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April, 2019 8:45 AM

CommSec Daily Report Friday

CommSec Daily Report Friday

Aussie shares are off to a softer start for the first time in six sessions...

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02.11.2018 12:50 PM

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Aussie shares are off to a softer start for the first time in six sessions, with the ASX 200 easing by 0.2 per cent at lunch. While it has been a decent week for the market, investor enthusiasm has been far from convincing and comes off the back of the worst monthly slump in three years.

Losses from the banks, energy stocks and consumer staples are keeping our market under pressure and offsetting gains from the miners.

Macquarie (MQG) is up 3.5 per cent after handing down a better than expected 5 per cent lift in half year earnings to $1,310m. The investment bank has also raised its guidance (forecast) for 2019, now expecting profits to lift by 10 per cent over the year. This follows both ANZ and National Bank (NAB) posting more than 10 per cent falls in annual results this week. Westpac (WBC) will post its results on Monday.

MYOB (MYO) is up 4.5 per cent after private equity firm KKR raised its takeover bid for the accounting software company from $3.70 per share to $3.77 (around $2.2bn).

BHP Billiton (BHP) is up a further 0.5 per cent a day after saying it will return almost A$15bn to investors from the sale of its onshore US energy business.

Greencross (GXL) is in a trading halt as the pet company enters discussions to potentially sell its business. The pet company is holding its AGM today with investors and said revenues have grown by 7.6 per cent over the past four months thanks to its retail stores (which includes Petbarn).

CSR Limited (CSR) is down 7 per cent after the building products maker announced a 77 per cent slide in half year profit to $26.8m and a smaller dividend of 13c. The result was partly held back by the construction of fewer high rise apartments and one-off costs.

Orica (ORI) is easing on Friday after the chemicals and explosives maker handed down a $48.1m loss for the year with unplanned maintenance shutdowns and operational issues holding it back.

Retail sales in September rose by 0.2 per cent (a touch shy of consensus). Spending remains robust on food retailing, cafes and restaurants however. Retail stocks are mostly higher regardless.

1.2bn shares have changed hands today worth $2.2bn. 522 stocks are up, 414 are down and 340 are unchanged.

Published by CommSec
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