Home / Daily Market Update / ASX edges ahead with casino bonanza
ASX edges ahead with casino bonanza
Daily Market Update

ASX on gold, Crown ‘unfit’ for license, GQG falls flat
 
The S&P/ASX200 (ASX: XJO) finished just 2 points higher on Tuesday, barely continuing the run of positive days.
 
The tech and consumer sectors were the only real positive contributors, the former gaining over 1%, with the utilities sector the biggest detractor falling by a similar amount.
 
Shares in Crown Resorts (ASX: CWN) nearly topped the market for the session, gaining 8.7% after the recommendations from the Victorian Royal Commission were announced.
 
The Commissioner found the company was not suitable to hold its casino license following a litany of anti-money laundering, organised crime and other activities been run through the casino without being identified.
 
Despite the finding, they commission recommended ‘special adviser’ be installed in the business to assess and support the rebuild of the company over the next two years.
 
Shares in Suncorp (ASX: SUN) fell 1% after the owner of AAMI and Apia brands flagged the cost of recent storm and earthquake claims could exceed half of the $980 million internal budget after a busy 12-month period; the result highlights the growing difficult facing insurance companies.
 
Ampol earnings boost, Mineral Resources goes top to bottom, Reliance to acquire EZ Flo
 
Ampol (ASX: ALD) reported a 75% increase in the earnings for the September quarter, hitting $102 million as the global energy crisis sent refining volumes and margins higher.
 
With the release of restrictions in Victoria and NSW, the company is well positioned to benefit from a return to normal levels of travel, including aviation; shares finished flat.
 
Highly touted fund manager GQG Partners (ASX: GQG) listed on the ASX today, but despite the fanfare the largest IPO of the year finished broadly flat.
 
Mineral Resources (ASX: MIN) went from top of the pops to bottom of the pile, falling 7% after delivering weaker than expected iron ore shipments and a 13% fall in lithium production.
 
Plumbing supplier Reliance Worldwide (ASX: RWC) gained 0.4% after delivering a solid trading update whilst announcing the acquisition of EX-FLO for $325 million.
 
The ‘complementary’ businesses addition highlights the foresight and understanding of management who continue to make accretive decisions amid their global expansion. 
 
US markets higher, Facebook beats as Apple privacy bites, GE earnings jump
 
The US markets continued their strong recent run, making it nine of the last ten sessions in positive ground.
 
Both the Nasdaq and Dow Jones finished 0.1% higher as industrials GE (NYSE: GE) rallied whilst the S&P 500 gained 0.2% despite a fall in Facebook (NYSE: FB) on a weaker outlook.
 
The company delivered another strong quarter but guided to a more difficult outlook, blaming Apple’s (NYSE: AAPL) new privacy rules for what is likely to be a fall in their advertising revenue.
 
The move will make it more difficult for advertisers to target their 2.91 billion users, which grew 6% for the quarter.
 
Revenue came in 10% below the US$34 billion expected, however earnings close to tripled from last years’ low base.
 
The company announced it will split out non-advertising revenue, in particular its virtual reality business, as it doubles down on being the key platform for the youth of the world.
 
Shares in GE rallied strongly, gaining on the back of a reversal of last year’s loss to post a strong profit for the quarter.
 
This despite revenue continuing to fall, down 0.5%, which has been a common story throughout earnings season.
 
US property markets continued their tear, with new home sales up 14% in September and prices close to 20% higher year on year.


Leave a comment

Your email address will not be published. Required fields are marked *

  • Related
    Daily Market Update
    ESG question answered: ‘green’ super funds outperform

    The Responsible Investment Association of Australasia delivered an early Christmas present for ESG investors and trustees alike, confirming the long-debated question as to whether ‘green’ or ‘responsible’ super funds outperform. The answer was a resounding yes for those funds that are categorised as leaders according to the RIAA’s extensive survey and due diligence process. The…

    Drew Meredith | 6th Dec 2021 | More
    Daily Market Update
    As adviser numbers dwindle, pressure turns to industry funds

    As the FASEA exam deadline of 1 January 2022 nears, the significant impacts on the financial advice industry continue to garner headlines. According to reports, total adviser numbers have now fallen to below 19,000 with many more set to leave in 2022. Similarly, statistics suggest there are as many as 2 million unadvised clients in…

    Drew Meredith | 6th Dec 2021 | More
    Daily Market Update
    Measuring impact key to delivering on UN SDGs

    Since their adoption, the 17 Sustainable Development Goals (SDGs) have been a mixed bag with a long list of lessons learned by United Nations member states and private market investors alike.  The 17 SDGs present an opportunity to invest in the sustainable future of people and the planet. The opportunities cover a wide array of…

    Ishan Dan | 6th Dec 2021 | More
    Popular
    1
    Evergreen ratings highlights new venture capital prospect
    Ishan Dan | 18th Nov 2021 | More
    2
    IN60 with Andre Roberts from Invesco
    The Inside Adviser | 18th Oct 2021 | More
    3
    INSight#118 with Ashok Bhatia from Neuberger Berman
    The Inside Adviser | 17th Nov 2021 | More
    4
    INSight #113 with Sebastian Evans from NAOS Asset Management
    The Inside Adviser | 15th Nov 2021 | More
    5
    As adviser numbers dwindle, pressure turns to industry funds
    Drew Meredith | 6th Dec 2021 | More
    6
    INSight#129 with Richard Quin from Bentham Asset Management
    The Inside Adviser | 15th Nov 2021 | More