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10/03/2016 Argonaut Morning Note

    Home Stockbroking & Research Morning Notes 10/03/2016 Argonaut Morning Note
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    10/03/2016 Argonaut Morning Note

    By admin | Morning Notes | 0 comment | 9 March, 2016 | 0

    Overseas Market Report – U.S. Stocks End Higher after Oil Rebounds

    U.S. stocks closed higher on Wednesday as oil futures recovered, providing some relief for battered energy shares.

    Wholesale U.S. inventories were up 0.3% in January. The inventory-to-sales ratio rose to 1.35 from 1.33 in the previous month, an indication that it is taking business longer to sell their inventories.

    At the close the Dow had gained 0.2%, the NASDAQ had lifted 0.6% and the S&P 500 was up 0.5%.

    Shares of Chipotle (CMG) were down after the restaurant chain closed a restaurant in Boston after several employees were diagnosed with norovirus.

    Darden (DRI) reported solid quarterly results and provided upbeat guidance that was well ahead of analyst expectations. The firm also announced it has replaced its CFO with an internal candidate. Shares rose on the report.

    For Australian ADRs listed on the NYSE, BHP Billiton gained 38 cents (1.41%) to $26.96, ResMed added 6 cents (0.1%) to $57.99, Telstra Corporation gained 33 cents (1.7%) to $19.26, Spark New Zealand slipped 15 cents (1.3%) to $11.84 and Westpac added 78 cents (3.31%) to $24.36.

    At 8:00 AM (AEDT), the 10-year Treasury note yield was 1.88% and the 5-year yield was 1.39%.

    European markets were higher Wednesday.

    The FTSE 100 and Germany's DAX were each up around 0.3% while the French CAC 40 was 0.5% higher.

    Asian shares finished lower.

    The Hang Seng was off only 0.1%, the Nikkei 225 was 0.8% lower, while the Shanghai Composite shed 1.3%. India's Sensex gained 0.6%.

    Australian Market Report- Local Markets Are Expected To Open Higher

    Ahead of the local open, SPI futures were 11 points higher at 5,166.

    Wednesday 09 March – close. The Australian market opened lower this Wednesday following weak commodity prices and falls in offshore share markets overnight. Local stocks picked up momentum around midday and traded consistently higher throughout the afternoon, with solid gains from the big banks and the healthcare sector leading the rebound. Most sectors performed positively, with only energy and materials closing in the red. The Australian dollar appreciated against most major currencies, with the exception of the Japanese yen.

    The All Ordinaries added 46.20 points to 5,215.70 while the S&P/ASX 200 rose 49.20 points to 5,157.20.

    In This Issue

    Downer EDI (DOW)
    Downer EDI provided an Appendix 3D announcing changes relating to its buy-back. The Company reported that it intends to buy back up to 43,260,000 shares. The buy-back period will be from 4 September 2015 to 3 September 2016. The Company will only buy-back shares at such times and in such circumstances as are considered beneficial to the efficient capital management of the Company. The Company has appointed Deutsche Bank AG, Sydney Branch as a joint broker. DOW lifted 7 cents to $3.68.

    Vicinity Centres (VCX)
    Vicinity Centres announced that Moody's Investors Service had initiated coverage and assigned an investment-grade credit issuer rating of A2 with a stable outlook. On 4 March 2016, Standard & Poor's affirmed its A-rating of the Company with a revised rating outlook to positive from stable. VCX climbed 5 cents to $3.13.

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    Troy Resources (TRY), Northern Star Resources (NST), Regis Resources (RRL), Medusa Mining (MML), Doray Minerals (DRM), Beadell Resources (BDR), Red 5 (RED), Kingsgate Consolidated (KCN), OBJ (OBJ), Sino Gas & Energy Holdings (SEH), TFS Corporation (TFC), Paragon Care (PGC), Austal (ASB),  Orbital Corporation (OEC),Energia Minerals (EMX), Berkeley Energia (BKY) , Finders Resources (FND), 4DS Memory Ltd (4DS) , Bionomics Ltd (BNO)
     

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