  • WPP in crisis as Sir Martin Sorrell leaves and appears free to compete.
  • A deadline for striking a new deal with authorities falls on April 20, with BHP and its Brazilian partner Vale hoping to seal an agreement that will for the first time include the government and both state and federal prosecutors. It could lead to a two-year moratorium on the compensation claim.

And finally…………..

A young ventriloquist is touring Norway and puts on a show in a small fishing town.  With his dummy on his knee, he starts going through his usual dumb blonde jokes. 

  Suddenly, a blonde woman in the fourth row stands on her chair and starts shouting, “I’ve heard enough of your stupid blonde jokes.  What makes you think you can stereotype Norwegian blonde women that way?  What does the color of a woman’s hair have to do with her worth as a human being?  Its men like you who keep women like me from being respected at work and in the community, and from reaching our full potential as people. Its people like you that make others think that all blondes are dumb!  You and your kind continue to  perpetuate discrimination against not only blondes, but women in general, pathetically all in the name of humor!” 

  

The embarrassed ventriloquist begins to apologise, and the blonde interrupts yelling, “You stay out of this!  I’m  talking to that idiot on your lap.”

Clarence

XXX

mt_tryforfree

Financial Markets & Political Commentary

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About the author

Henry Jennings Contact: henryjennings@mac.com // @henryj007 Has been involved in Investment Banking and Stockbroking since the early 1980's. Stockbroker - Camerons Stockbroking Macquarie Bank - Equity Capital markets Macquarie Group - Divisional Director