Investment Ideas From the Edge of the Bell Curve
The ASX 200 rose by 0.40% to 7,015.2 today, lifted by strong performances of gold miners and Real Estate (+1.48%).
The worst-performing sector today was Energy (-1.01%) weighed down by oil prices. Oil remains subdued as infighting between Opec members has left Thursday’s meeting in the balance. African OPEC members are grumbling about future quotas as they look for more investment in their aging fields.
Top performer on the ASX 200 was Emerald Resouces (+4.82%) and National Storage REIT (+3.38%).
The worst performers were Bapcor (-2.47%) and John Lyng Group (-2.30%).
Plenti Group [ASX:PLT] has seen its shares jump by 76.5% to 60 cents today on the news NAB may acquire up to 15% of the personal lender.
Floor prices for the two placements next year are set at 90 cents and $1.20.
NAB has said it is partnering with Plenti for secured auto/EVs and renewables lending.
NAB’s Executive, Personal Everyday Banking Paul Riley, said:
“We’re excited to launch our first products with Plenti next year, and we look forward to working with Plenti to explore ways to expand the strategic partnership further.”
“The use of electric vehicles and environmentally sustainable products in the household is becoming more common in Australian homes and we’re keen to support our customers transition to a low emissions future.”
Collins Foods [ASX:CKF] shares are up by 9.31% today as the company released strong HY24 results today that showed the company outperforming the sector.
Revenue for the company is up 14.3% to $696.5 million for the half-year ending 15 October.
Underlying earnings from continuing operations climbed 16.7% to $109.9 million, with a statutory net profit of $50.5 million.
Compared with the net profit of $11 million in HY23, the company has clearly seen strong brand resilience as consumers adjust spending in the face of rising cost of living.
Commenting on the results, CEO Drew O’Malley said
‘Performance in the first half has highlighted the underlying strength of our business, and the resilience of the QSR sector in challenging economic conditions. Our approach to value has continued to deliver solid topline, same store sales, and earnings growth across the Group.’
The ASX 200 is up 0.47% at 7,020.3 in early afternoon trading as most sectors remain in the green. Top performers are Real Estate (+1.55%) and Health Care (+0.90%).
The worst-performing sector today is Energy (-0.68%), with prices falling with the continued downward pressure on oil prices.
In individual performances, John Lyng Group is down -1.97% as the worst performer on the ASX 200, while Cprpmadp Global Resources is up 4.92% as the top stock.
In company news, Imugene is up nearly 10% after receiving special FDA approval for its new cancer drug, while Origin (-0.65%) continues to drop following uncertainty over the takeover deal.
Gold miners are continuing to rally along with higher gold prices. Gold has climbed over the US$2,000 mark on expectations of a pause in the Fed’s interest rate hikes. Shares in mining giants and banks were also in the green today.
Pointsbet [ASX:PBH] is up by 2.74% this morning after affirming its revenue growth targets for fiscal year 2024 at its AGM meeting today.
The company also commented on its sale of US business, saying:
‘The sale of our US business to Fanatics marks the beginning of an exciting new chapter for our company. PointsBet Holdings Limited will continue as an ASX listed company, owning the Australian and Canadian businesses and retaining ownership of our proprietary sports wagering and iGaming technology platform that is currently used in both the Australian and North American markets’
‘The Company also retains exposure to an early stage North American market via the Canadian Trading Business. In Canada, PointsBet is live in the sports wagering and iGaming market in Ontario’
The company sold its US segment in June for US$225 million.
Retail sales fell -0.2% MoM, showing spending down across all categories apart from food.
The October data could be attributed to consumers putting discretionary spending on hold in anticipation of Black Friday sales in November and Christmas spending.
It’s just one data point so it’s hard to tell for now, but if this trend continues through the next few months it could be tough times ahead for Australian retail.
Weaker than expected retail sales with nominal spending lower across all categories apart from food. pic.twitter.com/pbgtBtPSqx
— Alex Joiner 🇦🇺 (@IFM_Economist) November 28, 2023
The latest November housing numbers show house prices softening across Australia’s largest cities.
It seems peak immigration is behind us, so where that leaves house prices from here could be an open question.
CoreLogic Nov mth to date home prices:
Syd +0.3%…falling for last few days
Mel -0.1%..same
Bri +1.1%
Ade +1.2%
Per +1.7%
5 cap cities +0.5%mom (+0.6% mths)
The softening in S & M is consistent with falling clearance rates. The rebound looks to be over! Expect lower prices ahead pic.twitter.com/0VZ4EvVYgM— Shane Oliver (@ShaneOliverAMP) November 28, 2023
Imugene [ASX:IMU] has seen its shares jump this morning after the company was granted Fast Track designation from the US Food and Drug Administration (FDA) for the clinical evaluation of its metastatic advanced solid tumours programme against forms of cancer.
The fast-track designation means Imugene can regularly meet with the FDA to discuss the plan for the drug and receive priority review after the trial.
The bile duct cancer product known as Vaxinia will start a phase 1 trial across 12 states in the U.S. and Australia.
Imugene CMO Dr Paul Woodard said, “We are very encouraged to received Fast Track Designation by the FDA. We have received a high level of interest from clinicians in the emerging data from the difficult to treat bile duct cancer patient population”.
Good morning all, Charlie here
The ASX 200 opened flat this morning, with futures pointing to small gains today.
US Benchmarks fell modestly overnight with a quiet post-Thanksgiving session, while dropping treasury yields provided some support for indices to recover in the week.
Deutsche Bank and BMO forecasted the S&P 500 to rise more than 10% in 2024, while Gold hit a six-month high.
Wall Street: Dow -0.16%, Nasdaq flat, S&P 500 -0.20%
Overseas: FTSE -0.39%, STOXX -0.40%, Nikkei -0.53%, SSE -0.30%
The Aussie dollar gained +0.39% to US 66.08 cents, almost hitting a four-month high as the US Dollar Index dropped on bets that the Fed has finished raising rates this cycle.
US 10-year bond yield -8bps to 4.39%. Australian 10-year bond yields -6bps to 4.48%.
Gold is up +0.58% to US$2,014.22. Silver is up 1.31% to US$24.65.
Bitcoin fell -2% to US$36,994.47. Ethereum also dropped -3% to US$2,014.25.
Oil prices are down for a third day as oversupply signals outweighed hopes of OPEC production cuts on Thursday.
Brent fell -0.58% to US$80.11, while WTI Crude fell -0.69% to US$75.02.
Iron ore gained +0.25% to US$130.16. Singapore iron ore futures fell -0.90% to US$132.65.
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Investment ideas from the edge of the bell curve.
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