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Friday 17

August, 2018 5:46 PM



CommSec Daily Report Monday

CommSec Daily Report Monday

Local shares have started the week on a softer note with the ASX 200 following global counterparts lower as we reach lunch on Monday.

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13.08.2018 12:35 PM

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Local shares have started the week on a softer note with the ASX 200 following global counterparts lower as we reach lunch on Monday. The top 200 index is down 30 points or 0.5% to 6248 with growing concerns surrounding Turkey’s economy and currency (Lira), weighing on market sentiment.

Financials and materials are the main weights on the local market with losses of 0.5-0.9% for the four major banks while Australia’s two largest miners, BHP Billiton (BHP) and Rio Tinto (RIO) are down 1.2% and 1.5% respectively. Other notable losses among the materials are Sims Metal (SGM) down 9% while crop protection firm, Nufarm (NUF) is sliding 10%.

Minimising losses, to an extent, is the rebound in energy names. Global oil prices lifted over the weekend on a potential tightening of global supplies. Producers such as Santos (STO) and Oil Search (OSH) are lifting by 0.8%.

It has been a busy morning for company reporting season. Retailer, JB Hi-Fi (JBH) is up 1.2% after lifting FY18 sales by 21% to $6.9 billion and net profit by 12% to $233 million. After spinning off from parent company Fairfax Media in November 2017, Domain Holdings (DHG) delivered pro forma revenue of $357.3 million and lifted net profit by 7% to $52.9 million despite subdued property listings for the Sydney market. DHG shares are climbing 3.3%.

Bendigo & Adelaide Bank (BEN) has lifted FY18 profit by 1.1% to $434.5 million helped by are improved margins. BEN shares are 0.4% towards lunch. Aurizon (AZJ) has returned to profit in FY18 of $560.1 million after a net loss in FY17. AZJ has cancelled its proposed sale of its QLD intermodal business with opposition of the sale by the ACCC.

In other news, Wesfarmers (WES) has agreed to sell Kmart Tyre and Auto Service to German tyre company Continental AG for $350 million with the shares slightly lower on the news.

The Aussie dollar has continued its recent slide against the US dollar with the local currency hitting 72.7 US cents, and trading at the lowest levels since January 2017.

1.1B units have traded worth $1.5B with 448 stocks higher, 541 lower and 371 unchanged.

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