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09/03/2016 Argonaut Morning Note

    Home Stockbroking & Research Morning Notes 09/03/2016 Argonaut Morning Note
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    09/03/2016 Argonaut Morning Note

    By admin | Morning Notes | 0 comment | 8 March, 2016 | 0

    Overseas Market Report – Stocks were lower after a five-session winning streak

    There was limited economic data from the U.S. Tuesday. However, trade data from China showed a plunge in February. Exports were off 25.4% year-over-year while imports were off 13.8%. The data rekindled fears of the impact of a Chinese slowdown on the global economy.

    At the close the Dow was off 0.6% while the S&P 500 lost 1.1% and Nasdaq fell 1.3%.

    Shares of Dick's Sporting Goods (DKS) were up slightly despite the firm reported worse-than-anticipated results. Same-store sales were down 2.5% and overall profit was down 17% due to warmer than usual weather. Management also provided first-quarter guidance that was short of analyst views.

    Two United Continental (UAL) shareholders, PAR Capital Management and Altimeter Capital Management, have launched an activist bid for six board seats. The investors are looking to make changes as the airlines stock performance has lagged peers. The news comes after the firm added three new board members yesterday. United management characterized the investor's move as a "hostile action."

    For Australian ADRs listed on the NYSE, BHP Billiton slipped $2.56 (8.78%) to $26.61, ResMed lost 15 cents (0.26%) to $57.95, Telstra Corporation lost 11 cents (0.58%) to $18.97, Spark New Zealand added 3 cents (0.25%) to $11.99 and Westpac declined 54 cents (2.24%) to $23.58.

    At 8:15AM (AEDT), the 10-year Treasury note yield was 1.83% and the 5-year yield was 1.34%.

    European markets headed lower Tuesday

    The FTSE 100, DAX and the CAC 40 each fell 0.9% respectively.

    Asian markets were mixed Tuesday

    The Shanghai Composite pared losses in late trading to end up 0.1%. The Nikkei 225 and Hang Seng each lost more than 0.7% on the day. India's Sensex gained 0.1%.

    Australian Market Report- Local Markets Are Expected To Open Lower

    Ahead of the local open SPI futures were 25 points lower at 5,086.

    Tuesday 8 March – close. Local stocks opened higher Tuesday morning on the back of another solid night for commodity markets. However, the local sharemarket gave up all of its early gains before midday as investors began to cash in recent profits on resource stocks, with the big lenders also recording losses. The benchmark index retreated further in afternoon trade, closing slightly above the 5,000-point mark. There were mixed results from the sectors; financials lagged behind the rest; while consumer staples posted the biggest gains. The Australian dollar depreciated against most major currencies.

    The All Ordinaries fell 35.20 points to 5,169.50 while the S&P/ASX 200 dropped 34.80 points to 5,108.00.

    In This Issue

    Navitas (NVT)
    Navitas announced on 8 March 2016 a 12% increase in student enrolments for the first semester of 2016 (201601) for its northern hemisphere University Programs colleges. This increase, compared to the pcp, represents 7,032 equivalent full time student units. The northern hemisphere region includes all institutions in the UK, US and Canada. It is expected that student numbers for the southern hemisphere colleges, and the full University Programs Division, will be released in late March. As previously announced, enrolments across North America colleges (US and Canada) grew by 18% in semester one 2016 compared to pcp. Enrolments in the UK network of colleges grew by 3% in a demanding student visa policy setting. NVT lost 10 cents to $4.72.

    Fortescue Metals Group (FMG)
    Fortescue Metals Group announced the entering into of a non-binding Memorandum of Understanding with Vale S.A. The Memorandum of Understanding sets out the principles on which Vale and the Company have agreed to pursue long-term opportunities to create additional value for customers in the Chinese steel industry and enhance the competitiveness of their operations. The agreement proposes the formation of one or more JV for the blending of selected volumes of iron ore from both companies. The agreement also provides a framework for potential investment by Vale in the Company through a minority acquisition of shares on market and investment in current or future mining assets. FMG slumped 29 cents to $2.79.

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