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    • ASX 200 afternoon report: 9th of February 2023 Find out all the latest information on the ASX 200 market. Updated as of 9th February, 3.00 pm AEDT.   Source: Bloomberg   Indices ASX Coal Dividend S&P/ASX 200 Interest rate  Tony Sycamore | Market Analyst, Australia | Publication date: Thursday 09 February 2023  The ASX 200 trades 43 points (-0.57%) lower at 7487 at 3.00 pm Sydney time. The ASX 200 has slumped today, taking its lead from a fall on Wall Street, as Fed Speakers hit the wires to beat the hawkish drums and remind markets that higher rates will be required for longer to bring down inflation. IT sector The tech sector experienced losses today, led by Google. Google fell 7.44% after its new AI intelligence chatbot Bard underwhelmed Sezzle fell 8.53% ZIP fell 5.91% Megaport fell 5.65% as it elected not to pay a dividend Novonix fell 4.72% to $1.72. AGL fell 11% after reporting a loss of $ 1.1 billion for the first half of the year. It also slashed guidance and its interim dividend to 8c per share. Elsewhere, Real Estate heavyweight Mirvac slumped 5% to $2.28 as wet weather, interest rate hikes, and labour shortages limited its first-half earnings. Financial sector The pressure of this week’s RBA rate hike and intensification in the fight for new deposits has hada negative effect on all banks apart from ANZ. ANZ has added 0.23% to $23.85 after its upbeat trading update NAB fell 0.8% to $31.80 Westpac fell 0.36% to $23.82 CBA fell 0.4% to $109.89. Mining sector The 40% fall in the price of coal out of Newcastle since the start of the year continues to weigh on the coal miners. Whitehaven coal fell 5.62% to $8.06 New Hope fell 4.9% to $5.81 Yancoal fell 4.62% to $5.87 Coronado Coal fell 4.65% Fortescue Metals added 0.89% to $22.68 BHP added 0.02% to $48.13 Rio Tinto fell 0.4% to $123.65. Technical analysis We view the ASX 200 as being stretched to the upside and overbought after five straight weeks of gains. For the Elliott Wave followers, there is a five-wave advance from the October 6411 low to this week’s 7567.7 high. All of which warn that a pullback is looming. A break of support at 7460/50 (coming from recent lows) would indicate that a medium-term high is in place and that a corrective pullback is underway. We continue to favour trimming longs ahead of the bull market 7632 high and looking to either buy a sustained break of the 7632 high or a pullback into the 7200/7000 support area. ASX 200 daily chart     Source: TradingView. The figures stated are as of February 9th, 2023. Past performance is not a reliable indicator of future performance. This report does not contain and is not to be taken as containing any financial product advice or financial product recommendation.
    • FTSE 100, DAX and S&P 500 make fresh push higher Indices have had a mixed week, but are once again attempting to make upward progress. Source: Bloomberg      Chris Beauchamp | Chief Market Analyst, London | Publication date: Thursday 09 February 2023  FTSE 100 moves above 7900 again The index is making a new attempt to push on above 7900 today, having struggled around this level yesterday. The index clearly has the psychological 8000 level in focus, as it makes a move to build on the bounce from the late January support zone above 7700. So long as it holds above this level the bullish view remains in place, with sellers needing a move below 7700 to suggest a short-term pullback is in play. Source: ProRealTime DAX edges higher After the weakness on Monday and Tuesday the index has pushed back above 15,500. Additional gains continue to target 15,600, and from there the 1 February 2022 high at 15,715 comes into view. The index does remain overextended from the 50-day simple moving average (SMA), and today’s initial gains have widened the gap. But for the moment this is more of a warning to buyers not to chase this market higher, and at present there is little sign of any serious pullback developing. That would require a move below 15,000 at the least. Source: ProRealTime S&P 500 stuck in a narrow range The index has found it impossible to establish a clear direction this week, but overall the buyers still seem to have the upper hand. The consolidation for the week so far means that we await a move above 4200 to establish a fresh bullish thrust in price terms, potentially opening the way to the August highs above 4300. Meanwhile, a reversal below 4100 would provide the bears with some hope of a short-term pullback, though as long as the price holds above the 200-day SMA the outlook will continue to lean broadly bullish. Source: ProRealTime
    • Early Morning Call: FTSE 100 in the limelight as AstraZeneca, Unilever, British American Tobacco report earnings AstraZeneca posted adjusted earnings of $1.38 per share on revenue of $12.2 billion.  Jeremy Naylor | Writer, London | Publication date: Thursday 09 February 2023  UK housing market The Royal Institution of Chartered Surveyors (RICS) says Britain's housing market suffered the most widespread price falls since 2009, in January, as the run of interest rate increases over the past year weighed on would-be buyers. RICS house price balance, which measures the gap between the percentage of surveyors seeing rises and falls in house prices, fell to -47, the lowest since April 2009, from -42 in December. The institute said all the indicators point to a further slowdown in the housing market in the coming months, as borrowing costs have risen sharply and household incomes are squeezed by the cost of living crisis. Earnings AstraZeneca posted adjusted earnings of $1.38 per share on revenue of $12.2 billion. For AstraZeneca CEO Pascal Seuriot, "2022 was a year of continued strong company performance and execution of our long-term growth strategy." The group expects to see another year of double-digit revenue growth in 2023, excluding Covid medicines. Unilever rose 9.2% in the fourth quarter (Q4), beating company-provided analyst estimates of a 8.2% increase. Redrow posted a revenue similar to its record first half last year at £1.031bn. Operating margins fell 20 basis points to 19.3%, and profit before tax decreased by 2.5% to £198 million. After the European close last night, the German manufacturing giant Siemens reported better-than-expected quarterly results in its industrial business, and it raised its full-year (FY) sales guidance, boosted by a strong start to its 2023 fiscal year. The builder of trains and industrial software reported profit at its industrial business of 2.7 billion euros in the fiscal first quarter, beating forecasts for 2.50 billion euros. Revenue rose 8% to €18.1 billion, matching estimates. Siemens said it now expects full-year revenue growth of 7% to 10%. Previously it had expected an increase of 6 to 9%. Credit Suisse reported its worst annual loss since the 2008 global financial crisis. Credit Suisse posted a FY pretax loss of 1.3bn Swiss Francs, beating estimates of a 3.4bn Swiss Francs loss. Revenue was short of estimates: 14.92bn Swiss Francs , missing expectations of 15.01bn Swiss Francs. Credit Agricole reported a net income of €1.56bn, up 9% in the fourth quarter. Revenue rose by 2.7% to €5.97bn. The French bank also plans to pay dividend of €1.05 er share. Walt Disney shares rose 5.5% in extended hours after posting better than expected earnings and revenue, as well as a restructuring plan. Disney reported adjusted earnings per share of 99 cents, ahead of the average analyst estimate of 79 cents. Revenue reached $23.51bn, ahead of Wall Street estimates of $23.4 billion. Walt Disney announced a restructuring plan, the third one in five years. As part of it, 7,000 jobs will go, that's about 3.6% of the group’s workforce, in an effort to save $5.5 billion in costs and make its streaming business profitable. Under a plan to cut costs and return power to creative executives, the company will restructure into three segments: an entertainment unit that encompasses film, television and streaming; a sports-focused ESPN unit; and Disney parks, experiences and products. CEO Bob Iger said streaming remained Disney's top priority. Disney+ lost 2.4 million subscribers in the last three months of 2022, its first quarterly decrease, and the streaming media unit lost more than $1 billion in the period. Walt Disney also vowed to reinstate a dividend for shareholders. Chief Financial Officer Christine McCarthy said the initial dividend would likely be a "small fraction" of the pre-Covid level with a plan to increase it over time. After Uber yesterday which posted a surprise EPS of 29 cents for the fourth quarter, it is Lyft's turn to post its quarterly earnings. The market expects earnings of 15 cents per share on revenue of $1.15bn. Paypal Holdings is scheduled to report Q4 earnings tonight after the US closing bell. Analysts forecast earnings of $1.20 on revenue of $7.39bn. In Q3, Paypal earnings and revenue topped expectations, but Q4 guidance was below estimates. The company forecast will again be investors' main focus, especially expectations for new customer additions. In the first nine months of 2022, PayPal reported net new active accounts of 5.7 million, and forecast 3- to 4 million new active accounts for Q4 2022. Commodities US crude inventories rose by 2.4 million barrels, their highest level since June 2021. US gasoline and distillate inventories also rose last week as demand remained weak. Gasoline stocks rose by five million barrels while distillate stockpiles rose by 2.9 million barrels.   This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.
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