Australia…One Hour In…ASX Down 31 Points

By Scott Phillips | More Articles by Scott Phillips

As I write Treasurer Frydenberg is on TV talking about a new phase of income support beyond September………keep an eye on news services for details.

– Afterpay (-1.5%); successfully raised $650m (9.8m shares) @ $66 a share. Trading @ 66.95.

– Alumina (-6.5%); needs to pay $212m in additional tax.

– Banks; ANZ -1.7% CBA -0.8% NAB -1.5% WBC -1.8%; The Australian Banking Association said that customers with reduced incomes and ongoing financial difficulty due to Covid-19 will be eligible for their six-month loan deferral to be extended by a further four months.

– Lynas (-1.5%); CEO Mike Harding will retire in September

– Northern Star (+4.5%); FY sales came in at the lower end of guidance but said the result was solid given the coronavirus pandemic.

– Regional Express (+1%); says there is strong interest in funding for its domestic operations. With o/s travel off the cards, is rural Australia the new Whistler/Bali/Europe? An old colleague called me yesterday from Dubbo Zoo where he is holidaying with his very young and glamourous wife. He told me “Dubbo Zoo is heaving. They sold out of rental bikes two days in a row.. lady told me that has never happened in July School holidays”.

– Treasury Wines (-0.1%); flat today but has been up for the last 6 days straight – press speculation the stock is a takeover target.

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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