MID MORNING MARKETS 23-11-18

The ASX 200 is down 3 points in mid morning trade. US closed for Thanksgiving and shorter trade tonight. Defensive sectors best, IT, Telcos and H’care worst. A few AGMs/updates – AHG, AIPH, KMD, AX1. Brexit in focus. Quiet next week  #ausbiz

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TODAY

  • Ex-dividend – DuluxGroup (DLX) 14.0c, Ruralco Holdings (RHL) 6.0c, Whitefield (WHF) 9.8c

TONIGHT

  • Black Friday – Bond and equity markets will be closed for Thanksgiving tomorrow while Friday’s session will end early
  • European data – Markit Composite PMI Flash, Markit Manufacturing PMI Flash, Markit Services PMI Flash
  • UK data – CBI Distributive Trades

COMPANY NEWS

  • Amalgamated holdings (AHG) – Trading in the first four months of FY2019 has been lower than anticipated with full‐year NPAT forecast $56‐$59m. Entire private buyer market has been weaker, with the east coast, especially NSW and Victoria, being affected by a falling housing market and the negative flow‐on effects to consumer confidence and auto sales. Also significantly impact from increased Group interest costs and the negative impact on KTM earnings from foreign exchange movement.
  • Kathmandu (KMD) – Sales update for first 11 weeks. Kathmandu total sales growth +8.4% (excluding Oboz); Kathmandu same store sales growth +6.3% at constant exchange rates; Same store sales growth by country: Australia +7.1%, New Zealand +5.2%. For 1Q Oboz sales NZD $15.7m at a gross margin of 39.8%; Remain on track to achieve the US$7.1m EBITDA earn-out target for the 2018 calendar year.
  • Accent Group (AX1) – Formerly RCG Corp. Expects EBITDA for H1 FY19 to up 15%-20% on pcp 9previous guidance mid single-digit growth). Results for the first 20 weeks of FY19 have been materially stronger than expected

OVERNIGHT

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SPI FUTURES -24

US EQUITIES – Closed for Thanksgiving

EUROPEAN MARKETS – All lower. STOXX500 -0.70%, UK FTSE -1.28%, German DAX -0.94%, French CAC -0.75%.

Brexit – Britain and EU political leaders agreed in principle to a text setting out their future relationship

CURRENCIES

  • The USD is little changed at 96.71.
  • The Aussie dollar is a little weaker at US72.55c.

BONDS – Markets closed going forward.

COMMODITIES

  • WTI crude futures fell US39c to US$54.24.
  • Iron Ore – IRESS reports iron ore down US$1.50 at US$73.500 a tonne. The CommSec site says China Import (Fines 62% Fe) was down US$1.35 at US$72.05 dry ton. (CFR Tianjin port)
  • LME metals – Mixed. Cu +0.32%, Ni -0.45%, Al -0.36%.

QUOTE OF THE DAY

“Frequently the more trifling the subject, the more animated and protracted the discussion.” – Franklin Pierce, 14th American President born this day in 1804. Died 8 October 1869.

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