Australia…One Hour In…ASX Down 83 Points

By Scott Phillips | More Articles by Scott Phillips

ASX200 down 83 points (-1.4%) to 6085.

Australian consumer confidence gained 1.6% last week and is now at a six-month high and just below neutral, says ANZ-Roy Morgan.

– Bega Cheese (-1.5%); AGM today.
– Bendigo Bank (+0.7%); said lending grew in its 1Q and that the number and balances of Covid-19 support packages for its customers had significantly reduced. The economic and health outlook remains uncertain.
– Blackmores (+7%) / McPhersons (TH); MCP has bought Global Therapeutics, a subsidiary of Blackmores for $27m.
– Boral (+4%); has agreed to sell its 50% stake in building products manufacturer USG Boral to joint-venture partner Gebr Knauf KG for US$1.02bn (pre tax profit $540m), and will consider divesting its North American businesses.
– Bravura (-1.2%); announced that Aware Super has signed a long-term contract for the implementation of an ecosystem of Bravura products, underpinned by Sonata Alta. Bravura also provides an update on the FY21 outlook.
– Northern Star (-0.9%); said its 1Q gold sales were close to the top end of guidance as it advances plans to combine with Australian peer Saracen.
– Shopping Centres Aust (-1.8%); said 1Q sales +9% yoy and see’s good momentum assuming no more C19 lockdowns. Looking at several possible acquisitions.

In case you missed what’s happening in Europe overnight;

– The Spanish government announced a state of emergency, introducing a nationwide curfew between 11pm and 6am.
– In Italy, the government said all bars and restaurants would need to close at 6pm.
– The Czech Republic – the EU’s worst hot spot – signalled more curbs may be near, Belgium considered a lockdown and Denmark recorded more than 1,000 new cases.
– The US reported 60,789 new cases on Sunday. President Trump tweeted that reports of a worsening pandemic in the US is a “FAKE NEWS MEDIA CONSPIRACY”.

….and news just out, Oxford-AstraZeneca says its vaccine will be available in the UK for frontline health workers before Christmas.

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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