Australia…1 Hour In…ASX Up 53 Points

By Scott Phillips | More Articles by Scott Phillips

ASX200 up 53 points (0.9%) to 6188.

– Coal; there are media reports that China has suspended purchases of Australian coal. The Govt said it is seeking clarification. NHC -4.3% WHC -4.6%.

– Commonwealth Bank (+1.8%); AGM today. CEO Matt Comyn is speaking as I write. Some comments so far – he believes CBA will play a significant role in Australia’s recovery from C19. He said CBA’s teams have made more than 300,000 calls to customers with deferred loans to talk to them about their options. “We are here to help anybody who is struggling….” “The bank’s strong capital position means we remain well-positioned and well prepared for a range of economic scenarios,” he said. More to come………ANZ +2.9% NAB +2.1% WBC +1.8%

– NRW Holdings (-1.8%); are part of a consortium that has been awarded the Alliance contract for the Bunbury Outer Ring Road project.

– OceanaGold (+1.4%); is laying off 500 employees in the Philippines.

– Orora (-0.4%); Shaun Hughes has been appointed CFO. Previously at Telstra, Elders and IBM.

– Sky TV (+3.7%); AGM today. Reaffirms FY21 guidance.

– Telstra (+2.7%); AGM today. Reaffirms FY21 guidance. Presentation continuing as I write……

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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