RIO's AGM was well received. The stock is up 2.4% first thing, double BHP's move today. The main focus is the iron ore production guidance which was unchanged. So steady as she goes. On a PE of 9.3x and a yield of 9.5% it looks extremely cheap, but as any Australian fund manager will tell…
ASX 200 slipped from strong early gains to close up 29 points at 7056 (+0.4%) as geopolitical events hang and RBA minutes show RBA thought about a rate rise. Plenty of green on screen today with the Big Banks doing well, CBA up 0.5% and the Big Basket Basket up to $177.81 (+0.7%). Insurers rallied, with…
ASX 200 slipped from strong early gains to close up 29 points at 7056 (+0.4%) as geopolitical events hang and RBA minutes show RBA thought about a rate rise. Plenty of green on screen today with the Big Banks doing well, CBA up 0.5% and the Big Basket Basket up to $177.81 (+0.7%).
S&P 500, Nasdaq fall with data, geopolitics offsets strong results.
Treasuries, gold prices rise, stocks fall on Mideast fears.
US yields slide on worries Israeli raids inside Gaza could escalate.
European shares fall on global risk-off mood but log weekly gains.
SMALL CAP PORTFOLIO 3.00pm Updates I have added a 3% holding in GMD at 140.5c despite the move to tidy up the DCN register with its bid this morning. Plenty of chatter on LTR and what it all means. As members will know I had been advocating taking the 300c and running. Maybe having a…
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ASX 200 lost 25 points to 7027 (0.4%) as caution prevailed. It is a big week ahead with results, AGMs and economic data. Many players happy to hug the sidelines. Banks eased back with the Big Bank Basket down to $176.66 (0.5%). WBC the worst of the bunch down 0.8%. MQG off 1.4% with insurers mixed and fund managers easing. MFG fell 4.1% after moves in MGF to change its structure next year.
DIARY NEXT WEEK The main events this week are Corporate, not economic. We have the AGM season in Australia underway, and now the Quarterly production numbers from the resources sector. The US Results season continues – Calendar HERE. RBA meeting minutes on Tuesday morning. The odds of an RBA rate rise at the November meeting are at 45%. UK Unemployment…
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Not much joy overnight. This week has seen the ASX 200 +16, +70, +47, +2 and then minus 40. SPI Futures are down 30. The ASX 200 was up 101 points (+1.41%) this week. The Middle East escalates. The energy sector was the best performing sector +2.3%, as the oil price jumped 5%. Airlines down.…
