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Friday 19

April, 2019 6:36 PM



CommSec Daily Report Tuesday

CommSec Daily Report Tuesday

Aussie shares are kicking off the holiday shortened week under pressure, with the ASX 200 down 0.75 per cent as losses from the banks and healthcare sectors weigh heavily.

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29.01.2019 12:19 PM

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Aussie shares are kicking off the holiday shortened week under pressure, with the ASX 200 down 0.75 per cent as losses from the banks and healthcare sectors weigh heavily.

Mining stocks are standing out on Tuesday however, thanks partly to a near five per cent surge in iron ore prices. This was unfortunately triggered by another devastating dam disaster in Brazil which is believed to have killed at least 60 and has left close to 300 unaccounted for. This has been linked to one of the world’s largest iron ore producers, Brazil’s Vale which is likely to face significant penalties from environmental regulators.

Debt collector, Credit Corp (CCP) is up 4.5 per cent thanks to a 13 per cent lift in 1H profit and a raised outlook. CCP’s loan book grew by 18 per cent over the half.

ResMed (RMD) is slumping by 12 per cent (follows a 12 per cent fall on Friday). The sleep disorder treatment company disappointed investors with its quarterly results last week and has triggered price target cuts for its shares (12 month targets) from three major brokers.

AMP Limited (AMP) is down by 2.3 per cent. The money manager warned of lower profits last Friday and a massive cut to its dividend as it continues to deal with the Royal Commission and customer compensation.

Telcos are lifting strongly at lunch with Telstra (TLS) up as much as 4.5 per cent. TPG Telecom (TPM) has stopped its development of Australia’s newest mobile network due to a federal government ban on using equipment from China’s
Huawei.

CommSec’s latest State of the States report was released this morning. VIC and NSW are the two best performing states thanks partly to strong population growth. The ACT remains in third spot in the rankings and has edged closer to NSW and VIC thanks partly to housing finance, dwelling starts and population
growth.

Locally, the latest CPI read for the December quarter will be a highlight tomorrow. Offshore, Apple, Microsoft, Facebook and Amazon will release quarterly results. Theresa May’s Brexit plan will be voted on in the House of Commons tomorrow, USChina trade talks resume in Washington, the Fed will hold its first meeting of the year and a key update on US jobs growth will be released on Friday.

1bn shares have changed hands so far today worth $2.1bn. 420 stocks are up, 507 down and 356 are unchanged.

Published by Steven Daghlian, Market Analyst, CommSec
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