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Wednesday 19

December, 2018 8:22 AM



CommSec Daily Report Friday

CommSec Daily Report Friday

The Australian sharemarket is edging lower towards lunch on Friday with the ASX 200 down 8 points or 0.15% to 6289.

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10.08.2018 12:45 PM

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The Australian sharemarket is edging lower towards lunch on Friday with the ASX 200 down 8 points or 0.15% to 6289. It was a mixed lead from Wall Street’s main indexes although the Nasdaq has managed to notch eight straight sessions of gains.

The softer start to the local market comes on the back of weakness in commodity stocks, and exacerbated by losses in industrials and utilities. Oil prices continued to fall on concerns over demand with US sanctions on Russia and Iran. Energy names such as Woodside (WPL) and Santos (STO) are down in the area of 1-1.5%.

Industrials are mostly lower with losses led by a 2.6% drop in Brambles (BXB) and Qantas (QAN) down 1.7%. AGL Energy (AGL) is falling another 2% after yesterday’s 4% decline on softer guidance for FY19. Countering some of the losses are gains in healthcare, with CSL (+0.9%) and ResMed (RMD) lifting 1.2%. The big four banks are also advancing in the range of 0.3-0.5%.

On the reporting front, News Corp (NWS) shares are up 3% after boosting fourth quarter revenue by 29% to US$2.69 billion, with the merger of Foxtel and Fox Sports Australia contributing to the gain. Costs of the merger along with write downs also drove NWS to a higher net loss.

Baby Bunting (BBN) is surging 27% despite FY18 net profit falling 29% to $8.7 million. BBN announced a strong start to FY19 sales with same store sales up 9.8% in the first six week of the new year and is expecting gross profit margins to 34% for the upcoming year.

James Hardie (JHX) is down 8.8% with a disappointing profit forecast for FY19 of US$300-$340 million and below consensus forecasts. REA Group (REA) shares are climbing 2% and Aventus Retail (AVN) down 0.5 % on earnings results.

The RBA’s quarterly statement on monetary policy with "The forecasts for global and domestic growth are little changed from those presented in the May Statement". September inflation is expected to be a little weaker. The Aussie dollar continues to lose ground against a stronger greenback, buying 73.7 US cents.

So far, 0.9B units have traded worth $1.9B with 515 stocks higher, 461 lower and 372 unchanged.

Published by James Tao - Media & Capital Markets Analyst (Author) CommSec
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