Viewpoint: Bullish
ELD –5.86%: been a shocker of late with shares nearly halving in price at a time when agricultural businesses in Australia are meant to be killing it. In our opinion, we think it’s this disconnect between the market’s perception of their operational performance and what they’ve (now) been telling brokers in recent meetings (they have had a few this week).
This ASX traded currency hedged ETF looks to track the performance of gold stocks that aren’t listed in Australia such as Barrick Gold Corp (GOLD US), Wheaton Precious Metals (WPM US), Agnico Eagle Mines (AEM US) and Newmont Corp (NEM US). In line with our bullish call on the $US we anticipate a correction, period of consolidation, by this ETF but we re investing here for the long haul.
The world’s largest consumer marine company behind brands such as Mercury, Boston Whaler & Sea Ray, released FY22 results during the week and the share price reacted favourably, up 6.78% since last week’s portfolio report.
Austin Engineering designs and manufactures mining equipment, namely specialist hauling trays and bucket attachments for mining companies globally. Investment in the space has soared in recent months on the back of commodity price support.
US indices rallied back towards their 4-month highs overnight led by tech as optimism increased that the Fed would not push rates too much higher although last night’s swings illustrated how fickle the market has become towards both data and talk around the path of the future for interest rates.
CNI -5.56% Out with 1H23 results this morning (3mins before mkt open which is ridiculous), and there were some swings and roundabouts in the numbers.
MQG +0.72%: the investment bank announced a 3rd quarter update which has the company tracking ahead of expectations for the FYTD and highlights the diversification of income in the company.
Looks like a good 1H23 result this morning for the toll road, with EBITDA for the half of $1.24bn, above the $1.09bn expected while the distribution of 26.5c is a small beat (exp 26c).
ARB -0.24%: Provided a positive trading update today ahead of their 1H23 results due out on Feb 21. While Sales revenue of $340.9m was down 5% on pcp, it is ahead of the $330.5m expected while the second part of the period (2Q) showed growth .
The UK FTSE posted a new all-time high last week with Europe’s main index the EURO STOXX 50 not far behind, there may be numerous reasons that investors can use to justify avoiding equities but they remain bullish and the trend is usually your friend when it comes to positive returns.
