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Subject:  Monday 5/8/2013 Start Company report season==Monday 30/9/2013 end Quarter |
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Author: Monday 2/9/2013==Saturday 9/2/2013 (Comsec) | [ Next Thread |
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] Date Posted: 04:30:39 09/03/13 Tue Australian Stock Market Report Monday 2, September 2013 Summary Close Movement % Change All Ordinaries 5178.00 52.70 1.00 All Industrials 5188.30 53.30 1.00 50 Leaders 5349.40 50.50 1.00 Market Turnover $A 6,703,297,836.00 Commentary For detailed video updates: http://www.youtube.com/user/CommSecTV Follow us on Twitter for breaking news: www.twitter.com AFTERNOON REPORT (5pm AEST) The Australian share market had a solid start to the trading week, on the back of strong Chinese manufacturing data released on the weekend. The All Ordinaries Index (XAO) added 52.7pts or 1.03 per cent by close to 5178. Energy stocks were among the best performers. In late afternoon trade, the Nymex crude oil contract continued to ease and was buying US$106.28 a barrel. Yet Caltex (CTX) shares rallied by 4.8 per cent to $19.81 and shares in Santos (STO) were firmer by 1.5 per cent to $15.14. Financial stocks also enjoyed a solid run, with the overall sector up 1 per cent. One of the market’s best performers was troubled surfwear retailer Billabong (BBG). BBG shares rose 14.1 per cent to 48.5c after New York based hedge fund Coastal Capital International, which holds a 5% stake in the company, called for the removal of BBG’s company directors. CCI indicated it wanted to ditch and replace the majority of BBG’s boards apart from founder Gordon Merchant and majority shareholder Colette Paul. In local economic news today, the national average Australian price of unleaded petrol rose by 4.1 cents per litre to 153.3 cents a litre in the week to September 1. CommSec expects the national average retail petrol price (pump price) to rise by a further 3 cents a litre in the next 7-10 days. Dwelling approvals rose by 10.8 per cent in July after falling by a revised by 6.3 per cent in June (previously a 6.9 per cent fall). Approvals are up 28.3 per cent over the year. On the market overall, a total of 1.7 billion shares changed hands, worth $4.4 billion. 554 were up, 396 were down and 326 were unchanged. At 4.30pm the SFE 200 Futures Index was at 5184, up 66 pts. US markets are closed tonight for the Labor Day holiday. The DAX Futures is showing a sharp rise for the German market on open. Enjoy your evening. Juliette Saly CommSec Market Analyst MID-SESSION REPORT (12.30pm AEST) The Australian market has shrugged off the weakness from global markets on Friday, with the All Ordinaries Index (XAO) up 0.7 per cent. Some better than expected signs for China’s manufacturing sector on Sunday are helping lift equities at lunch. The XAO remains well above 5100.0pts. With the profit reporting season out of the way, investor attention has shifted to uncertainty in Syria, the closure of US markets tonight (labor day holiday) and Chinese data out over the past few days. The federal election this Saturday will be the highlight event. The big banks are the biggest contributors to the improvements, with the four majors accounting for 13pts of the 35pt improvement so far today. Westpac (WBC) is up 1.3 per cent. The mining stocks are mixed, with Rio Tinto (RIO) an outperformer. RIO has loaded its first ship from its 290Mt/a expansion program in Western Australian. RIO’s chief executive, Andrew Harding said that “The 290 project is the largest integrated mining project in Australia”. Around 30 companies have gone ex-dividend today – meaning that purchasing shares in any of these companies today onwards will not make you eligible to receive their next dividend payments. BHP Billiton (BHP), Fortescue Metals (FMG), AMP Limited (AMP), ASX and Amcor (AMC) are included. Struggling surfwear retailer, Billabong (BBG) is up 18.8 per cent today after releasing a company update to the market. A hedge fund with around a $10m stake in BBG has called for the removal of some directors. Last week, BBG shares slumped by 27 per cent following an $860m annual loss. On the economic front today, the volatile building approvals reading showed a bigger than forecast 10.8 per cent rise in approvals for developments from councils (apartment construction leading gains). HSBC’s Final Manufacturing PMI issued this morning didn’t surprise with a reading of 50.1, showing that China’s manufacturing industry is simply treading water (above 50.0 indicates improving conditions). At lunch, 817m shares have changed hands, worth $1.86bn. 499 stocks are higher, 320 in the red and 268 are flat. Enjoy your afternoon. Steven Daghlian CommSec Market Analyst MORNING REPORT (5.15am AEST) In US economic data, personal income and spending both rose 0.1pct in July, below economist forecasts. The Chicago purchasing managers index rose from 52.3 to 53.0 in August. The University of Michigan consumer sentiment index eased from 85.1 to 82.1 in August but the result beat economist forecasts. China´s purchasing managers index rose from 50.3 to 51.0 in August, above forecasts for a result near 50.6. European shares eased on Friday with investors content to engage in book-squaring at the end of the month and before a long weekend in the US. The FTSEurofirst 300 index fell by 1.0pct to finish 2.3pct lower on the week. The German Dax and UK FTSE were both down by 1.1pct on Friday. Mining shares also fell with Rio Tinto down by 1.1pct in London trade while BHP Billiton eased just 0.1pct. US sharemarkets eased on Friday as investors squared off books ahead of a long weekend and on the risk that the US could launch military action against Syria. The Dow Jones fell by 30pts or 0.2pct while the S&P 500 lost 5.25pts or 0.3pct and the Nasdaq lost 30pts or 0.8pct. Over the week the Dow Jones lost 1.3pct while the S&P 500 lost 1.8pct and the Nasdaq fell by 1.9pct. US long-term treasuries fell on Friday (yields higher). Investors were content to engage in book squaring at the end of the month and ahead of a long-weekend. US 2yr yields were steady at 0.40pct but US 10yr yields rose by around 2pts to 2.79pct. Over the week US 2yr yields rose by 2pts and US 10yr yields fell by 1pt. The US dollar was modestly firmer against major currencies in European and US trade on Friday. The Euro eased from US$1.3250 to US$1.3180 and ended US trade near US$1.3220. The Aussie dollar eased from highs near US89.55c to near US88.90c before ending US trade near US89.00c. The Aussie has jumped to US89.35c this morning. And the Japanese yen eased from 97.87 yen per US dollar to JPY98.35, before ending US trade near JPY98.16. World oil prices fell on Friday as commodities generally retreated in response to a firmer greenback. Fears about a disruption of Middle East oil supplies eased after US Secretary of State John Kerry spoke of a ´´limited strike´´ against Syria. Brent crude fell by US$1.15 or 1.0pct to US$114.01 a barrel while US Nymex crude fell by US$1.15 or 1.1pct to US$107.65 a barrel. Over the week Brent rose by 2.7pct while Nymex rose by 1.2pct. Base metal prices fell between 0.7-2.0pct on Friday with copper down the least while nickel fared the worst. Over the week metals fell up to 5.1pct with nickel down the most. Gold fell on Friday with the Comex December futures price down by US$18.10 an ounce or 1.3pct to US$1,394.80 per ounce. Gold fell just US$1.00 over the week. The iron ore price eased by US60c on Friday to US$137.70 a tonne and was down US90c over the week. Ahead: In Australia, the ABS Business Indicators publication, the TD Securities inflation gauge, building approvals and the RP Data-Rismark Home Value index are released. In the US, financial markets are closed for the Labor Day holiday. Craig James CommSec Chief Economist This commentary is a general account of the day's trading and is not intended to be taken as a recommendation to buy, hold or sell any particular stock. [ Next Thread | Previous Thread | Next Message | Previous Message ] |
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