Why Brexit is a good thing!
Early this week the local market soared to register the highest close since late 2007 before some consolidation played out at the back end of the week. Today was similar to yesterday with the market trading in a fairly tight range, ultimately ticking around par before closing slightly higher. Asian markets were tad weaker today, US Futures were up smalls while volume on the ASX was fairly low. That said, there was a fair amount of action at the underlying stock level today with the resources – particularly the Iron Ore names rallying strongly as Iron Ore traded up at $US110/t - BHP trading above ~$40, RIO above ~$105 & FMG nearly at $9 the obvious standouts.
Another stock doing particularly well this week, and fortunately we hold in the Platinum portfolio is Bingo (BIN). The waste management business was upgraded by Evans & Partners this week with a very bullish price target of $3.44 - the stock rallied to a $2.14 high today which is above our previously suggested target, however we remain bullish with the company hosting a site tour on the 26th of June the next catalyst.
Overall today, the ASX 200 closed up +60pts at 6443. Dow Futures are trading up +38 points or 0.15%
ASX 200 Chart

ASX 200 Chart

In the Media
I had a very interesting week, chatting with Steve Jacobs & Rupert Lowe in two video’s available below.
Rupert is the ex-Southampton Football Club Chairman turned BREXIT Party member & newly elected member of the European Parliament. He is at the coal face in terms of BREXIT negotiations in the UK and provided some insight into why the UK should part ways with. Europe. His newly formed party has attracted strong support in a short amount of time and he firmly believes that BREXIT will happen this year. It was an interesting ‘pro-BREXIT’ chat.
BREXIT – an inside take with Rupert Lowe of the BREXIT Party & newly elected member of the European Parliament

Steve is the Chairman of global asset manager BTG Pactual with more than $55bn under management. Steve’s also on the board of EFG International and more recently, he’s taken on the role of Chairman at Shaw & Partners. Steve is an incredibly well credentialed and regarded global investor, and I had the opportunity to hear his insights first hand on Thursday.
Key trends in global markets – Steve Jacobs, Chair BTG Pactual, Chair, Shaw & Partners
CATCHING OUR EYE:
Sectors this week: A strong week for the market bouncing +2.68%

Stocks this week: Challenger’s woes for all to see

Some of the notes we published during the week
Star Entertainment (SGR) slumps; the casino operator downgraded earnings as VIP spend drops. Click Here
AfterPay raises capital; before AUSTRAC issues yesterday, APT was reaching into investors pockets. Click Here
Emeco (EHL) shares rally; shares in the earthmoving business have struggled lately, but rebounded this week. Click Here
Challenger (CGF) downgrades; the investor day focus was on a poor earnings outlook. Click Here
Direct From the Desk: I covered off on the impact of interest rates in a quick update last Friday: Click Here
Broker Moves;
· Wesfarmers Downgraded to Sell at Deutsche Bank; PT Set to A$31
· Wesfarmers Downgraded to Sell at Goldman; PT A$30.50
· Wesfarmers Cut to Neutral at Evans and Partners; PT A$34.14
· Challenger Upgraded to Buy at Morningstar
· Challenger Downgraded to Hold at Bell Potter; PT A$7.34
· AGL Energy Upgraded to Hold at Morgans Financial; PT A$17.85
· Steadfast Downgraded to Sell at Morningstar
· Coca-Cola Amatil Downgraded to Sell at Morningstar
· Sims Metal Upgraded to Buy at Citi
· Bluescope Upgraded to Buy at Citi
· AMP Downgraded to Underweight at Morgan Stanley; PT A$1.80
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