The Bull

Monday 22

April, 2019 6:18 PM



CommSec Daily Report Monday

CommSec Daily Report Monday

It has been a flat start to the first of two holiday shortened weeks. The ASX 200 is trading a touch lower in early trade by 10 points and holding around 6,241 while ignoring a positive lead from US markets to end last week.

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15.04.2019 12:49 PM


It has been a flat start to the first of two holiday shortened weeks. The ASX 200 is trading a touch lower in early trade by 10 points and holding around 6,241 while ignoring a positive lead from US markets to end last week. Wall Street was boosted by a big rise for Disney as it announced details of its new streaming service along with encouraging earnings from US investment bank, JPMorgan Chase. Chinese trade data also beat expectations with a 14.2% lift in exports compared to the prior year.

Financials have continued from its big improvements on Friday to again outperform the broader market. The major banks have been pushing the sector higher with advances of up to 0.8%. ANZ Bank (ANZ) is leading the big four banks while National Bank (NAB) is lagging behind with a 0.4% lift. The energy and consumer staples are the other notable improvers.

The Health sector is the main drag with CSL Ltd (CSL) sliding 1.5%. Consumer discretionaries are also contributing to broader market declines, Wesfarmers (WES) is down 1.1%. Materials being weighed by losses for gold miners with Australia’s largest gold miner, Newcrest Mining (NCM) falling 3%. Iron ore miners are mixed with BHP Group (BHP) and Rio Tinto (RIO) trading flat while Fortescue Metals (FMG) climbs 1%.

Company news is light on Monday. Mineral sands miner, Iluka (ILU) has provided a quarterly update FY19 guidance on track despite a 17% fall in rutile (used in paints and plastics) production. ILU shares have gained 0.7% on the back of the news.

Wattle Health (WHA) has advanced 1.3% as it looks to secure funding for its recently announced acquisition of an additional 46% in Blend & Pack, Australia’s largest independent nutritional dairy manufacturer, for $46 million.

Financial services provider, IOOF Holdings (IFL) is off by 2.2% after releasing an announcement on late Friday night that it was facing a class action in the Supreme Court of NSW based upon evidence provided at the Royal Commission.

The Aussie dollar is trading near 71.76 US cents with no major local economic events due today. So far, 0.9b units have been traded worth $1.7b with 447 stocks higher, 524 weaker and 361 unchanged.

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