The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. Japan is firing up another of it's idled nuclear reactors....Uranium is in a very nice BULL MARKET....BUY URNM.
2. Blue Bet odds for the VOICE have the NO vote paying $1.11 and the YES @ $5.65....In other words NO is just about an unbackable favourite.
3. Malaysia announced they plan on banning exports of rare earths....Lynas (LYC) has a processing plant in the country but there was no comment from the company - maintain BUY.
4. Cattle futures hit another record all time high....BUY Australian Agriculture (AAC)
5. Platinum Asset Management (PTM) fell 7% to hit a fresh all time low - another $912 million in outflows was the culprit....Some of these financials that have been decimated now look very cheap on paper and could be takeover targets, but I am maintaining my AVOID rating on the sector - more pain is coming.
ASX Market Update
ASX 200 up 14 points to 7206
Bit of a mixed bag on our market - financials were weaker, while resources finished higher....Hospital owner/operator Ramsay (RHC) put on 2.3% on news that they are close to selling out of their Asian JV which should fetch around US$1.5bn. I don't blame them for wanting to exit as I'm sure running hospitals in Indonesia and Malaysia are an absolute nightmare - so good riddance. RHC is an EASY BUY in my book!
My Mum who is a chocoholic, is not going to like this one little bit....second wave of inflation could be a doozey.
Chocolate lovers look away— 🍪 🧒 ®© (@solo_dio_) September 11, 2023
Ghana has raised the state guaranteed cocoa price paid to its farmers by more than 63 per cent in a bid to boost their income
Cocoa futures have hit 46-year highs due to concerns over tight supplies from Ghana and the surrounding region where most…
The Day Ahead
- Our SPI is down 20 points
- Bitcoin up 4% to $26,085
Movements affecting our resource stocks today (USD)
- BHP in the US down 0.1%
- Newmont down 0.3%
- Gold down 0.6% to $1935
- Paper Silver down 0.12% to $23.35
- Platinum up 1.2% to $913
- Copper down 0.47% to $3.78
- Brent Crude up 1.64% to $92.13
- Iron ore up 1.5% to $119.05
Asian Market Update
Japan up 0.95%, China down 0.18% and Hong Kong off 0.39%
More positive news for URANIUM....
Japan moves forward with plans to restart another idled nuclear reactor 🇯🇵 ☢️
📅 Chugoku Electric will restart Shimane No. 2 in Aug. 2024
👉 Japan will have 14 of its 33 reactors online by this time next year
🏃♂️ The gov’t is pushing for more nuclear, but restarts have been slow pic.twitter.com/0ov2oZ5V2C
— Stephen Stapczynski (@SStapczynski) September 11, 2023
Global Market Update
DOW down 17 points to 34,645
APPLE shares fell 1.71% on its latest iPhone launch....For those calling the end of inflation definitely won't notice that they are putting prices up by around 10%!
Brits up 0.41%, Germans off 0.54% and Frogs down 0.35%
Despite another strong night for Brent Crude futures, Shell shares only closed slightly higher and BP fell 1.32%. Sort of feels like the stock market doesn't believe higher OIL prices are going to stick around - let's see about that.
Key Market Summary