Australia…One Hour In…ASX200 down 76 points

By Scott Phillips | More Articles by Scott Phillips

ASX200 down 76 points (1.1%) to 6684.

 

  • Banks;  ANZ +0.3%  BOQ +0.5%  CBA -0.3% NAB -0.3% WBC -0.3%   Speculation that the US will ease its minimum cash reserves for US Banks.  Relevance for Aust Banks?  Negligible but…….
  • Evolve Education (+8.5%); will acquire 10 childcare centres in Aust and will resume dividend payments.
  • Magellan (+0.4%); Net inflows of $691m in Feb.   Total FUM now $100.61bn.
  • Mayne Pharma (+1.8%); has launched another generic oral contraceptive.
  • Oil; the Black Gold/Texas Tea keeps surging as US inventories shrink due to freezing weather.    OSH +2.8%  STO +3.5%  WPL +1.9%
  • Weebit (-2.9%); has filed two new patents to further protect the intellectual property of its silicon oxide ReRAM technology.
  • Worley (-0.5%); INEOS Chemicals has extended its  master services agreement with Worley by another 4 years.

 

Friday Dad Joke;     No joke today but here is one of my favourite quotes……

 

“The stock market is like a strapless bra.   Half the people are wondering what’s holding it up, the other half are waiting for it to drop so they can grab the opportunity…….”    

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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