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Tuesday 19

September, 2017 9:30 PM



CommSec Daily Report Thursday

CommSec Daily Report Thursday

Local shares have shrugged off a strong US lead with a weaker start to the day. The ASX 200 is currently trading 7pts or 0.1% lower.

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14.09.2017 12:35 PM

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Local shares have shrugged off a strong US lead with a weaker start to the day. The ASX 200 is currently trading 7pts or 0.1% lower. The main index opened lower by 13pts or 0.23% at 5730pts, weighed mostly by materials on weaker base metal prices overnight. BHP (BHP) and Rio Tinto (RIO) were the main contributors to losses in the materials sector. Financials pulled the market back somewhat with the big four banks gaining between 0.3%- 0.9%. The energy sector has also rebounded after falls over the last two sessions on lower supply of global oil. Woodside (WPL) has gained 0.8% and Santos (STO) rising 1%.

Media companies are also in the spotlight on the hopes that the federal government’s media reform laws will pass parliament today. The reforms include the abolition of broadcasting licence fees, repealing the 75% audience reach rule and relaxing the two out of three media rule. Southern Cross Media (SXL) is up 0.8%, Fairfax Media (FXJ) 1.8% higher and Nine Entertainment (NEC) gaining 0.2%.

Myer (MYR) shares have risen 2.4% on its FY17 profit result. MYR saw total sales down 2.7% to $3.2B and net profit slump to $11.9M, sliding 80% on the year before. MYR has also cut its final dividend to $0.02.

Aquabotix (UUV) the maker of underwater drones announced that the company may experience increased demand for its drones as part of the reconstruction effort to many infrastructure projects, including oil and gas projects affected by hurricanes Harvey and Irma off the Gulf of Mexico. UUV shares are up 15%

Macquarie Atlas (MQA) is in a trading halt after announcing it was acquiring a further stake in French toll-road operator APRR to a total holding of 25% in that company. The acquisition will be partly funded by a $450 million entitlement offer and additional $223 million debt facility.

Employment data released today showed 54.2K jobs were created in August, beating the expectation of 20K jobs created. The unemployment rate remained at 5.6% and the participation rate ticked higher to 65.3%. The Aussie Dollar surged back above the 80 US cent mark to 80.1 US cents.

1.4B units have been traded worth $1.7B. 493 companies have traded higher, 418 lower and 339 unchanged.

Originally published by CommSec
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