Roy Keenan from Yarra Capital Management shares insights with James Dunn from The Inside Network on the role of active management. The Inside Adviser
After the Hayne Royal Commission many advisers decided to steer away from large dealer groups in favour of becoming self-licensed. In the last six months, however, that trend has taken an abrupt turn.
ASX gains 0.3% led by energy and materials
ASX finishes higher, miners continue to run, Sydney Airport deal increased
The ASX200 (ASX: XJO) overcame another negative lead to finish 0.3% higher with both energy and materials central to the positive result.
The energy sector was 1.2% higher as the likes of Woodside Petroleum (ASX: WPL) and Santos (ASX: STO) gained on the back of approximately 1 million barrels of supply being switched off due to Hurricane Ida in the US.
Domestic player Cooper Energy (ASX: COE) also added 4.4% after inking a new gas sale agreement with AGL Energy (ASX: AGL) which covers the Casino, Henry, Netherby and Otway assets.
Iron ore fell to a seven-month low, but still a remarkably strong price given the pandemic. But it was the gold miners standing out.
Silverlake (ASX: SLR) jumped 5.4% and Evolution (ASX: EVN) 4% despite the US dollar gold price, with investors seemingly turning to the inflation hedge following last week’s stronger than expected producer price inflation result.
Listed pub group Redcape (ASX: RDC) will be taken private in a buy back deal just a few short years after listing; shares were 9.6% higher on the news.
AMA completes recapitalisation, Sydney’s holds on, Copper mind paused
The hard-line played by Sydney Airports (ASX: SYD) board appears to have paid off with shares rallying 4.6% on an improved offer from the Industry Funds Management consortium.
The group improve their $8.45 per share offer to $8.75 valuing the company at over $23 billion, making it one of the most expensive airports in the world.
The Australian Super and Q Super backed buyers have been approved to undertake due diligence, but shares continue to offer a small margin of profit, trading at $8.37.
BHP and Rio Tinto’s (ASX: RIO) copper play in Arizona looks to be on hold after the government passed a bill to cancel its development; neither share price was impacted.
AMA Group (ASX: AMA) looks be recovering from a near death experience, successfully raising a highly dilutive $50 million from institutional investors with a similar amount to be requested from retail shareholders.
The company was placed into a trading halt following its auditor flagging concerns in their annual report, but management have acted quickly to reposition the company; shares were 6% higher.
Market drifts higher, Alibaba hit again, Apple release ahead
US markets broke a five-day losing streak, with the Dow Jones leading the way up 0.8% on the back of another positive outlook statement from oil cartel OPEC.
The S&P 500 was held back by the big tech names up just 0.2% and the Nasdaq down 0.1% once again.
The market and investors are struggling to find direction, preferring to move on company specific announcements or new economic data to reposition portfolios, which is actually a positive for longer term investors willing to buy and hold.
Apple (NYSE: AAPL) was flat despite confirming their latest product launch will go ahead on Wednesday US time with investors and tech geeks alike waiting to hear about the latest updates.
Alibaba (NYSE: BABA) fell on 4% on Asian markets but only 1.6% in the US after the regulator reportedly ramped up pressure to break up the all-conquering payments app, Alipay.
China remains a fertile hunting ground but primarily for those sectors outside of the regulators eye. Finally, the US Government has proposed a 2% tax be applied to popular stock buyback strategies as they seek to balance the budget.
