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Wednesday 15

August, 2018 3:21 PM



CommSec Daily Report Friday

CommSec Daily Report Friday

Aussie shares are staying positive for a 10th time in 11 days, with the ASX 200 up 0.25 per cent and at four-month highs.

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11.05.2018 12:37 PM

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Aussie shares are staying positive for a 10th time in 11 days, with the ASX 200 up 0.25 per cent and at four-month highs. While most sectors are up, mining stocks remain a driving force of the gains with equities on track to lift for a sixth consecutive week.

Last night, the US market extended its winning streak to six days, lifting almost 1 per cent on encouraging data. US inflation was a little softer than expected which means the Fed is likely to be in no hurry to lift interest rates more aggressively than planned. This pushed the US dollar lower and the Australian dollar higher.

Energy stocks are continuing to standout with oil prices at three and a half year highs. Oil and gas producers have been the best this week, up 3.5 per cent in five sessions.

Caltex (CTX) is higher after handing down a $172m profit result in the last three months ($9m above last year). Oil Search (OSH), which holds its AGM with shareholders today is edging higher while Woodside (WPL) and Santos (STO) are also gaining.

Among the miners, the usual big names are lifting, with BHP Billiton (BHP), Rio Tinto (RIO), Fortescue (FMG) and South32 (S32) up as much as 1 per cent.

REA – which runs property site realestate.com.au – is up 4 per cent after revenue and profits surged by almost 20 per cent in the past three months. REA earnings are up thanks to its residential and commercial business but also its new financial services offering which is on track to contribute $7-$11m to profits.

GrainCorp (GNC) is down 0.3 per cent after the grain handler posted a $36m HY profit (three times less than last year). Money manager AMP Limited (AMP) remains under pressure, sliding by 6.4 per cent. AMP has hit a seven-year low after being served with two class actions on Thursday.

Link (LNK) – a company that does admin work for companies and super funds – is down 3.7 per cent. Its shares fell 8 per cent Thursday after warning proposed changes to super accounts in Tuesday’s Budget could have an impact on its profit results.

Greencross (GXL) is lifting by 1.8 per cent today although the vet clinic operator has been the worst performer this week on the ASX 200 after warning of lower profits.

The banks are lower at lunch, despite four of the big five trading ex-dividend next week. Both ANZ and Macquarie (MQG) trade exdividend on Monday, National Bank (NAB) on Tuesday and Westpac and Bank of Queensland (BOQ) on Thursday. This could be a weight on the financials and the broader market next week.

1.2bn shares have changed hands so far today, worth $1.8bn. 566 stocks are up, 421 down and 393 are flat.

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