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

 

ASX 200 rose 12 points to 6554 on a quiet day’s trade. US futures up 21. Miners were the bright spot today as iron ore rose. BHP up 1.9% and FMG doing well again up 5.5%. Energy stocks too gained on the back of crude rises following trouble in the Gulf, although no one has claims responsibility the US is sure it was down to Iran. WPL rose 2% and STO was a winner up 2.6%. Coal stocks too got a boost with WHC up 2.7% and CRN doing especially well up 4.6%. WES continued to be pressured following its profit warning yesterday down 1.8% and others fell in sympathy. COL down 1.3% and WOW down 0.4%. TLS continue to plough higher as 5G approaches, up another 0.8%. The big weight today was the financials as banks slash deposit rates to enshrine margins following the RBA cut. CBA was down 1% and WBC down1.1 %. AMP slipped again on news that the regulator is ‘Not Happy Jan’ and fell 5.4%. APT too continued to find sellers following this week’s massively popular capital raise at 2300c. It fell 4.2 % bringing its two day fall to over 16% after the AUSTRAC finding was revealed. In corporate news, MEA fell was unchanged following a profit update and comments on the housing market. Asian markets mixed with Japan up % and China down %. Hong Kong calmer as debate postponed. AUD slipping slightly to 69.12c as it could test 69c over the weekend.

Today’s Highlights

  • ASX 200 up 12 to 6554. Quiet nervous trade.
  • High 6559.5 Low 6533.Narrow range.
  • Weekly rise up 1.7%
  • Banks under pressure with consumer stocks also weaker.
  • Miners stay strong led by iron ore and coal stocks.
  • Energy bounces on tanker strikes.
  • TLS trundles higher.
  • AUD drifts lower to 69.02c.
  • Aussie Gold better at $1949 on lower dollar.
  • Bitcoin slightly better to US$8241
  • US futures up 21.
  • Asian markets mixed with Japan up 0.32% and China down 0.25%

INSIGHTS FROM MARCUSTODAY TEAM

HENRY’S TAKESome of this years dogs as we approach end of financial year and a look at Afterpay (APT) after AUSTRAC forces them to hire external auditors. to ensure procedural compliance. And what’s the story with petrol price volatility? Who is making the money?

IDEA OF THE DAY – More great insights from our Marcus Today Stock Discussion Group. The question to get you going today is: “If you could spruik one stock to the group in your own interests what stock would it be and why?”. Click here to join. Click here for more information.

STOCKS

  • CIA +5.18% iron ore price rise.
  • CRN +4.58% coal price rise SOL +% follows suit.
  • SAR +% takeover for Bligh Resources (BGH)
  • ASB +3.39% index rebalancing.
  • NAN +6.71% tech bounce back.
  • GOR +5.56% index rebalancing.
  • NST +5.61% gold price rise.
  • CGF -6.47% broker downgrade.
  • AMP -5.80% APRA directions.
  • APT -4.26% index rebalancing.
  • LYC -2.12% change in substantial holding.
  • JIN -1.42% profit taking.
  • ALG -5.80% ceasing to be a substantial shareholder.
  • ARU -17.24% profit taking.
  • FMG +5.39% Farm-in to Myall Creek project.
  • Speculative stock of the Day: New debutante Tubi (2BE) listed today +47.50%. Offer price of 20c for this mobile manufacturer of high-density polyethylene pipes for use in the oil and gas industry. It raised $5.75m and has a market cap of $73m currently.
  • Biggest Risers: NAN, WGX, NST, GOR, SAR, FMG and PRU. Mainly gold stocks.
  • Biggest Falls: CGF, ALG, AMP, PGL, MOE, APT and IFL

TODAY

  • Fortescue Metals (FMG) +5.39% sign a conditional farm-in Joint Venture agreement with Tasman Resources (TAS) over Tasman’s Vulcan exploration licence 5499 that hosts the Vulcan iron oxide-copper-gold-uranium prospect in South Australia.
  • Mirvac (MGR) +0.63% estimates a 2H19 distribution of 6.3c with a record date of June 28.
  • AMP (AMP) –5.80% respond to APRA directions and conditions on AMP Super licensees. The company says it has been working with APRA on the matter, has already taken action on a number of issues and will fully implement the directions and added conditions.

ECONOMIC NEWS

  • Fresh lows in local 10-year bond yields.

ASIAN NEWS

  • Bank of East Asia shared dropped the most in a decade today in Hong Kong on a profit warning.

EUROPEAN AND US HEADLINES

  • Hundreds of USD companies have urged Donald Trump to drop the new tariffs, including Wal-Mart, Target and Macy’s.
  • Best floats of 2019 so far in the US.
  • Boris looks Winx-like as he cruises into the top spot. Supporters urge ‘vanity candidates’ to pull out of the race to speed up the process. Why didn’t Boris take the gig when Cameron resigned? Could have saved years of angst and Theresa May’s hair colour.
  • Facebook has hired a UK bank lobbyist to promote its new cryptocurrency named the ‘Selfie’. No actually it is called the ‘Stablecoin.’
  • UBS Chief economist under fire for his comments on the Chinese pork industry. Calls for him to resign and some boycotting UBS.
  • In London, the LME has banned traders in the metals ring from drinking. Probably about time.

And finally…………..

1. A plateau is the highest form of flattery.

2. It’s hard to explain puns to kleptomaniacs because they always take things literally.

3. Time flies like an arrow, fruit flies like a banana.

4. A soldier survived mustard gas in battle, and then pepper spray by the police. He’s now a seasoned veteran.

5. I hate Russian dolls…so full of themselves.

6. A Buddhist walks up to a hotdog stand and says, “Make me one with everything.”

7. I’m addicted to brake fluid, but I can stop whenever I want.

8. What’s the difference between my ex and the titanic? The titanic only went down on 1,000 people.

9. Why is 6 afraid of 7? Because 7 is a registered 6 offender.

10. Two fish are sitting in a tank. One looks over at the other and says: “Hey, do you know how to drive this thing?”

11. “This is your captain speaking, AND THIS IS YOUR CAPTAIN SHOUTING.”

12. I told my doctor that I broke my arm in two places. He told me to stop going to those places.

13. Atheism is a non-prophet organization.

14. What do you call it when Batman skips church? Christian Bale.

15. What’s orange and sounds like a parrot? A carrot. Have a great weekend

Clarence

XXX

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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