Australia…One Hour In…ASX Up 42 Points

By Scott Phillips | More Articles by Scott Phillips

ASX200 up 42 points (0.7%) to 5937.

– A2Milk (+0.9%) / Bubs (+0.6%) / Fonterra (+0.3%); average price for whole milk powder rose to $2,985 a ton from $2,884 at the previous auction.

– Auckland Airport (-0.3%); Passenger movements fall 78% yoy in July/August. No surprise. Wallabies going there next month should lift numbers. Are they booking an extra seat back for the Bledisloe Cup?! Don’t answer that.

– Bega Cheese (+0.2%); press speculation they are keen to buy Kirin’s Australian Milk, Yoghurt and Juice operations.
Bega Cheese (+0.2%); CIO Zack Chisolm has been named APAC CIO of the Year.

– Boral (+0.8%); press speculation that Boral may be looking at selling its North American assets. Also of note, Kerry Stokes in recent days has moved to 19.9% on the BLD share register.

– Kogan (+4.5%); added a record 152k new customers in August, total now 2.46m. August sales +117% yoy, August profit +165% yoy. HVN +2% JBH +2.3%

– QBE (-0.2%); said a London court had largely ruled in its favour in a case that examined the reading of policy wordings by eight insurers in relation to business interruptions caused by the COVID-19 pandemic.

– Seek (+12%); speculation that Alibaba is in talks to invest in Zhaopin, an online jobs classified company.

– Spark Infrastructure (+0.2%); holding Strategy Update today. Taking a C-19 hit , removes data caps on wireless broadband in Metro areas. More to come….

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.

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