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November, 2017 5:05 AM



CommSec Daily Report Wednesday

CommSec Daily Report Wednesday

The encouraging start to the week is being consolidated today, with the Aussie market up for a third day thanks to strong gains from banks and miners.

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13.09.2017 12:36 PM

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The encouraging start to the week is being consolidated today, with the Aussie market up for a third day thanks to strong gains from banks and miners. The ASX 200 index is up 0.5 per cent, remains well above the key 5700pt level and so far makes this the best week for local equities in six months.

A positive lead from Wall Street overnight, which continues to hit record highs together with firmer commodities (oil and iron ore lifting) are helping the market. While the North Korea threat is very much still present, it has not negatively impacted markets in recent days.

There are only slightly more winners than losers on the local market today, however for a second day banks and miners are driving the improvements. The big four banks are up byas much as 1.1 per cent while the larger miners including BHP Billiton (BHP), Rio Tinto (RIO), South32 (S32) and Fortescue (FMG) are up by as much as 1.6 per cent.

Newcrest Mining (NCM) is up 1.1 per cent as the country’s biggest gold miner said it has partially restarted operations at its Cadia Gold mine following an earthquake which temporarily shut down the mine in April. NCM expects production rates to be fully restored by the end of March 2018 at its largest mine.

Afterpay Touch (APT) is up 6.25 per cent after Jetstar agreed to use its payment system on domestic flights as part of a pilot programme. Afterpay allows users to purchase a good or service, receive it immediately while paying for the product over four instalments.

Aveo Group (AOG) is down 2.6 per cent on media reports the owner of 89 retirement villages could face a second class action over alleged unfair contracts and high fees. AOG shares have slumped by 23 per cent since June following a 4 Corners investigation.

Iluka (ILU) is down by ~1 per cent after the mineral sands miner received a broker downgrade and price target cut.

A survey of ~1200 people in Australia has found that consumer confidence rose by 2.5 per cent in September after falling back by more than 1 per cent last month. Sentiment is strongest in Victoria and remains weak in WA. Although this is an improvement, confidence remains below the long run average and has fallen by ~3.5 per cent over the year.

1.3bn shares have changed hands so far today, worth $2bn.523 stocks are up, 406 down and 345 are unchanged.

Originally published by CommSec
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