Australia…1 Hour In…ASX Up 41 Points

By Scott Phillips | More Articles by Scott Phillips

A few things of note in the last few hours;

– a 6.6 earthquake has hit Indonesia and was felt in Bali. No tsunami warning as I write.

– White House Chief of Staff Mark Meadows has reiterated President Trump’s claim that 99% of coronavirus cases are “totally harmless”.

– Keisha Lance Bottoms, the favourite to be Joe Biden’s running partner, has the virus.

In the markets;

– Afterpay (TH); doing an $800m capital raising. Co-founders Anthony Eisen and Nicholas Molnar will simultaneously sell 2.05m shares each, representing 10% of their holdings in the co. Afterpay said the money raised will be used to invest in growing sales and expand into new markets.

– Downer (+1.6%); has been awarded road maintenance contracts in South Australia that are worth A$420m.

– James Hardie (+1.3%); has deferred its AGM from September to November.

– Magellan (+4.3%); saw Inflows of $250m in June.

– St Barbara (+8%); production update. In short, looks good.

– Sezzle (+23%); the buy now-pay later co says 2Q sales +349% vs last year.

– Woolworths (+0.4%); lifts buying limits on all items except toilet paper. You can still get as many Sunny Boys, Glug’s and Razz’s as you like. Or is that just me?

Reserve Bank Interest Rate decision at 2.30 pm!

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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