Wren Advisers Daily Update
Summary: Friday 18-October-2019
Australia Value Chg
S&P/ASX All Ordinaries Index 6,758.4 -33.1
S&P/ASX 200 Index 6,649.7 -35.0
ASX Volume (million) 1,966.0 -251.6
ASX Advances 518 ---
ASX Declines 600 ---
ASX Value ($ million) 5,688.9 -1,344.5
RBA cash rate 0.75 0.00
90 day bank bill rate 0.85 0.00
10 year Treasury bond yield     ---     ---
AUD/USD 0.6831 0.0046
AUD/TWI 59.5 0.3
USD/JPY 108.58 -0.16
EUR/USD 1.1122 0.0046
Asia Value Chg
Nikkei 225 Index     ---     ---
Hang Seng Index     ---     ---
Europe Value Chg
FTSE 100 Index     ---     ---
DAX Index     ---     ---
North America Value Chg
Dow Jones Industrial Average     ---     ---
NYSE Volume (million)     ---     ---
NYSE Advances     --- ---
NYSE Declines     --- ---
NASDAQ Composite Index     ---     ---
NASDAQ Volume (million)     ---     ---
NASDAQ Advances     --- ---
NASDAQ Declines     --- ---
US 3 month Treasury bill rate     ---     ---
US 10 year Treasury bond yield     ---     ---
Commodities Value Chg
London PM gold price (US$/oz)     ---     ---
WTI crude oil price (US$/bbl)     ---     ---
Market News
Australian share market slumps with every industry sector closing in negative territory. Financial and wealth management stocks are the key outperformers, especially IOOF Holdings (IFL) +3.6%, Challenger (CGF) +2.9%, AMP +2.4% and Steadfast Group (SDF) +1.7%. Several base metal stocks also post good gains but defensive sectors like consumer staples, REITs and utilities struggle.

S&P/ASX 200 Intraday

Buy now, pay later operators plummet after the Reserve Bank (RBA) Payments System Board annual report confirms it will probe the sector as party of its 2020 review of card payments regulation. Afterpay Touch Group (APT) -8.0%, Zip Co (Z1P) -7.5%, FlexiGroup (FXL) -3.4% and Splitit Payments (SPT) -2.2%.

Chinese GDP grows by 6.0% in the year ending September 2019, down from 6.2% in the year to June and below the 6.1% expected by analysts.

Seven West Media (SWM) climbs 1.3% after announcing plans to merge with Prime Media Group (PRT) through a 100% scrip-based scheme of arrangement and divest its Western Australian radio assets (Redwave) to Southern Cross Media for $28 million. SXL shares gain 2.3%.

Mount Gibson Iron (MGX) sheds 2.1% even though it reports total iron ore sales of 1.375 million wet metric tonnes in the September quarter, up 126.5% on the previous quarter and 19.7% higher than a year ago.

S&P/ASX Sector Indices (% change)

Sydney Airport (SYD) sinks 2.6% despite news of a 1.4% rise in passenger traffic during September 2019. Domestic passenger numbers were up 1.2% and international travelers were up 1.9%.

Propel Funeral Partners (PFP) slips 0.3% after buying New Zealand-based Graham's Funeral Services for approximately $6.75 million in cash and $0.7 million in new shares.

St Barbara (SBM) plunges 9.0% after cutting the FY20 production guidance for its Gwalia operations from 200-210,000 ounces to 175-190,000 ounces.

Smartgroup Corporation (SIQ) slides 7.0% after key shareholder Smart Packages Pte Ltd sells its 25% stake in the company.

ASX Market Moving Stocks

WARNING: While all care has been taken in the preparation of this database (using sources believed to be reliable and accurate), we do not accept responsibility for any loss suffered by any person arising from reliance on this information. This update must not be reproduced in whole or in part without the express written consent of Wren Advisers. The information is of a general nature only and has not been prepared to take into account any particular investor's objectives, financial situation or needs. Investors should seek professional advice from a financial adviser before making any investment decisions based on this information. All figures in Australian dollars unless otherwise indicated.

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