Australia…1 Hour In….ASX Up 4 Points

By Scott Phillips | More Articles by Scott Phillips

ASX200 up 4 points (0.06%) to 5555.

Ratings Agency Fitch has cut Australia’s AAA credit rating to negative. Does anybody take notice of these ratings agencies anymore?

– Cooper Energy (+5%); work at its Orbost Plant has resumed.

– Corporate Travel (+7%); talk earlier in the week that they will need to raise money has all but stopped.

– Elders (+0.5%); announces new financing terms.

– Lynas (+5%); upgraded by 3 brokers.

– Service Steam (-4%); more selling post its recent profit warning.

– United Malt (-1.6%); still seeing selling post its share placement.

– Wesfarmers (-0.1%); will close up to 75 Target stores and convert some into Kmart stores.

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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