ASX 200 Henry Jennings, Australian Market Wrap. Headlines, Stocks, Bonds, Economic & Asian Market News – END of DAY REPORT.

 

ASX 200 hits 6200 but fails to sustain follow through. Up 28 to close at 6195 Quadruple witching tonight in US when Futures and Options expire. US futures down 4 points. Banks bounced back today on some book squaring after a lacklustre week. WBC up 0.7% was the stand out in the sector. Healthcare rallied courtesy of CSL up 1.5% after a drifting week. Energy stocks were better led by WPL up 0.7%. In the infrastructure space TCL up 0.6% ahead of NSW election tomorrow. In the gold space SBM fell 29% on a feasibility study showing reduced production and higher costs now and in years to come. Tended to weigh on the sector with traders looking for excises to sell. PTM down 1.8% remained under pressure following the Neilsons sell down. Whilst PGH up 6.2% after a block trade was swallowed by hedge funds covering shorts. No economic news and NSW a focus. AUD hovering slightly above 71c.

Today’s Highlights

  • ASX 200 up 28 to 61953. Off highs.
  • High 6227 Low 6172.
  • For the week up 20 points. Says it all.
  • NSW election tomorrow. Gladys to romp home.
  • Banks regain some fans. Miners doing well except BHP.
  • Bond proxies in demand. Insurers do well on SUN special dividend.
  • Healthcare bounces as CSL finds friends.
  • AUD drifts to 71.04c
  • Aussie Gold drifts slightly higher to $1842
  • US futures down 4. Quadruple witching tonight..
  • Asian markets weaker with Japan down 0.17% and China down 0.99%

STOCKS

  • MYR +4.39% no word from Solly. Must be doing something right.
  • SBM -29.25% going underground proves problematic with trucks.
  • PGH +6.25% shorts cover with block trade.
  • ELD +4.14% short covering.
  • NUF +3.12% Australian farmers fire back on round up.
  • CLV +6.95% broker upgrade.
  • BAL +2.88% Norges Bank goes substantial.
  • MSB +2.97% new chair.
  • CKF +2.85% KFC hits the spot.
  • NVT +2.49% agrees bid from BGH.
  • ANO +5.23% keeps getting better.
  • LCK +11.54% buyers back.
  • ECX +2.05% MS cut PT by 57% to 100c
  • OFX -5.65% broker downgrades.
  • GSS -3.23% change of director’s interest.
  • PTM -1.82% on substantial share sale
  • SLC +5.04% thin volume.
  • Speculative Stock of the Day: No stand outs today.
  • Biggest Rises: PGH, REG, EHE, ELD, NAN, CDA and NUF
  • Biggest Falls: SBM, AMI, CUV, SAR, RRL, RSG and SGF

TODAY

  • St Barbara (SBM) –29.25+0.27% Provide an update to FY19 production guidance after finishing the Gwalia Mass Extraction feasibility study. Gwalia gold production expected to drop to 235-240 koz (from 245-255) with a higher all-in sustaining cost (AISC) of $980-1000/oz (from $930-970/oz). Simberi gold production guidance up slightly to 130-135 koz at AISC $1245-1300/oz (from 120-130 koz at $1275-1375/oz). FY20 production is set to stay ventilation constrained until further ventilation is available from the Gwalia extension project. Beyond FY20 production will be determined by the optimisation of the continues trucking option which is currently in process. The production rate for FY21 and FY22 is expected to be around 230 koz p/a.
  • Ansell (ANN) – Appoint Zubair Javeed as CFO after the departure of Neil Salmon. Zubair was recently CFO for Ideal Standard International and will take over the new position on April 29.
  • Premier Investments (PMV) –o.67% Net profits up 13% to $88.8m Sales rose 8% to $680.6m led by mature fashion brands. Smiggle sales grew by a mere 4.6% in the half. Just Jeans up 14.3% Pyjamas were the star up 14.1% at Peter Alexander. Jay Jays by 7.2% and Portmans by 5.8%. Premier, had cash on hand of $183.2m at the end of the half-year and raised the interim dividend by 4c to 33c. The holding in Breville Group has paid off big time with a increase in valuation of $602.6m.
  • Corporate Travel (CTD) -0.63% the company has announced a very well credentialled new chair to replace Tony Bellas. Mr Ewen Crouch AM, wil take the helm as from effective Monday 25 March 2019. He is currently a director of Westpac Banking Corporation and a director of BlueScope Steel Limited.
  • Suncorp (SUN) +1.90% Special dividend announced of 8c following the successful completion of the sale of its Australian Life Business to TAL Dai-ichi Life Australia. The $100m special is fully franked and represents part of the net proceeds with the company previously saying it would return up to $600m from the sale.

ECONOMIC NEWS

BOND MARKETS

  • 2-Year bond yields down 3bps to yield 1.50%
  • 5-Year yields down 3bps to yield 1.50%
  • 10-Year yields down 4bps to yield 1.84%

ASIAN NEWS

  • Death toll in China chemical plant explosion rises to 44.
  • Output at Japanese manufacturers fell at its the fastest pace in almost three years in March.
  • Japanese consumer inflation slowed further in February still way below targets.

EUROPEAN AND US NEWS

  • Can Brexit get any sillier. Probably not but coming to a head. Two weeks and counting. Last chance before ‘Thelma and Louise’ option. 8 out of 10 businesses are prepared for the worse. Don’t blame them.
  • US playing down any trade resolution ahead of talks soon
  • More sanctions on North Korea to take effect.
  • Uber is following Levis to market with plans for a huge IPO.
  • Italy has joined up to the ‘belt and road’ project. Gucci and Ferraris of course. Trump not happy. EU not happy. It is going to sign a non-binding MOU during President Xi ‘s visit this week.

And finally….some great stuff from Al…hello Al…Classic Jewish jokes..

* A car hit an elderly Jewish man. The Paramedic says, “Are you comfortable? ”

The man says, “I make a good living.”……………………………………………………
* I just got back from a pleasure trip. I took my mother-in-law to the airport.
……………………………………………………
*I’ve been in love with the same woman for 49 years. If my wife finds out, she’ll kill me!

…………………………………………………….

*My Wife was at the beauty shop for two hours. That was only for the estimate. She got a mudpack and looked great for two days. Then the mud fell off.

……………………………………………………..
*Why do Jewish men die before their wives? They want to.

……………………………………………………….

*There is a big controversy on the Jewish view of  when life begins.
In Jewish tradition, the foetus is not considered viable until it
graduates from Law School. 

……………………………………………………….

*Q : Why do Jewish mothers make great Parole Officers?A : They never let anyone finish a sentence.
……………………………………………………
*A man called his mother in Florida . “Mom, how are you?

” Not too good,” said the mother. “I’ve been very weak. “

The son said, “Why are you so weak?”

She said, “Because I haven’t eaten in 38 days.”

The son said, “That’s terrible. Why haven’t you eaten in 38 days?

” The mother answered, “Because, I didn’t want my mouth to be full in case you should call.”
………………………………………………………
*A Jewish man said that when he was growing up, they always had two choices for dinner – Take it or leave it.
…………………………………………………….
*A Jewish mother gives her son a blue shirt and a brown shirt for his birthday. On the next visit, he wears the brown one. The mother says, “What’s the matter? Didn’t you like the blue one?”
……………………………………………………..
*Did you hear about the bum who walked up to a Jewish mother on the street and said, “Lady I haven’t eaten in three days.” “Force yourself,” she replied.

…………………………………………………….. 

*Q : Why are Jewish Men circumcised?
A : Because Jewish women don’t like anything that isn’t 20%  off.

Clarence

XXX

mt_tryforfree
Financial Markets and Political Commentary
 

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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