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Consumers show confident start to 2018

Consumer confidence is up again – possibly with some help from the cancellation of a planned rail strike in Sydney – and showing encouraging signs of building momentum, new figures indicate. ANZ-Roy Morgan Australian Consumer Confidence rose 1.3 per cent last week to 120.9 points after it fell 3.3 per cent the prior week. The…

Evolution on track for production guidance

Gold miner Evolution says it is on track to “comfortably” meet its full-year guidance, despite a fall in gold production in the December quarter after it sold a mine in Western Australia. Gold production in the three months to December 31 fell to 186,488 ounces from 220,971 ounces in the September quarter – which included…

Newcrest’s quarterly gold output jumps

Newcrest Mining’s gold production rose 17 per cent in the December quarter, as output increased at four of its mines. Australia’s biggest gold miner produced 612,695 ounces of gold in the three months to December 31, up from 522,917 ounces in the September quarter. Copper output rose nearly 34 per cent from the preceding quarter…

Sirtex agrees to $1.6b US takeover

Australian-based liver cancer treatment developer Sirtex Medical has agreed to a $1.6 billion takeover offer from US company Varian. Sirtex distributes a radiation therapy to more than 1,090 hospitals in over 40 countries, and currently has a market value of $1.05 billion. Varian, which is listed on the New York Stock Exchange with a market…

Stocks to watch

Stocks to watch on the Australian securities exchange: AD1 – APPLYDIRECT – up one cent, or 9.1 per cent, at 12 cents Shares in recruitment technology company ApplyDirect are up after the company announced it will work with Google on a potential push into the Australian job search market. EVN – EVOLUTION MINING – down…

$A up despite falls in overseas markets

The Australian dollar is slightly higher despite falls on Wall Street overnight. At 0640 AEDT on Monday, the local currency was worth 81.00 US cents, up from 80.89 cents on Monday. In overnight trade, gold and precious metals suffered falls but base metals managed to eke out some gains. CURRENCY SNAPSHOT AT 0640 AEDT One…

Petrol jump fails to spark inflation

Motorists won’t be surprised to find petrol prices jumped 10 per cent in the run-up to Christmas, but struggling households may find it difficult to believe other prices are in check. The consumer price index rose 0.6 per cent in the final three months of 2017, smaller than some economists had been expecting. This left…

Miners, energy drag on Australian shares

Australian shares have opened lower dragged down by falls in energy and mining stocks and after Wall Street backed off from record levels they reached last week. The benchmark S&P/ASX200 index was down 0.5 per cent at 6,044.2 points after the first half-hour of trade on Tuesday with all sectors weaker, except for telco stocks….

Asia News Agenda Tuesday

ASIA NEWS AGENDA ON TUESDAY+ 70th anniversary of assassination of India’s ‘father’ Gandhi + Duterte visits city devastated after militant siege  INDIA– India remembers its independence icon Mahatma Gandhi, 70 years after he was assassinated in New Delhi  PHILIPPINES– Philippine President Rodrigo Duterte visits the battleground southern city of Marawi, which government forces retook last year after a…

IG Research – The long and the short of it

There was always a worry that sentiment had got a little crazy, with a number of red flags around market euphoria being highlighted by traders and strategists.We talked last week about the ability for traders and investors to look at hedging strategies, with the saying ‘hedge because you can, and because it’s cheap, and not…