Australia…One Hour In…ASX Down 30 Points

By Scott Phillips | More Articles by Scott Phillips

– Ap Eagers (-4%); broker downgrade who said its FY20 earnings are expected to drop sharply.

– BHP (-1.3%); has briefly halted its Jimblebar mine in WA on concerns over low-level injuries at the site.

– Fletcher Building (+1.3%); plans to reduce its workforce in NZ and Australia by 1,500 people due to the virus – which is about 10% of its workforce. Predictably, they see business conditions being difficult but expect core businesses to be profitable in May and June.

– Fortescue (-0.5%); press speculation saying that “China may turn to Brazil, India and South Africa for iron ore amid rising tensions with Australia.” FMG has the largest exposure to China. Is this a new story ? Don’t think so.

– Newcrest (-1.4%); said there is enough water at its Cadia mine to last for at least 2 years.

– Sydney Airport (-0.2%); released its traffic numbers for April. As expected all were down more than 97%.

Scott Phillips

About Scott Phillips

Scott has over 35 years experience in Australian equities, starting as a “chalkie” and trader on the Stock Exchange Trading Floor and spending the last 25 years advising and trading for International Institutions. He has been an Executive Director at JPMorgan and Nomura, a Governor of the Australian Stock Exchange and was recently awarded a Lifetime Achievment award by the Australian Stockbrokers Association. Now at Ascot Securities, Scott focuses on advising Family Offices, offshore Soveriegn Funds as well as a growing book of domestic Professional Investors.

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