Good morning traders. Thanks to @ttward, @Ravgnome and the Aftermarket loungers. Also a shoutout to @Endless, who gave us an update on why he had been missing for a bit. Wishing him a speedy recovery.
It’s sure been a more interesting week for the speccie stocks. We had a bagger on Tuesday in the form of EN1 (with a cynical at best CR announced the day after, perhaps as good a reminder as any as to what we have come to expect from many of the companies mentioned in these threads), and then another yesterday we have another in FEX. What are the odds on another?
The Australian share market has clawed back some of its earlier losses to close lower with the financial and energy sectors weighing the heaviest.
The benchmark S&P/ASX200 index was down 15.1 points, or 0.26 per cent, to 5,843.7 at 1630 AEDT on Wednesday, while the broader All Ordinaries was down 15.6 points, or 0.26 per cent, lower at 5,908.7.
Bell Direct equities analyst Julia Lee said despite the market lows earlier in the day January is still faring well.
"The market is up about 3.6 per cent for the month and has done pretty well in recovering those earlier losses," Ms Lee told AAP.
"All together trading volume is still relatively light and won't be back at normal levels until school and the market returns."
The big four were all down in the doldrums with National Bank Australia falling 0.33 per cent to $24.51
NAB's cashless retail sales index for December showed electronic purchases rose just 0.9 per cent from November amid weak spending over Christmas.
ANZ also fell by 0.39 per cent to $25.71 as did Commonwealth Bank down 0.07 per cent to $72.13 and Westpac falling the furthest at 0.58 per cent to $25.60.
Macquarie Group was also down 0.02 per cent to $116.29
Despite fund manager Pinnacle Investment's expectation of a 25 per cent lift in half-year profit to $10.1 million, stocks fell by 12.35 per cent to $4.40.
Continuing the downward trend, Challenger Financial plummeted 17.12 per cent to $7.65, a three-year low after the retirement fund manager flagged a 97 per cent plunge in first-half profit and cut its full-year guidance.
As a percentage the energy sector performed the worst with Santos and Beach Energy falling between 1.49 and 2.94 per cent.
Also losing ground was Origin Energy down 1.67 per cent to $7.08 while Sundance Energy fell even further at 6.67 per cent to 42 cents.
Shares in car dealer AP Eagers have been making significant gains and are "fascinating" to watch Ms Lee said, with the steady rise of online sales prompting retail companies to buy-up delivery trucks.
The automotive retail group managed to climb up 7.28 per cent to $6.63.
Mining giant BHP extended its previous days' losses, down 0.43 per cent to $32.63.
Rio Tinto also dipped 0.51 per cent to $79.60, as did South32 down 0.6 per cent to $3.34 and Bluescope Steel lowering 1.88 per cent to $11.98.
The Aussie dollar has lifted slightly buoyed by a rise in the New Zealand dollar, buying 71.38 US cents from 71.36 US cents on Tuesday.
ON THE ASX:* The benchmark S&P/ASX200 index was down 15.1 points, or 0.26 per cent, to 5,843.7
* The All Ordinaries was down 15.6 points, or 0.26 per cent, lower at 5,908.7
* At 1630 AEDT, the SPI200 futures index was down 10 points, or 0.17 per cent, at 5,793.0
CURRENCY SNAPSHOT AT 1630 AEDT:One Australian dollar buys:
* 71.38 US cents, from 71.36 US on Tuesday
* 78.26 Japanese yen, from 78.08
* 62.81 euro cents, from 62.84
* 55.12 British pence, from 55.44
* 105.25 NZ cents, from 106.12
GOLD:The spot price of gold in Sydney at 1630 AEDT was $US1,283.73 per fine ounce, from $US1,277.8 on Tuesday.
In Asia,
Asian stocks took a breather on Wednesday, with mounting signs of slowing global growth and concerns over a yet-unresolved Sino-U.S. trade dispute putting the brakes on investor appetite for risk assets.
MSCI’s broadest index of Asia-Pacific shares outside Japan was mostly unchanged, stalling after climbing to a seven-week high on Monday.The Shanghai Composite Index was last up 0.1 percent, having flitted in and out of the red.
Australian stocks were a shade lower and Japan’s Nikkei nudged up 0.2 percent.
But putting a dent on sentiment again was a report by the Financial Times that the Trump administration had rejected an offer from China for preparatory trade talks this week ahead of high-level negotiations scheduled for next week.
White House economic adviser Larry Kudlow denied the report, helping U.S. equities pare some losses though the fresh concerns about U.S.-China relations kept share prices in check.
Japan’s exports and imports also fell short of market expectations, with exports posting their biggest fall in more than two years.As expected the Bank of Japan kept monetary policy easy and trimmed its inflation forecast on Wednesday with the domestic economy facing headwinds.
In Europe,European shares were sluggish on Wednesday as a batch of poor corporate updates added to worries about a global growth slowdown and China-U.S. trade negotiations.
The STOXX 600 ended down 0.1 percent, having wavered in and out negative territory throughout the session. After a broadly negative start the index turned higher to rise as much as 0.4 percent before paring gains again.
The autos sector(.SXAP) was among the biggest losers on worries about trade negotiations between the Trump administration and the Chinese government ahead of high-level talks next week.
In the United States,The S&P 500 and the Nasdaq dropped on Wednesday as U.S. stocks gave up a strong start, hamstrung by lingering concerns over economic growth, while the Dow stayed afloat helped by strong earnings from IBM and other blue-chips.
The United States could end up with no growth this quarter if the partial government shutdown that began on Dec. 22 extended through March, White House economic adviser Kevin Hassett said, though he did not see the risk of a credit downgrade.
“It’s a microcosm of 2018 that you’re having all over again where you have good data – IBM and few other companies posting strong earnings – but the headlines are still somewhat negative,” said Phil Blancato, Chief Executive Officer of Ladenburg Thalmann Asset Management in New York.
So far this earning season, 76 S&P 500 companies have reported fourth-quarter results. Of them, 77.6 percent have beat profit estimates, above the historical average of 64 percent, according to Refinitiv data.
But the earnings growth estimates for last quarter have dropped to 14.2 percent from 20.1 percent at the start of October, while 2019 profit growth estimates have come down to 5.9 percent from 10.2 percent in the same period.
At 12:59 p.m. ET, the S&P 500 .SPX was down 5.03 points, or 0.19 percent, at 2,627.87 and the Nasdaq Composite .IXIC was down 27.63 points, or 0.39 percent, at 6,992.72.
The Dow Jones Industrial Average .DJI was up 64.17 points, or 0.26 percent, at 24,468.65. It got a boost from IBM as well as United Technologies Corp (UTX.N) and Procter & Gamble Co (PG.N), both of which gained more than 4 percent on strong results.The CBOE Volatility index .VIX, also known as Wall Street’s fear gauge, rose to its highest level in two weeks.
Australian News
Skilled job vacancies hit 6½-year highs
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Retail spending in Australia appears to have been "fairly weak" over Christmas after thrifty locals exploited the Black Friday sales and reined in further excesses amid sluggish wage growth and falling property prices.
Read more
An Inquiry into wage theft in Western Australia, which aims to expose the deliberate underpayment of money and entitlements to workers, has
been backed by Unions WA. Former chief commissioner of the WA Industrial Relations Commission Tony Beech will undertake the inquiry, which will begin in February, and report to the state government by June.
Read more
Former billionaire Nathan Tinkler opens up about his dramatic downfall. Nathan Tinkler was Australia’s youngest billionaire, but then he lost it all.Read more
Global News
Sales of existing US homes unexpectedly plunged to a three-year low in December, partly reflecting a bump in mortgage rates, according to an industry survey.
Sales of town homes, condos, co-ops and single-family houses fell 6.4 percent from November to an annual rate of 4.99 million, seasonally adjusted, the lowest level since November of 2015.The result fell far below the 5.25 million that economists had been expecting and put the month a dizzying 10.3 percent below December of 2017.
Ten years after Wall Street recklessness helped lead to the Great Recession, compensation for top bank CEOs is soaring even as pay flattens at junior levels.
Compensation figures released so far by large banks this year suggest a rich season for CEOs, despite myriad worries for markets, including slowing global growth, trade wars and Brexit uncertainty.
A partial shutdown of the U.S. government, which enters its second month on Wednesday, has delayed the publication of key economic data, leaving investors and businesses to follow their intuition and gut instincts as they make critical decisions.
The world's most innovative countries. South Korea retained the global crown in the 2019 Bloomberg Innovation Index, though improvements by Germany in research and education brought Europe's largest economy to near-parity in the annual ranking.
Stock News
Orinoco Gold Limited (ASX:OGX) is encouraged by renewed momentum of a US$9.5 million earn-in agreement with AngloGold Ashanti Holdings (ASX:AGG) covering the Faina Goldfields Project in Brazil. Recent discussions with AngloGold have confirmed the original February 2017 agreement terms with the parties this week starting to establish the in-country joint venture.
Read more
WA junior Middle Island Resources has got the $1.4 million it sought to advance plans to revive the Sandstone gold project in the East Murchison. The company said 70 per cent of its share register had taken up their full entitlement to its over-subscribed, one-for-two rights issue at 0.4¢, describing the outcome as “an outstanding result in the current market”.
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Orion Minerals retains buy recommendation from Petra Capital. Subsequent to the publishing of the Petra Capital research report, Orion has further upgraded its JORC resource for the Prieska Zinc-Copper Project.
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Fenix Resources Ltd (ASX:FEX) has intersected substantial high-grade iron ore in the final holes of a completed reverse circulation (RC) drilling program at its Iron Ridge Project in Western Australia. The results indicate extensions at depth to the existing JORC-compliant mineral resource and have confirmed both the previous high-grade banded-iron-formation (BIF) hematite zone and the lower-grade BIF unit to the south.
Read more
Western Areas remains bullish on the nickel price saying market fundamentals appear strong despite volatile conditions in the first half caused by geopolitical factors. Releasing its December-quarter operating results today, the nickel miner noted global stockpiles of the steel-hardening commodity had fallen towards 200,000 tonnes during January, their lowest levels in more than five years, which it said demonstrated that demand was continuing to outstrip supply.
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Stellar Resources lands mining lease for St Dizier tin deposit from Tasmanian Government. The company is advancing its high-grade Heemskirk Tin Project and plans to become Australia’s second largest producer of tin.
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You have to hand it to Meir Moalem — he shoots for the stars. Literally. Sometime in the next few months, the Sky and Space Global managing director will look on as the first of 200 tiny satellites are launched into orbit.
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Regeneus Ltd (ASX:RGS) has appointed experienced pharmaceutical industry executive Leo Lee as chief executive officer, effective immediately. Lee has extensive networks in the industry and speaks Japanese and Chinese, which will provide a real advantage in the development and management of business in Japan and other parts of the Asia Pacific region.
Read more
Paradigm Biopharmaceuticals Ltd (ASXAR) plans to take a partnering or licensing track to commercialise the repurposing of pentosan polysulfate sodium (PPS) for a painful arthritic bone condition after a clinically-meaningful successful Phase 2b clinical study.
Read more
Invitrocue signs agreement to develop new breast cancer models for its Onco-PDO test
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The big supermarkets have now passed on millions from their drought relief funds to Australian farmers, but those running farming businesses say there are still big fights to win to keep the sector alive. On Monday Coles confirmed it would distribute $3.9 million to more than 600 farmers after collecting funds through a 10c increase in the price of some milk products between September and December 2018.
Read more
Woolworths has struck what is being called a “significant enterprise deal” that will eventually see it run connectivity for some 3000 retail sites over NBN fibre. The deal, which was first reported by telecommunications publication CommsDay, will cover retail sites like supermarkets, Big W, Dan Murphy’s and BWS.
Read more
CropLogic eyes opportunities in the industrial hemp market of Oregon. CropLogic Ltd (ASX:CLI) has received a detailed report on the current trends and demand for hemp and cannabidiol (CBD) products in the industrial hemp market of Oregon, USA. Green Rush Advisory Group, LLC has prepared the report which includes information regarding licensing and growers, the addressable market and the future potential of the Oregon industrial hemp market.
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Finbar has revived its $330 million South Perth Civic Heart development, revealing Planning Minister Rita Saffioti signed off on a special precinct to allow the development to go ahead. Finbar managing director Darren Pateman said the minister’s amendment would allow Civic Heart to “become a truly defining project at the centre of an active and vibrant mixed-use precinct”.
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East coast car dealer AP Eagers has contrasted rival Automotive Holdings Group’s weak performance by flagging a small increase in full-year profit. Despite falling national sales of new cars, AP Eagers today said it was boosted in December by record profits from its car and truck businesses.
Read more
Australian Pharmaceutical Industries expects to sign a deal to commence due diligence in its takeover bid for Sigma Healthcare. In early December, API had offered to buy Sigma for $727 million, where shareholders of the pharmacy operator would receive 0.31 API shares and 23 cents in cash for each of their shares.
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Out of respect for your fellow traders, please include Stock Codes in your posts.
Breakfast outside today, lovely weather for it.
Day Trading Pre-market Open - 24 Jan 2019
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