The Bull

Friday 16

November, 2018 3:00 PM



CommSec Daily Report Friday

CommSec Daily Report Friday

Local shares started the session with a lack of momentum on Friday despite sizeable gains for US equities overnight.

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13.07.2018 01:09 PM

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Local shares started the session with a lack of momentum on Friday despite sizeable gains for US equities overnight. Technology names led Wall Street higher overnight as investors looked through the global trade uncertainties and celebrated a benign inflation report, after the CPI figures fell short of expectations. Additionally, stocks were supported by hopes for another positive earnings season ahead of the big banks reporting results on Friday US time. The Dow Jones index rose by 224 points or 0.9%. The S&P 500 index rose by 0.9% and the Nasdaq lifted by 107 points or 1.4%.

The ASX 200 traded in a narrow range over the course of the morning. At the best levels the ASX 200 was ahead by 9 points, at the low of the morning it was 17 points lower having opened with a 1 point gain. Sector performances featured gains in Healthcare names, which led the improvements, while Industrials and Utilities were similarly well supported. Banks were the defining result, with losses for the lenders making the biggest impact on the market. Elsewhere Consumer Staples were noted laggards. In the period to lunch participation saw $1.2 billion transactions were measured by the ASX worth $1.8 billion. 587 stocks were higher, 439 were lower and 342 unchanged.

Materials were flat as a group, although Rio Tinto (RIO) shares were 0.2% or 22 cents higher at $80.22 after confirming overnight that it had entered into a nonbinding agreement to sell its interest in the Grasberg copper mine to Inalum, Indonesia’s state mining, company for US$3.5 billion. The Grasberg mine in Indonesia is currently owned by Freeport McMoran, who hold a 90.64% interest, and the Government of Indonesia, who own the remaining 9.36 per cent. RIO currently has a right to 40% of production above a pre agreed level and 40 per cent of all production after 2022.

VIVA Energy (VEA) , debuted on the ASX today at 12:00pm AEST with a listing price of $2.50. VEA is petroleum company whose operations include retailing through the supply of fuel and lubricants to more than 1000 retail sites, the majority of which are Shell-branded and operated by Coles Express. VEA also supplies fuel, lubricants to commercial customers in the aviation, marine, transport, resources, and construction and manufacturing industries. VEA also owns and operates the Geelong Refinery, in Victoria, which converts imported and locally sourced crude oil into petroleum products. VEA shares were lately trading 2.4% below its $2.50 offer price . The IPO raised $2.65 billion for Vitol and its partners, which will retain a 45% stake. Vitol is one of the world’s largest energy commodity trading companies.

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