Australian Stocks: What Happened Today?

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    [0] => Array
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            [0] => ((CCL))
            [1] => ((MQG))
            [2] => ((FMG))
            [3] => ((WES))
            [4] => ((EWC))
            [5] => ((DMP))
            [6] => ((MND))
            [7] => ((DCG))
            [8] => ((SRX))
            [9] => ((MIN))
            [10] => ((TEN))
            [11] => ((CDU))
            [12] => ((SIR))
            [13] => ((PDN))
        )

    [1] => Array
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            [0] => CCL
            [1] => MQG
            [2] => FMG
            [3] => WES
            [4] => EWC
            [5] => DMP
            [6] => MND
            [7] => DCG
            [8] => SRX
            [9] => MIN
            [10] => TEN
            [11] => CDU
            [12] => SIR
            [13] => PDN
        )

)

This story features CUSCAL LIMITED, and other companies.
For more info SHARE ANALYSIS: CCL
The company is included in ALL-ORDS and ALL-TECH

By Stephen Hogan, Senior Private Client Adviser, Equities/Derivatives

Australian Market

The Australian market closed down -18.3 points or 0.35% at 5234.2 today. A third day of loses on the XJO, following drops on global markets amid continuing confusion over the U.S. Federal Reserve's taper course. A poor lead from overseas causing some more widespread selling, minus the energy sector. We had a similar day on the market as Monday, opening lower, although heading lower through to lunch. We hit the daily low of 5217.9 at 1:08pm then made a push higher. Overnight in the U.S. the Dow Jones dropped 0.32% and the S&P 500 fell -0.47% with uncertainty surrounding the US Federal Reserve's next move. The best performing sector for the day was Energy, rising 0.27% and the worst was Gold followed by Material and Metals and mining, falling -0.90% and -0.62% for both.

The Abbott government has set new targets for NBN Co and asked it to continue to roll out fibre-to-the-premises until a review is completed. Communications Minister Malcolm Turnbull today released an "interim statement of expectations" for NBN Co – the company managing Australia's biggest infrastructure project, the national broadband network. The statement will guide NBN Co pending changes to its board, a strategic review, an independent audit and work on a new corporate plan.

The current head of the Australian Chamber of Commerce and Industry (ACCI) Peter Anderson is stepping down as chief executive in January, after six years in the role. ACCI president Richard Holyman said Anderson's successor will be named by the ACCI board after a full recruitment process.

Nine Entertainment's shareholders have decided to hold the company's $3 billion float in the first two weeks of December, according to the Australian. The newswire quotes sources saying Nine's shareholders (U.S. hedge funds Apollo and Oaktree) believe the most logical time to list is December as lower interest rates and strengthening global markets propel the sharemarket higher. Apollo and Oaktree have also been encouraged by an uptick in the local advertising market and the Coalition victory that has boosted business confidence, it says. The company had been expected to launch an IPO in November or December. The Nine float would value the company at an earnings before interest tax and depreciation multiple of just over nine times.

Coca-Cola Amatil Limited ((CCL)) is re-entering into the Australian beer and cider market after a two-year absence, growing its senior management by appointing the former boss of Campari as its new director of licensed alcohol. A new management structure sitting underneath CCL's Australian beverages managing director, John Murphy, has also been put in place that will span all of the company's alcoholic offering in the local market including beer, cider and spirits. The new hire comes as CCL is poised to unveil a fresh assault on the $11 billion Australian beer and cider market from December 17 after agreeing to stay away from the sector for two years.

Macquarie Group Limited ((MQG)) expects its profit to rise this financial year, so long as financial market conditions continue to improve. In a presentation to be delivered to analysts in Hong Kong this week, Macquarie reiterated its guidance of profit growth in its fiscal year to March 31, 2014. The company made an $851 million profit in FY13.

Fortescue Metals Limited ((FMG)) boss Andrew Forrest is reported to have bought another $23 million worth of shares in FMG. Forrest added another 5,207,812 shares to his majority stake in the company over recent days, in a series of on market purchases. The transaction was worth around $23,609,032, which boosts Forrest's stake in FMG to 32.78%. Forrest paid out a dividend in August which earned Forrest than $102 million.

Wesfarmers Limited ((WES)) backed Coles Insurance is moving in on insurance giants Suncorp Group and IAG, selling 220,000 car and home policies since 2010, according to media reports. More than 75% of all policies sold by Coles Insurance since June were for motor vehicle insurance, with the remainder for home cover.

AUD/USD is currently trading at $0.9415, down -$0.0014 against the USD.

Top Performers

Energy World Corporation Limited ((EWC)) up $0.03 or 6.00% to $0.53

Domino's Pizza Enterprises Limited ((DMP)) up $0.74 or 5.86% to $13.36

Monadelphous Group Limited ((MND)) up $0.78 or 4.09% to $19.83

Decmil Group Limited ((DCG)) up $0.09 or 3.95% to $2.37

Sirtex Medical Limited ((SRX)) up $0.45 or 3.37% to $13.80

Bottom Performers

Mineral Resources Limited ((MIN)) down -$1.11 or -9.20% to $10.95

Ten Network Holdings Limited ((TEN)) down -$0.02 or -6.78% to $0.275

Cudeco Limited ((CDU)) down -$0.13 or -5.88% to $2.08

Sirius Resources Limited ((SIR)) down -$0.13 or -4.92% to $2.51

Paladin Energy Limited ((PDN)) down -$0.025 or -4.59% to $0.52

Our Comments

The market will continue to hold up well in my opinion whilst U.S. markets experience a little more weakness in the short term.

(For a more comprehensive summary of last night’s market action see FNArena’s Overnight Report.)
 

Re-published with permission. Views expressed are not by association FNArena's (see our disclaimer).

Stephen Hogan is an Authorised Representative of Novus Capital. Authorised Representative No.345411 – http://www.stephenhogan.com.au

Novus Capital Limited ("Novus") is holder of Australian Financial Services Licence No 238 168. Novus, 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 and also may change without notice to you, particularly if based on past performance or relate to a future matter.

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