PRE-MARKET PODCAST – FRIDAY

Podcast Section

Low-volume night in the US dominated by Powell’s testimony (see below) which was seen as a little less hawkish. The Fed remains data dependent (seen as a positive). Tech stocks led with the NASDAQ up 1.18% and the other markets flat. The Dow Jones finished down 5 points (-0.01%) at worst down 116 points. The Bank of England raised rates by 50bp, more than expected, although the UK market (FTSE) only fell 0.76%. The odds of a Fed rate rise at the next meeting on July 26th rose from 74.4% to 76.9%. Weekly jobless numbers hit a 20 month high and the Leading Economic Index fell for the 14th time on the trot. The energy sector was the worst-performing sector on the back of a 4% fall in the oil price.

INTRADAY REPORT – FRIDAY

Reports Section

TODAY’S STORIES Sezzle Inc (SZL) – Reported an 18% increase in income to $11.6m in May, but also recorded a net loss of $1m during the same period. APA Group (APA) – Announced a final distribution of 29c for the six months ending in June, bringing the total distribution for the year to 55c, in…

END OF DAY REPORT – FRIDAY

Reports Section

ASX 200 finished down 96 points at 7100 (-1.3%) with another day of losses, the third in a row. 2.1% for the week. Once again, no real reason apart from Powell and the lack of Chinese stimulus perhaps, 10bps not really cutting it. Banks did a substantial nosedive with the Big Bank Basket dropping to $167.86 (-1.6%). CBA fell 1.6% and ANZ off 2.1%. MQG also falling hard with insurers in the red too. Industrials fared slightly better in the bloodbath, WOW and COL kept their heads above water, TLS only fell 0.5%, and BXB and other industrials managed small (ish) losses. Healthcare was mixed with CSL unchanged with SHL down 1.0%. REITs under pressure GMG down 2.6% and SGP off 2.2%. Tech eased with the All-Tech Index down 1.1% as WTC fell 0.1% and XRO dropped 1.8%. Resources held up relatively ok, BHP down 1.2% and RIO off 1.1% with lithium stocks mildly weaker but some bright spots there. Gold miners fell as bullion dropped, NST down 2.5% and DEG off 3.8%. Oil and gas though was smacked hard, as crude continued to head lower in Asian trade, WDS off 4.6% and STO down 4.3%. In corporate news, COH fell 3.5% on issues with an acquisition in the UK, DLI soared 30.1% on some ‘stunning ‘drill results. Nothing on the economic front today. Asian markets are weaker with China back trading after Dragon Boat Festival. Dow futures down 136 points. NASDAQ futures down 68 points.

MARCUS TAKE

Box 1

Predictable Powell. Needle doesn’t move.
EV demand becoming a reality.
Short sellers betting against the US market.
All a bit Ho Hum.

HENRY’S TAKE

Box 2

Good luck to all the parents out there with Taylor Swift coming. Phil Lowe not happy.
An update on the Battery Packs and a new one created.

Santos – Solid not Exciting

Stock Takes

Had a request for Santos and here it is. Couldn't get excited I'm afraid – you'll see why.  Brokers seem to like it, and I'm sure a lot of SA investors hold it, but regional loyalty aside, it's a bit of a yawn. Quality, but little in the way of growth or income. Unless there's…

MMS – Frothy income stock

Stock Takes

Mcmillan Shakespeare recently popped when Eagers Automotive (APE) revealed a 5.7% stake. Nothing else. No negotiations, notbid, just a substantial shareholders notice. Brokers think there is some logic in the two companies moving forward together commercially, but there's nothing beyond their investment so far. The other interest in MMS and other novated leasing companies at…

Don’t Worry About Beating the Market

Education

Individual investors can march to the beat of their own drum, giving them a significant advantage over professionals. It is a simple question and goes to the heart of any investor’s journey. My answer is, do you want to beat the market? The benchmark indices were set up so you can measure your performance against…