{"id":61978,"date":"2013-06-11T16:54:28","date_gmt":"2013-06-11T06:54:28","guid":{"rendered":"http:\/\/www.fnarena.com\/index.php\/2013\/06\/11\/australian-stocks-what-happened-today-110\/"},"modified":"2013-06-11T16:54:28","modified_gmt":"2013-06-11T06:54:28","slug":"australian-stocks-what-happened-today-110","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2013\/06\/11\/australian-stocks-what-happened-today-110\/","title":{"rendered":"Australian Stocks: What Happened Today?"},"content":{"rendered":"

\n\tBy Stephen Hogan<\/a>, Senior Private Client Adviser, Equities\/Derivatives<\/p>\n

\n\tAustralian Market<\/strong><\/p>\n

\n\t
\n\tThe Australian market (XJO<\/span>) closed <\/span><\/span>up 19.4 points or 0.41% to 4757.1<\/b><\/span> <\/span>today. The market opened very shaky this morning, making a decent move around <\/span>1:30pm<\/span><\/span><\/span> <\/span>to the high side, closing near the day's high of 4758.3. The Healthcare sector has finished highest today, adding 2.10% and Gold closed -2.77% lower. <\/span>On Friday<\/span><\/span> <\/span>the Dow Jones reacted well to the Non Farm payrolls data (175k<\/span>, beating forecasts of 167k<\/span>) rising 207 points, last night the index eased -9.53 points or -0.06% to 15,238.60.<\/span><\/p>\n

\n\t <\/span><\/p>\n

\n\tThe ASX<\/span> Limited (ASX<\/span>) shares have been put in a trading halt ahead <\/span><\/span>of a $553 million equity raising<\/span>. Almost half of that amount will be used to replace a $250 million debt facility for its subsidiary ASX<\/span> Clearing Corporation. A further $200 million will be used in the clearing facility for all futures and options trading; to enable it to meet rising international capital standards. ASX<\/span> will offer two new shares for each 19 held by existing shareholders as part of an entitlement offer announced this morning. At $30 for each new share, the offer is expected to raise about $553 million in new funds. ASX<\/span> shares will pay a final dividend of 81c<\/span>, around 12% below forecasts. It said its full-year profit would be around $346 million, just below market forecasts.<\/span><\/p>\n

\n\t <\/strong><\/span><\/p>\n

\n\tRio Tinto plans to start exporting coal from the $US6.2 billion Oyu<\/span> Tolgoi<\/span> copper mine in Mongolia <\/span>on Friday<\/span><\/span><\/span>. Journalists have been invited to attend a ceremony at the mine on <\/span>June 14<\/span><\/span> <\/span>to mark the first shipment. Rio's subsidiary Turquoise Hill Resources Ltd owns a 66 percent stake in the mine, with the Mongolian government owning the remainder. Rio has been producing at the mine for several months, and has been aiming to start exporting by the end of June. But it has said since February it would not start shipping until it resolved a range of disputes with the Mongolian government.<\/span><\/p>\n

\n\t <\/span><\/p>\n

\n\tA new IPO today for Virtus<\/span> Health Limited (VRT<\/span>) has opened at $6.07, up from an offer price of $5.68. The new shares traded as high as $6.22, and boosted a large portion of the healthcare sector. Today's action has increased confidence for future IPOs<\/span> in Australia.<\/span>
\n\t <\/p>\n

\n\tAustralia's shale gas reserves could be <\/span>as much as ten-times the existing known gas reserves<\/span>, according to a US government report. The US Department of Energy found that there are sufficient shale oil and shale gas reserves globally to fuel demand for several years, at least, on present estimates. The study found <\/span>Australia has an estimated 437 trillion cubic feet of recoverable shale gas reserves<\/span>, ranking behind Mexico, but ahead of South Africa.<\/span><\/p>\n

\n\t <\/span><\/p>\n

\n\tThe NAB business survey for May has reported that business conditions improved slightly but <\/span>remain weak<\/span>, while business confidence was ''mediocre<\/span>'' as mining capital expenditure reached its lowest in more than a decade, a monthly private survey has found. <\/span>The business conditions index for the month was minus 4, up from minus 6 in April, despite a falling Australian dollar and an interest rate cut. <\/span><\/span>The business confidence index remained unchanged at minus 1. The capital expenditure index was at a <\/span>four-year low<\/span>, driven by a sharp fall in mining capital expenditure by 33 points to -44, the worst since the start of the survey in 2002. NAB chief economist Alan Oster<\/span> said that the falling dollar and a lower cash rate of 2.75% would not stop unemployment from increasing to above 6% by the end of the year as the Australian economy adjusts to a shift away from mining-led growth.<\/span><\/p>\n

\n\t <\/strong><\/span><\/p>\n

\n\tHome loan approvals have risen in April. <\/span><\/span>Owner-occupied housing finance rose a seasonally adjusted 0.8% for the month, with 48,475 approvals, according to the Bureau of Statistics. Forecasts were for a rise of 2%, after the biggest jump in home loans for four years in March. Total housing commitments dropped by 0.2% in April to $22.7 billion.<\/span><\/p>\n

\n\t
\n\tAUD is currently trading at <\/span><\/span>$0.9508, down $0.0083 <\/span><\/b><\/span>against the USD.<\/span><\/span><\/p>\n

\n\t <\/p>\n

\n\tTop Performers<\/strong><\/p>\n

\n\tDiscovery Metals Limited ((DML<\/span>)) up $0.03 or 18.75% to $0.19
\n\tMaverick Drilling and Exploration Limited ((MAD)) up $0.02 or 6.56% to $0.325
\n\tSirtex<\/span> Medical Limited ((SRX<\/span>)) up $0.71 or 6.18% to $12.19
\n\tPaladin Energy Limited ((PDN<\/span>)) up $0.045 or 4.79% to $0.985
\n\tFleetwood Corporation Limited ((FWD)) up $0.16 or 4.64% to $3.61<\/span><\/p>\n

\n\tBottom Performers<\/strong><\/p>\n

\tMedusa Mining Limited ((MML<\/span>)) down -$0.32 or -13.56% to $2.04
\n\tMirabela<\/span> Nickel Limited ((MBN<\/span>)) down -$0.013 or -8.67% to $0.137
\n\tOceanagold<\/span> Corporation ((OGC<\/span>)) down -$0.16 or -8.38% to $1.75
\n\tNRW<\/span> Holdings Limited ((NWH<\/span>)) down -$0.078 or -7.22% to $1.002
\n\tCoalspur<\/span> Mines Limited ((CPL<\/span>)) down -$0.018 or -6.92% to $0.242<\/span><\/p>\n

\tOur Comments<\/strong><\/p>\n

\n\tNot as good of a day as I was expecting today, would have liked to have seen double the gains after the positive price action in the US <\/span>on Friday<\/span><\/span>.<\/span><\/p>\n

\n\t <\/span><\/p>\n

\n\tStill think we have seen a pretty major low here for possibly a b-wave rally or a continuation of the uptrend.<\/span><\/p>\n

\n\t <\/span><\/p>\n

\n\tWe will look to get fully invested in the model portfolio here very soon.<\/span><\/p>\n

\n\t <\/span><\/p>\n

\n\tPlease tune into Sky Business tonight at <\/span>8pm<\/span><\/span><\/span> <\/span>for "Your Money Your Call" where I will be appearing as a guest expert.<\/span><\/p>\n

\n\t
\n\t(For a more comprehensive summary of last night’s market action see FNArena’s<\/span><\/a> Overnight Report.)
\n\t <\/p>\n

\n\tRe-published with permission. Views expressed are not by association FNArena's<\/span> (see our disclaimer).<\/em><\/p>\n

\n\tStephen Hogan is an Authorised<\/span> Representative of Novus<\/span> Capital. Authorised<\/span> Representative No.345411 – http:\/\/www.stephenhogan.com.au<\/a><\/em><\/p>\n

\n\tNovus<\/span> Capital Limited ("Novus<\/span>") is holder of Australian Financial Services Licence<\/span> No 238 168. Novus<\/span>, its directors, officers, associates and employees each declare that they, from time to time, may hold interests in financial products and\/or earn brokerage, commission, fees or other benefits from financial products mentioned in this e-mail or attached documents. Unless specifically stated within this e-mail or an attached document, any information communicated by this e-mail constitutes unsolicited general financial product advice which has been compiled without regard to any investor's individual objectives, financial situation or needs. It is not specific advice for any particular investor. Before making any decision about the information provided, you need to consider the appropriateness of this information having regard to your individual objectives, financial situation and needs and consult your adviser. Any indicative information and assumptions used here are summarised<\/span> and also may change without notice to you, particularly if based on past performance or relate to a future matter.<\/em><\/p>\n

\n\tNovus<\/span> believes that any information or advice (including any financial product recommendation) contained in this document is accurate when issued but do not warrant its accuracy or reliability. Novus<\/span> is not obliged to provide you with updated information or advice if circumstances change. Novus<\/span>, its directors, officers, associates and employees exclude to the full extent permitted by law, all liability of any kind whether in negligence, contract, under a fiduciary duty or otherwise, for any loss or damage, whether direct, indirect, consequential or otherwise, whether foreseeable or not, arising from or in connection with this e-mail or an attached document.<\/em><\/p>\n

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A wrap of the day’s activity on the Australian stock market.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/61978"}],"collection":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/comments?post=61978"}],"version-history":[{"count":0,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/61978\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media?parent=61978"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/categories?post=61978"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/tags?post=61978"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}