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

 

ASX 200 closes up 5 to 6181 as the rally fades into the close. US futures up 62. Iron ore miners once again led the charge higher as brokers upgraded ore forecasts and Chinese premier talks up the economy. BHP up 0.65 % and FMG soars up 3.0% . Banks slightly better but drifting with no real conviction. Budget may hold some surprises perhaps. CSL sees some buying up 0.7% % EOF starts life with a 70% rise. Chinese markets soar giving bulls a reason to celebrate. Fails to hold our interest. AUD slips slightly to 70.88c.

Today’s Highlights

  • ASX 200 finishes up 5 to 6181 after failing to hold 6200.
  • Range remains 6100-6200. Both tested this week.
  • Options expiry boosts volume.
  • High 6213 Low 6178. For the week ASX down 14pts from 6195.
  • ASX 200 up 9.5% from 5654 for the quarter.
  • Labor announces kick off date for tax changes.1st January.
  • Iron ore miners show strength again. Golds down on bullion.
  • Energy stocks weaken on crude prices.
  • Banks show signs of life. Big Bank Basket up to $147.86 from $143.76 (2.85%) for the quarter.
  • CSL finishes week stronger.
  • AUD firmer to 70.88c
  • Aussie Gold steady at $1820
  • US futures up 62
  • Asian markets firm with Japan up by 0.72% and China puts on a big 3.02% gain on Li’s comments.

STOCKS

  • CIA +7.46% iron ore prices drive gains.
  • Z1P +4.59% FXL +5.73% BNPL buyers return.
  • HVN +3.61% rally continues as shorts cover.
  • MSB +3.61% buyers like recent news.
  • ALG -3.40% sell off continues. DCN -5.81% gold producers under pressure.
  • JIN -3.36% jackpot goes off.
  • KMD -4.50% broker downgrades.
  • AGY -28.12% Mitsubishi sales agreement information.
  • DUB +7.95% provides cloud call recording for Optus.
  • SYD -0.27% control tower closes on smoke.
  • TCL -0.08% off all-time high.
  • SEA +12.00% 4Q and FY18 earnings call.
  • MQG +0.40% cuts fixed mortgage rates by 60bps.
  • PLS -0.86% on broker upgrade.
  • MPL +0.73% health reforms kick off Monday. April fools day.
  • Speculative Stock of the Day: Ecofibre (EOF) +70.00% IPO kicks off in style. Does a similar thing as EXL. Industrial hemp production
  • Biggest Rises: CIA, REG, EXL, SUL, IFT and EHE.
  • Biggest Falls: PRU, DCN, SPO, CVN, KMD and OGC.

TODAY

  • SKYCITY Entertainment Group (SKC) +0.27% confirm they are selling their Darwin business to Delaware North after satisfying all conditions of the sale and purchase agreement, originally entered in to on November 8 2018. The sale is expected to be completed on April 4th with a sale price of $188m. The Little Mindil property that is located next to the SKYCITY Darwin site was not included in the deal and will be sold separately. It has a book value of $11m.
  • CSR Limited (CSR) +0.91% Confirm the $66m sale of their industrial property in Ingleburn, NSW. The company had previously advised that the site would likely sell for in excess of $60m. The sale, as well as the sale of the Viridian Glass business will be added to accounts as a significant item for the
  • Bubs Australia (BUB) – Pending an announcement relating to a proposed acquisition and proposed capital raising the company has entered a trading halt.

ECONOMIC NEWS

  • The table below presents a summary of the latest financial aggregates statistics. AUD slightly higher on the housing finance numbers.

BOND MARKETS

  • 2-Year bond yields up 2bps to 1.46%
  • 5-Year yields up 3bps to 1.44%
  • 10-Year yields up 6bos to 1.78%

ASIAN NEWS

  • Chinese Premier Li Keqiang has been out and about talking up China’s economy, saying recent growth had been higher than expected which showed government tax cuts were working. Li told an international business audience at the Boao Forum for Asia there had been rapid growth in March in imports and exports and freight volumes. Good for the resource sector if true. If true.
  • Huawei sees revenue jump 20% despite battle globally for acceptance. Record profits.
  • Japanese unemployment rate falls to 9-month low.
  • AstraZeneca has struck a deal worth up to US$6.9bn with Japan’s Daiichi Sankyo to develop and commercialise a new cancer treatment.
  • The MSCI Asia Pacific Index is heading for an 8.6 percent advance for the quarter, recouping the bulk of the fourth-quarter sell-off.

EUROPEAN AND US NEWS

  • Lyft is valued at US$24bn with a US$72 a share initial price.
  • Trump will meet with South Korean president next month to resolve North Korean issues.
  • US-China talks could go on for months. Taking a leaf out of the Brexit handbook.
  • Fed official Randal Quarles will speak Friday to the Shadow Open Market Committee on “Strategic Approaches to the Fed’s Balance Sheet and Communications.”
  • Another Brexit vote tonight. Are we there yet? Thelma beckons?

And finally…..

A large Harley biker is riding by the zoo in Taronga Park, Sydney, when he sees a little girl leaning into the lions’ cage.

Suddenly, the lion grabs her by the cuff of her jacket and tries to pull her inside, under the eyes of her screaming parents.

The biker jumps off his Harley, runs to the cage and hits the lion square on the nose with a powerful punch.

Whimpering from the pain, the lion jumps back, letting go of the girl, and the biker brings her to her terrified parents who thank him endlessly.

A reporter has watched the whole event. The reporter, addressing the Harley rider says,
‘Sir, this was the most gallant and brave thing I’ve seen a man do in my whole life.’

The Harley rider replies, ‘Why, it was nothing, really. The lion was behind bars.
I just saw this little kid in danger and acted as I felt right.’
The reporter says, ‘Well, I’ll make sure this won’t go unnoticed. I’m a journalist, and tomorrow’s paper will have this story on the front page.

So, what do you do for a living and what political affiliation do you have?’

The biker replied, ‘I’m an SAS soldier just returned from Afghanistan and a Liberal party supporter.’

The journalist leaves.

The following morning the biker buys the paper to see news of his actions, and reads, on the front page:

‘SAS SOLDIER ASSAULTS AFRICAN IMMIGRANT AND STEALS HIS LUNCH.’ 

His nurse, his wife, his daughter and two sons, are with him. He asks for two witnesses to be present and a camcorder be in place to record his last wishes.

When all is ready he begins to speak. “My son, Bernie, I want you to take the Ocean Reef houses.”

“My daughter Sybil, you take the apartments between mile markers 100 and Tavernier.”

“My son, Jamie, I want you to take the offices over in the Marathon Government Centre.”

“Sarah, my dear wife, please take all the residential buildings on the bay side on Blackwater Sound.

The nurse and witnesses are blown away as they did not realize his extensive holdings, and as Doug slips away, the nurse says:

“Mrs Pender, your husband must have been such a hard-working man to have accumulated all this property.

The wife replies, “No, no. He had a paper round”…

bond brexit.JPG

Says it all…

Financial Markets and 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