The Bull

Sunday 17

December, 201711:01 PM

CommSec Daily Report Thursday

CommSec Daily Report Thursday

The Australian market has kicked the day off on a quiet note, with the ASX 200 treading water most of the morning.

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12.10.2017 12:57 PM

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The Australian market has kicked the day off on a quiet note, with the ASX 200 treading water most of the morning. The index is up by 0.03 per cent but remains near a one-month high. Should the market tick up slightly more from here, equities will be at their best levels in a couple of months.

With two and a half weeks left in October, the market is having its best month since March and is gathering momentum. The ASX 200 however is sitting just shy of resistance around 5780.

Only 35 per cent of companies on the market are currently losing ground however the market is treading water because losses from mining stocks are much more substantial than the modest improvements elsewhere. BHP Billiton (BHP), Rio Tinto (RIO), Fortescue (FMG) and South32 (S32) are down by ~1.5 per cent.

Iron ore prices slumped by ~2.2 per cent overnight as environmental restrictions approach in China ahead of its winter (heavily polluted time of the year).

The banks are mostly higher, Telstra (TLS) is up 0.1 per cent and Woodside (WPL) is lifting by 0.3 per cent. Should the miners recover this afternoon, the market could finish in positive territory.

Bellamy’s (BAL) is up 4 per cent after the Tasmania based infant formula maker lifted guidance. BAL now expects revenue growth of between 15 – 20 per cent in FY18 rather than the prior forecasts for 5-10 per cent growth. It anticipates EBITDA margins between 17-20 per cent (from 15-20 per cent). BAL surged by 12 per cent on Wednesday despite paying ASIC a $66,000 fine.

Bank of Queensland (BOQ) is up 1.4 per cent after Australia’s sixth biggest bank handed down a solid 5 per cent lift in profit, a 38c dividend and an 8c special dividend.

Hotel group Mantra (MTR) has accepted Accor’s ~$1.2bn takeover offer. The French company made the bid on Monday and MTR shares have surged by ~20 per cent since.

Woolworths (WOW) has completed the exit from its failed Masters home improvement chain. (KGN) is up 5 per cent after receiving a broker upgrade.

Navitas (NVT) has appointed the current CFO as the education group’s new CEO from 1 March 2018. Current CEO (Rod Jones) has been leading the company since 2004.

Whitehaven Coal (WHC) has lifted its coal production by 5 per cent in the September quarter and sales by 21 per cent. Prices could come under pressure heading into China’s winter.

1.6bn shares have changed hands so far today, worth $2.1bn. 579 stocks are up, 427 are down and 368 are flat.

Originally published by CommSec
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