What mattered on the market today
What I’m reading today:
Reuters reports on the changes to the Indonesian ore export ban: (VIEW LINK)
Douglas Isles from Platinum Asset Management explains how they deal with change – a constant for all investors: (VIEW LINK)
Professor Aswath Damodaran presents a primer on the concept of connecting stories and numbers in the context of valuing a company: (VIEW LINK)
Data (provided by FactSet)
- ASX200: (45.80) pts or (0.79%) to 5721.10
- AUDUSD: +0.0001 or +0.03% to 0.7479
- Australian 10Y govt bond yield: +3.4 bp to 2.69%
- Gold (Feb-17): +$3.70 or +0.31% to $1192.70
- High grade copper (Mar-17) ($0.01) or (0.45%) at $2.66
- WTI Crude (Jan-17): +$0.04 or +0.06% to $53.05
- Breadth on the ASX 200 was(3.2):1
- Index performance
- Month-to-date: ASX 200 0.98%
- Quarter-to-date: ASX 200 0.98%
- Year-to-date: ASX 200 0.98%
Iron ore stocks weakened slightly despite Iron ore futures holding near multi-week highs. The market has been supported by China's decision to close smaller mill that affect around 4% of the country's steel production. BHP.AU (0%), RIO.AU (1%) and FMG.AU (2%).
Precious metals stocks came under pressure amid weaker gold prices. NCM.AU +0%, RRL.AU (3%), EVN.AU (3%) and NST.AU (3%).
Industrial metals Nickel fell sharply amid reports that Indonesia would approve exports from its domestic producers which was reflected in the strong declines in WSA.AU (19%) and IGO.AU (10%).
Energy +0.43%. The major LNG producers were mixed as there was little change in the oil price. WPL.AU (0%), OSH.AU (0%), ORG.AU +3% and STO.AU (1%).
Financials (1.43%). The big four banks were all lower, following on from the sector weakness in the US overnight and despite higher bond yields. CBA.AU (1%), WBC.AU (2%), NAB.AU (1%) and ANZ.AU (2%).
- +4.5% WHC.AU (Whitehaven Coal Ltd. A$3.00, +0.13)
- +3.6% ACX.AU (Aconex Ltd. A$5.68, +0.20)
- +3.2% ORG.AU (Origin Energy A$7.15, +0.22)
- +2.8% IFN.AU (Infigen Energy Ltd. A$0.91, +0.03)
- +2.8% BKL.AU (Blackmores Ltd. A$116.12, +3.12)
- -19.2% WSA.AU (Western Areas Ltd. A$2.65, -0.63) -- Nickel; Indonesia to allow exports of nickel, bauxite - Reuters
- -10.2% IGO.AU (Independence Group NL A$4.16, -0.47) -- Nickel; Indonesia to allow exports of nickel, bauxite - Reuters
- -8.9% BAL.AU (Bellamy’s Australia Ltd. A$4.01, -0.39) -- Continuation losses following trading update; (34.1%) last 3 days
- -4.4% RSG.AU (Resolute Mining Ltd. A$1.32, -0.06)
- -3.9% SXL.AU (Southern Cross Media Group Ltd. A$1.47, -0.06)
6 stocks mentioned
Patrick was one of Livewire’s first employees, joining in 2015 after nearly a decade working in insurance, superannuation, and retail banking. He is passionate about investing, with a particular interest in Australian small-caps.
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