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November, 201711:05 AM



CommSec Daily Report Thursday

CommSec Daily Report Thursday

The local sharemarket struggled early to remain in positive territory on Thursday morning as falls in the financial...

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09.11.2017 12:33 PM

Miners lift ASX 200 higher

The local sharemarket struggled early to remain in positive territory on Thursday morning as falls in the financial, energy and telco sectors held back gains in early trade. The market is recovering towards lunch with strength among mining stocks lifting the ASX 200 (XJO) 15 points or 0.25% higher to 6031 points.

The National Australia Bank (NAB) is a major weight on the market, down 3.5% as it trades ex-dividend. Commonwealth Bank (CBA) shares are extending yesterday’s gains, up 0.6% following its positive 1Q trading update.

The miners are benefitting from higher commodity prices – with iron ore, gold and most base metals rising overnight. BHP Biliton (BHP) has gained 0.7%, Rio Tinto (RIO) shares are 0.8% higher, while Fortescue Metals (FMG) have gained 0.3%.

In company news, James Hardie (JHX) share are rallying 4.3%, despite the company reporting a 14% slide in first half net profit to US$128 million. The result was impacted by capacity constraints that dampened its demand and high production costs. JHX will pay an interim dividend of US$0.10 a security.

Flight Centre (FLT) is holding its AGM this morning, announcing it is anticipating first half underlying pre-tax profit to rise between 6%-19%. The company is expecting its International Businesses to drive growth in FY18 and also plans to close or relocate its Australian stores that don’t meet expectations. FLT shares are rising 1.1%.

NZ based online accounting firm, Xero Ltd (XRO) lifted its 1H18 revenue by 37% to NZ$188 million and increased subscribers but reported a net loss after tax of NZ$21 million. XRO is currently dual listed on the ASX and NZX but is intending to solely list on the ASX in early 2018 and has slipped 4% so far.

2.5B shares have been traded, worth $2.4B. 600 stocks are higher, 457 are weaker, while 380 are unchanged.

In economic news, housing finance data saw investment lending fall 6.2% in September from the prior month with total loans sliding 2.3%.

The Aussie dollar fell against the Greenback following the data release to US76.65 cents.

Originally published by CommSec
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