Metcash shares eased yesterday to an eight month low yesterday after the company cut its 2011 full year profit forecast in half.Metcash said underlying earnings growth is now expected to be in the range of 3% to 5% - down from the previously forecast 6%-8%.The group joined its bigger rival Woolworths in cutting its earnings guidance for the full year.Woolies new guidance is for earnings growth of ...
The Lowy Family's hold on Westfield Group was eased a touch yesterday with David Lowy stepping down (along with long time director, David Gonski), and 80 year old co-founder frank Lowy stepping back to be a non-executive chairman.The news, conveyed to the market in this announcement had little impact on the securities of Westfield Group; they closed down 7c at $9.57 in a market that was weake...
- Outsourcing and recruitment company Chandler Macleod delivered a standout interim profit result - Further growth expected - Stockbroker Moelis rates stock a BuyBy Chris ShawChandler Macleod is a human resources outsourcing and recruitment company that operates on both the recruiting and contracting sides of the blue-collar, office support, technical IT, health professional and executive markets....
The Australian Dollar has opened lower today after a weak night in US equities driven by renewed concern about the price of oil with a 4% rise in WTI and Brent oil.
The Australian Dollar had a mixed day's trade onshore during Asia yesterday with a better than anticipated 0.4% increase in retail sales initially pushing the Aussie to very briefly test 1.0200. Markets then proceeded to gravitate down from this high and further ground was lost in the afternoon off the back of the RBA's interest rate statement.
U.S. stocks fell hard Tuesday as oil approached $100 a barrel and Federal Reserve Chairman Ben Bernanke said rising energy prices could dent the recovery. The Dow Jones Industrial Average fell 147.04 points, or 1.2%, to 12,078.30, with 24 of its 30 components in the red.
US ISM manufacturing rose from 60.8 to 61.4 in January - marking the highest reading in seven years. The new orders sub component also hit a seven year high. The employment sub index rose to its highest reading since 1973.
By Alexander Green, Chief Investment Strategist Monday, February 28, 2011: Issue #1458Two weeks ago, I spoke at The World Money Show in Orlando – one of the largest investment conferences in the country. More than 11,000 investors registered to attend. (Unfortunately, the conference room was far too small. It filled up half an hour before I spoke and we ended up turning away a couple of hund...
By Greg PeelThe Dow fell 168 points or 1.4% while the S&P lost 1.6% to 1306 and the Nasdaq lost 1.6%.The Madman of Tripoli will not go easily as hoped, and reports suggest Gaddafi's forces have regained control of oil terminals east of the capital. The UN is now applying sanctions and the US has frozen US$30bn in Libyan assets, but resolution, it appears, will not be as swift as that in Egypt.Mean...
- GDP up 0.7% qoq and 2.7% yoy in line with consensus- Mixed result suggests offsetting weakness in Q1- No reason for RBA to move until the second halfBy Greg PeelAustralia's gross domestic product grew by 0.7% in the December quarter over the September quarter and 2.7% over the December quarter 2009. The result represents a solid increase on the September quarter growth rate of 0.1% (revised down...
No rate rise from the Reserve Bank yesterday and no concern, yet about the outlook.A sort of steady as she goes statement from the Governor Glenn Stevens after the board meeting.The impact of the Queensland and Victorian floods, plus Cyclone Yasi seems not to be as big a fear as it was a month ago.Mr Stevens said, "The effects of the natural disasters over the summer have reduced output, but produ...
The Australian stock market has indefinitely been derailed by its new system, prompting officers to close the market earlier today.
The Reserve Bank of Australia board has decided to leave the cash rate unchanged at 4.75 per cent at its monthly meeting today.
Official figures released today by the Australian Bureau of Statistics revealed an improvement in retail trade in January. However, Australia's current account deficit has worsened.
Despite the impact of the severe weather conditions, Australia has positive prospects for agricultural production and exports, according to the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES).
The Australian Prudential Regulation Authority (APRA) has clarified the treatment of high‑quality liquid assets it will apply when implementing the new global liquidity standard announced by the Basel Committee on Banking Supervision (Basel Committee) in December 2010.
By Greg PeelIndustry consultant TradeTech's indicative uranium spot price was set at the end of last week at US$67.50/lb, down US$1.00 from the previous week. This follows a US$4.25 drop the week before and the first drop following the big run-up, of US25c, the week before that.So that makes three down weeks but TradeTech suggests there are signs the spot price is stabilising. Nervous sellers rema...
Comments from a Chinese banker pertaining to monetary policy saw the Australian Dollar finish yesterday's local session almost half a cent higher.
U.S. stocks were mixed Monday as oil prices paused from their recent rally while investors were encouraged by comments from a top Federal Reserve official.
US personal spending rose by a less than expected 0.2pct in January - marking the seventh straight month of gains.
With little influential data released during the offshore session the AUD traded fairly flat, opening only slightly higher this morning at USD1.0180.
By Greg PeelThe Dow rose 95 points or 0.8% while the S&P gained 0.6% to 1327 and the Nasdaq was steady.There was a lot going on in the Monday session to give stocks a further kick along. Firstly it was month-end, when often fund managers push up prices to make their returns more appealing. Given blue chips are in favour at present we can see a bit of influence here in the Dow's outperformance.Then...
- Upside risk to tomorrow's Q4 GDP result- Q1 data mixed to date- RBA going nowhereBy Greg PeelBefore we get to the RBA's monetary policy statement for March, let us review some of the recently released economic data.It's at this time of the quarter that economists are furiously rejigging their Australian GDP forecasts, given the raft of quarterly data released only days before the actual GDP resu...
Just when many analysts thought iron ore prices couldn't go much higher there's news of another round of big price rises in the offing.In fact the huge surge in profits seen in the last half of 2010 will be repeated this half, and especially the June quarter with prices up 40% or more above a year earlier.BHP Billiton, Rio Tinto and other iron ore exporters are looking for a surprise 20%...
No change in the economy's current sluggish pace, judging by yesterday's data.Headline inflation remains reasonably high, driven by the rain and flood damage to vegetables and fruit, business credit is subdued, business stocks rose in the three months to December, corporate profits fell slightly and wages and salaries were up a touch.Nothing will influence the Reserve Bank at its board m...
Guess which company is now a stockmarket darling, despite a second half profit warning yesterday?Why, it's Queensland railway operator, QR National, the stock many local fund managers spurned in the noisy privatisation late last year.Now they want it because it's showing some potential, but more importantly it is about to be included in a number of major market measurement indexes, and f...
The Australian market has started off the week a little lower for the fifth day out of the last six. The All Ordinaries index (XAO) is down 0.2 pct or 12.1 pts to 4912.8. Most sectors are in the red at lunch, however the energy sector is gaining quite strongly after a few hours of trade.
In its first results since a $4.6 billion privatisation by the Queensland government in November, QR National said revenues in the six months to the end of December rose 18 per cent to $1.75bn from $1.48bn.
(This story was originally published on 17th February, 2011. It has now been re-published to make it available to non-paying members at FNArena and to readers elsewhere).- Post-GFC, investors are seeking safer risk/reward profiles- Managed property remains a popular investment- Unlisted trusts have experienced much lower return volatility this past decade than other assets- The burgeoning pool of ...
(This story was originally published on Wednesday, 23rd February, 2011. It has now been re-published to make it available to non-paying members at FNArena and to readers elsewhere). - it would seem my personal indicator has once again correctly indicated the share market was overheated- as long as investor sentiment remains positive towards the US economy, any pull backs are likely to remain benig...
