Market Insights

26th October 2020

Top ASX Stocks

CODE

PRICE

CHANGE

 

CODE

PRICE

CHANGE

CSL

$294.82

-2.28%

 

ANZ

$19.78

1.70%

CBA

$69.90

0.07%

 

WES

$46.92

-3.10%

BHP

$36.00

-1.26%

 

WOW

$38.82

-1.35%

WBC

$18.78

-0.48%

 

MQG

$136.18

1.18%

NAB

$19.53

0.62%

 

FMG

$16.72

-0.24%

Market and Exchange Rates

MAJOR FOREIGN MARKETS

 

AUS DOLLAR IS BUYING

All Ords

6,373.70

-0.16%

 

US Dollar

0.7131

Dow Jones

28,335.57

-0.10%

 

Euro

0.6012

FTSE-100

5,860.28

1.29%

 

GB

0.5463

Nikkei 

23,516.59

0.18%

 

Yen

74.6504

Hang Seng 

24,918.78

0.54%

 

NZD

1.0659

Commodities

Oil (WTI)

39.630

-2.04%

Gold

1,840.000

-0.14%

Iron Ore

121.340

-0.26%

Major Market Announcements

The S&P 500 and Nasdaq closed modestly higher on Friday in choppy trading, with investors keeping a close eye on negotiations on a U.S. stimulus package that would ease the economic shock caused by the coronavirus pandemic.

Qantas shares ended the day up, despite the company stating that it is still being stung by COVID-19. Chief executive Alan Joyce told the company’s AGM on Friday that delays in reopening state borders cost it $100 million over the first quarter of the financial year, with fewer domestic flights operating than expected.

The National Australia Bank will pay another $380 million before tax in compensation for customers for bank and investment advice and fees, $128 million in back pay for staff because of underpayments, and $134 million on expected property write-downs as the bank consolidates office space in Melbourne.

Suncorp warns an onslaught of looming wild weather this summer could blow out the nation’s natural disaster bill and cause insurance premiums to spike. A survey conducted by the major insurer found one in two Australians are deeply concerned the country is not sufficiently prepared to cope with the incoming La Niña summer, which is expected to heighten the chance of hail storms, cyclones and floods.

Energy giant Santos is confident it will be able to give the go-ahead for one of the world’s cheapest carbon capture and storage projects in South Australia as the Morrison government indicates work is progressing to have the technology approved for federal carbon credits.

Market Update

On Friday, Australia’s share market has ended its day with minimal losses and shrugged off the final US presidential debate between US President Donald Trump and Democratic Party candidate Joe Biden.

The ASX 200 index finished just 0.1 per cent down to 6,167, after falling by around 0.4 per cent during the debate.

Miners, technology and healthcare stocks weighed on the market with oil stocks and banks among the gainers.

Many of today’s worst-performing stocks were gold miners, after the precious metal’s spot price fell sharply overnight to just over $US1,900 an ounce.

As of 4:30pm, Friday, AEDT the Australian dollar slipped slightly to 71.07 US cents.

The All Ordinaries fell by nearly 0.2 per cent to 6,374.

Brent crude oil fell 0.3 per cent at $US42.34 a barrel.

Spot gold lifted by just 0.1 per cent to $US1,905.30 an ounce.

Brain Teaser

Last week’s Brain Teaser…

If I am over age 60 and retired how much can I earn from all sources before I pay any income tax.

Answer is…

An individual over age 60 can earn $22,800 per annum from ordinary sources and investments and pay no income tax or Medicare levy. In addition to this tax free threshold an individual over age 60 can also receive a Superannuation Income Stream by way of an Allocated Pension completely tax free. So that is a lot of ordinary income completely tax free. And double that for a couple!

For persons receiving some Age Pension (generally over age 67) the tax free level can be even greater. 

If I purchased a basket of groceries in the year June 2000 for say $100.00 How much cash would I need today, being 20 years later to buy the same basket of groceries? Answer next week! 

All Ordinaries (XAO) 5 Day Chart

Disclaimer: The advice provided is general advice only. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on this advice you should consider the appropriateness of the advice, having regard to your own objectives, financial situation and needs. Where quoted, past performance is not indicative of future performance.

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