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Tricom Today ASX Stock Market Report 27-2-09
The market is up 13 outperforming the 13 point fall predicted by the SFE Futures this morning.
Resources outperforming up 1.6% with OZ Minerals up 11.6% after their debt refinancing was extended to March
31st. BHP and RIO up 0.8% and 2.5%. Fortescue up 3.5% today. January’s private sector credit growth was stronger than expected up 0.6% from a fall of 0.2% in December. Increases the chance of the RBA slowing rate cuts – looks like stimulus packages and budget measures are starting to bite. -
Tricom Today ASX Stock Market Report 25-02-09
The market is up 11,was up 51 earlier – underperforming the 70 point rise predicted by the SFE Futures this morning. Financials up 0.3% following the 14.8% rise in the banks in the US overnight on the back of positive comments from Bernanke reassurance that the banks won’t be nationalized. All our banks up 1-2% early on. Resources up 0.1% – BHP and RIO up 0.9% and 0.4% following significant jumps in the miners overnight in the US and a rise in metal prices. Industrials up 1.7% – APN News and Media (APN) posted a FY NPAT loss of $24m. Final dividend will be 12c. Guides FY09 underlying NPAT to be $120m in-line with consensus. Balance sheet in good shape. Doesn’t expect further jobs cuts. Expects a slow 1H09, picking up in the 2H. Property up 2.1% after recent heavy falls - Westfield up 2.4%.
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Tricom Today Stock Market Report 16-2-09
The market is down 36, down 59 at worst in-line now with the 22 point fall predicted by the SFE Futures this morning. Most sectors down. BHP and RIO down 1.4% and 1.8%. Only energy, consumer staples and healthcare up slightly. Industrials down 3.0% with Brambles down 7% early on posting 1H NPAT of US$195.3m. Challenger up 6.4% on normalised net profit up 3.9% to $105.9m. Gold stocks mixed on the lower gold price. Energy stocks mostly
down despite the 10% jump in the oil price on March contract short covering. PanAust up 8% early on announcing production costs. Financials down 1.1%. Banks mixed. CBA down 4.1% after going ex dividend 113c. -
Tricom Today 13-2-09
The Aussie market is up 32 basically in-line with the 20 point rise predicted by the SFE Futures this morning. Pretty quiet not much news apart from RIOs Chinalco deal and a few results. RIO is down 3.9%. BHP down 0.4%. Resources underperforming this morning down 0.4% on lower metal prices and a drop in the oil price. Oz Minerals announced they will incur writedowns of between $2.3bn-$2.8bn in FY08 accounts, including asset impairments.
Financials up 1.3% – banks all up by 1pm. ANZ up 7.7%after ruling out a capital raising in anannouncement last night noted their tier 1 ratio stood at 8.35%, well above regulatory requirements.Property sector down 2.8%. Westfield down another 4.1%. DXS down 5.8%.Last day to buy the CBA before it goes ex dividend 113c on Monday. Unchanged today at 3095c.The governments $41.5bn fiscal stimulus package has just been approved in the Senate. -
Tricom Today 11-2-09
The market is down 27, doing better than the 80 point fall predicted by the SFE Futures this morning and is down just 1.1% despite a 4.6% fall on Wall St post a disappointing bank rescue plan which made it clear that there is no Obama miracle cure for the financial crisis after all. It has been terribly received in the US and criticized for a lack of detail. It seems the new administration are still making it up as they go along and have no convincing strategy to stop the financial crisis. Resources down 1.8% with metals all down. BHP down 2.8%. RIO up 1.9%. Energy stocks down on the lower oil price. Gold stocks mixed . Newcrest, Lihir and Sino Gold down, but smaller players up. One broker predicts another 3 year bull market in gold. Financials are down 0.7% – banks all down 1-2% early on with CBA up 0.7% and outperforming on the back of 1H results in-line with their profit upgrade last week. CBA will pay 113c dividend which goes ex on Monday. Property down 1.1% as Stockland Group posted a 1H NPAT loss of $726m with 1H revenue loss of $803m . SGP down 7% early on. Westfield down 1.0%.
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Tricom Today 9-2-09
The market is up 36 – up 59 at best this morning – underperforming the 85 point rise predicted by the SFE Futures. Financials up only 0.2% – bit disappointing after the 8% rise in US financials Friday ahead of the Obama Administration’s update on the new stimulus package due Monday. The resources sector up 3.6% on the back of BHP and RIO up 3.8% and 5.6% – following strong performances in the US overnight. Miners all up on the rise in metals prices Friday. Energy stocks mixed on the lower oil price. Industrials up 1.1% – Orica up 7.8% early. Coca-Cola Amatil (CCL) was down 12% on the open as it parent Coca-Cola Co ceased merger talks with Lion Nathan (LNN) over the weekend. LNN up 4% on the announcement.
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Tricom Today 5-2-09
The market is down 14, dropping off as the morning progresses – underperforming the 14 point rise predicted by the SFE Futures this morning. Resources up 4.6% – most other sectors down. BHP and RIO up 5.2% and 7.6% early on. Fortescue Metals up 9% on the open. Most the miners up on the strong base metal prices and research from one broker suggesting the iron ore market is improving with BHP saying Chinese dstocking of iron ore had run its course. Gold stocks strong on the higher gold price. Industrials down 4.1% . Lend Lease has placed $302m of shares overnight at 605c and fallen 17.2% to 560c putting the placees over $20m underwater. Qantas. capital raising went through near the bottom end of the placement range at 185c and the price is down 17% to 190c this morning. Placees are just above water. Leighton Holdings up 2.7% on the back of winning a $475m contract in Abu-Dhabi. Banks down between 2-4%. UK banks had a bad night and there are concerns over Obama.s plans for financial resurrection.
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Tricom Today 4-2-09
The market is down 19 bit disappointingconsidering the 26 point rise predicted by the SFE Futures this morning. All sectors down.Property falling heavily again on the back of the Westfield $2.9bn capital raising yesterday 276.2m new shares WDC down 13% earlyon and already back to the 1050c placement price – sector down another 9.9% after a 6.3% fall yesterday. BHP is up 1.8% after posting interim results at the bottom end of the expected range but with a confident statement.Fortescue up 5% early on restructuring some shipping contracts with Bocimar. RIO down
1.4%….the BHP results took the shine off itdespite an 8% rise in ADR form. Base metal stocks mixed. Industrials down 1.1%. Banks all down 1-2% except for Westpac Bank which is up 1.2%. -
Tricom Today 3-2-09
The market is up 52 well ahead of the 7 point rise predicted by the SFE Futures this morning. Financials are up 3.7% – all the banks flying on a CBA guidance upgrade . CBA up 9% and pulling the whole sector up. Westpac up 7.1%. Resources up 0.2% – BHP and RIO up 1.5% and 33%. Gold stocks down on the lower gold price. Newcrest
down 4.5% after completing their $750m institutional placement. Property tanking . down 4.7%. Stockland Group, CFS Retail Group, Dexus, GPT and Goodman Group all big fallers . all down 9-13%. Lend Lease (LLC) up 4.5% on being selected as the preferred partner to build GBP1.2bn in Birmingham schools. Incitec Pivot had a profits warning and fell 30%. -
Tricom Today 2-2-09
The market is down 20 compared to the 64 point fall predicted by the SFE Futures this morning. Property down the most. Westfield down 6% in early trading having gone ex-dividend toady, now down 4%. Financials mixed. Resources down 0.5% with the fall in metals overnight and on the back of poor US economic numbers. BHP down 1.3% and RIO up 6.8% as it confirms it’s been in talks with Chinalco about the sale of its minority stakes in some of its operations reducing the need for a $6bn rights issue if the deal happens. Fortescue up 13% – on the back of its strong 1st H profit result late Friday – in-line with expectations with a strong cash position and record production. Gold stocks mostly up on the higher gold price Newcrest looking to raise $500 million in a fully underwritten equity placement.
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Tricom Today 30-1-09
The market is down 26 outperforming the 96 point fall predicted by the SFE Futures this morning. Financials down 1.5% – banks down 1-2%. Resources down 1.1% on the lower oil and metal prices. Energy stocks up 0.9%. BHP and RIO down 1.8% and 3.3%. Base metal stocks mixed. Gold stocks doing well on the higher gold price overnight with the flight to precious metals continuing. Newcrest up 2.9% and Lihir up 4.4%. Property stocks doing the worst down 3.4%. Westfield down another 4.5% and Stockland down 3.6%.
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Tricom Today 29-1-09
The market is up 29 underperforming the 63 point rise predicted by the SFE Futures this morning. Resources leading the way up 1.8% – BHP up 4.6% and RIO down 1.3%. Lots of RIO research this morning discussing the options for a capital raising after the announcement yesterday that a rights issue was a possibility. Financials up 1.0% – banks all up 1% or 2% – NAB outperforming up 3.0%. Industrials lagging – down 1.1% – Wesfarmers down 3.3% announcing a retail entitlement offer.
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Tricom Today 28-1-09
The market is up 40 points compared to the 43 point rise predicted by the SFE Futures.The Banks putting in a great performance. Financials up 2.8%. CBA up 7.2%. Property Trusts are underperforming after Westfield – the sectors biggest company – announced late last night it would writedown $3bn worth of assets. Building stocks are struggling on the back of a profit warning from Boral – down 15%. Resources down 0.4% – BHP up 0.4% and RIO down 2.8% saying it won’t rule out an equity raising to pay down debt later this year.The Dow Futures suggest an 87 point gain on Wall Street tonight.
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Tricom Today 23-1-09
The market is down 104 underperforming the 24 point fall predicted by the SFE Futures this morning. Resources and property taking it in the neck down 4.2% and 3.5%. BHP and RIO down 3.9% and 2.1% as China announced their 4Q GDP figure yesterday at 6.8% – in-line but the slowest pace in 7 years and down from 9% in the 3rd Q. Japan and China have already cut steel production by 28% and 5% respectively. Oz Minerals received a bridging facility for $140m to tide them over until the 27th Feb when their $1bn in debt needs to be rolled over.
Financials weak all the banks down about 3-4%. CBA reported funds under administration and management down about 11% each due to net retail outflows of about $749m. The Dow Futures suggest a 34 point fall on Wall Street tonight. -
Tricom Today 20-1-09
Disappointing day for our market down 128 underperforming the 14 point fall the SFE Futures suggested. The big drop comes on the back of the UKs financial sector collapse overnight. US Markets were closed in recognition of Martin Luther King holiday. Financials are struggling down 3.9% overall, big four banks the worst performers all down over 4.3%. Resources also underperforming led by BHP and RIO, both down over 5%.
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Tricom Today 19-1-09
The market is up 24 outperforming the 10 point rise predicted by the SFE Futures this morning. The major miners are mostly up with RIO leading the way. Banks mixed and Property Trusts are in the red after Citi put out a piece of negative research on industry leader Westfield (down 1.2%).
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