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Wednesday 19

December, 2018 8:46 AM



CommSec Daily Report Tuesday

CommSec Daily Report Tuesday

The Australian sharemarket is off to a better start, with the ASX 200 index up 0.6 per cent as most sectors recover from a sluggish start to the week.

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24.07.2018 12:56 PM

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The Australian sharemarket is off to a better start, with the ASX 200 index up 0.6 per cent as most sectors recover from a sluggish start to the week. On Monday, the market fell by 0.9 per cent following continued trade tensions between the US and China and threats between Iran and the US.

Almost all sectors are improving at lunch, with strong gains from mining stocks, financials, health and consumer staples helping most.

Despite a pullback in most commodities including gold, oil and base metals, miners are bouncing back from back-toback losses yesterday and last Friday. The major banks are lifting for a fourth time in five sessions with the exception of Westpac (WBC) which is easing by 0.1 per cent.

Treasury Wine Estates (TWE) is up 4.5 per cent on Tuesday. According to the Financial Review, a report by the industry body suggests wine exports are growing at the fastest pace in 15 years.

Consumer sentiment fell by 2.1 per cent last week according to the results of a weekly survey released this morning. There are still more optimists than pessimists however and we are still above the average confidence reading since 1990. Potentially, rising petrol prices and comments by President Trump recently could be keeping some cautious.

Retailers are holding up well with the exception of Kogan.com (KGN), which is down 7 per cent at lunch despite saying profits have likely jumped by more than 90 per cent over the past year.

Iluka (ILU) is up by 1 per cent. The mineral sands company has reduced its debt from $183m to $34m according to a quarterly review it released this morning.

Nufarm (NUF) is up 0.3 per cent, however the crop protection company hit a two-year low on Monday and fell by 11 per cent after warning drought is going to hurt its profits over the year.

1.4bn shares have changed hands so far today worth $1.8bn. 592 stocks are up, 423 are down and 375 are currently unchanged.

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