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October 23, 2013 – 3:55PM
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Australian stocks and the dollar plunge in late trade, ending the share market’s six-day winning streak.
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5:24pm: That’s all from us for Wednesday, see you bright and early tomorrow.
Click here for a full wrap of the day’s session
4:38pm: Here are the biggest winners and losers from the ASX200 today:
4:38pm:Disputes between customers and their banks have fallen for the first time since the global financial crisis, new figures show.
The Financial Ombudsman Service annual report today said the number of disputes fell 11 per cent to 32,307 during 2012-13, bucking a steady climbing trend since 2008-09.
Falling interest rates, changes to banks’ hardship programs, and new rules on flood insurance cover all helped to drive the decline, the industry-funded umpire said.
In line with previous years, 70 per cent of disputes were resolved after customers reached an agreement with their financial institution, without the need for the ombudsman to make a ruling.
Home loans and credit cards were at the centre most disagreements between customers and banks, and in each of these areas Macquarie had the highest dispute rates.
4:19pm: The sudden fall in the Australian dollar against its US counterpart may have stemmed from a report China money market rates surging and the yen strengthening on technicals.
Westpac senior currency strategist Sean Callow says the Nikkei fell by almost 2 per cent after lunch following a modest gain in the morning. The fall came as the strengthening yen against the US dollar – which weakened overnight from a poor jobs report – spooked exporters.
The sudden shift in the dollar-yen cross, possibly due to a technical trigger, then spilled over to other crosses such as the Australian dollar-yen and New Zealand dollar-yen.
The Chinese share market, which was falling this morning, could continue sliding into the red after lunch, Callow adds.
Also in the mix could be the previously mentioned Bloomberg report on China’s biggest banks tripling the amount of bad loans written off in the first half of the year, “cleaning up their books ahead of what may be a fresh wave of defaults”.
The dollar is currently fetching 96.50 US cents, which is pretty much 1 cent below the day’s highs reached immediately after the release of the stronger than expected inflation figures.
4:17pm: While we baffle over the late sell-off, the market has closed. The benchmark SP/ASX200 index lost 17 points, or 0.3 per cent, to 5356.1, after hitting 5400 in the early stages of the session.
The broader All Ords slipped 14.4 points, or 0.3 per cent, to 5356.8, ending the market’s six-day winning streak.
4:07pm: Meanwhile, traders are scrambling for reasons to explain the sudden sell-off.
Some are pointing to an afternoon strengthening in the yen against the US dollar, which sparked a lot of program selling hitting first the Nikkei, then the local market and the Aussie.
Others are saying investors were spooked by a report on Bloomberg, saying China’s biggest banks have tripled the amount of bad loans written off in the first half, cleaning up their books ahead of what may be a fresh wave of defaults.
Stay tuned for more…
3:51pm: And not only stocks are being sold off, check out the following graph of the dollar, which has just plunged a full cent:
Up, up and down … the dollar over the past three days.
3:38pm: The rest of the region is on the way down too, led down by the slump in Tokyo after the yen strengthened against the US dollar:
- Japan (Nikkei): -1.2%
- Hong Kong: -0.1%
- Shanghai: -1.2%
- Taiwan: -0.3%
- Korea: -0.8%
- ASX200: -0.3%
- Singapore: +0.3%
‘‘The yen’s gain is hitting stocks,’’ says Ichiro Yamada, general manager of equities at Fukoku Mutual Life Insurance. ‘‘Volume is too thin to send equities beyond last month’s high. I think investors are taking profit.’’
Dow futures are also lower, down 0.2 per cent.
3:33pm: When it comes to Australian entertainers, there’s really only one name that matters in Hollywood and it’s not Nicole, Kylie, Russell, Cate or Mel.
Hugh Jackman has wiped the floor with his compatriots in BRW’s annual listing of the earnings of Australia’s top 50 entertainers, amassing a staggering $46.8 million in the past 12 months.
Jackman’s appeal is founded on his versatility, with his ability to anchor a blockbuster movie franchise (X-Men), take the stage in singing and dancing roles (The Boy from Oz, among many others) and host major ceremonies (the Oscars).
Two appearances as Wolverine in X-Men-related films bolstered Hugh Jackman’s earnings.
3:20pm: One of the other factors that we have previously cited as keeping the RBA on the sidelines, beside a stronger inflation print, has been the recent growth in the housing market in states such as Sydney.
The third-quarter inflation quarter data also points to this rise, with the housing component rising by 4 per cent over the past year to September.
The main contributors were new dwelling purchases by owner-occupiers (+3.2 per cent), rents (+3.2 per cent) and electricity (+6.1 per cent).
For the quarter, the housing segment rose 2 per cent, boosted by electricity price rises (+4.4 per cent), property rates and charges (+7.9 per cent) and water and sewerage (+9.9 per cent).
3:08pm: There goes the seven-day winning streak: the ASX has just taken a dive, apparently inspired by some program sales in Tokyo:
Nikkei taking ASX down
— Chris Weston (@ChrisWeston_IG) October 23, 2013
Seeing programnmed selling. Historically when I see this it coincides with a ST top #ASX #XJO
— Assad Tannous (@AsennaWealth) October 23, 2013
2:58pm: The owner of Rebel Sports and Supercheap Auto plans to open 25 new stores in the year ahead, and says sales are improving.
Super Retail also owns the Ray’s Outdoors, Boating Camping Fishing (BCF) and Amart Sports chains.
Chief executive Peter Birtles says the company’s auto division plans to open five new stores in the 2013-14 financial year, while 10 new leisure and 10 new sports stores are also planned.
He said comparable sales growth, which takes out the impact of store openings or closures, had improved in the first 16 weeks of the financial year.
Super Retail shares are down 2.8 per cent at $13.48.
2:45pm: We’ve been writing about the possibility that the RBA’s monetary policy easing cycle has ended, or is reaching its end.
So when are financial markets expecting a rate rise? According to the latest futures, markets are still pricing in an almost 35 per cent chance of another rate cut by May to take the cash rate down to 2.25 per cent.
But about the market sees a 10 per cent chance of a 25bp hike in June. That figure rises to 14.7 per cent in July.
HSBC’s chief economist for Australia, Paul Bloxham, said at a fourth-quarter briefing yesterday that the first RBA rate hike could take place in the third-quarter of 2014, if, as he expects, the economy grows at a trend pace of about 3 per cent or above in the second-half of the year.
2:35pm: Economics correspondent Peter Martin explains why Treasurer Joe Hockey has given the Reserve Bank $8.8 billion.
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2:25pm: Time for a look around the region:
- Japan (Nikkei): +0.2%
- Hong Kong: +0.1%
- Shanghai: -0.4%
- Taiwan: -0.3%
- Korea: -0.4%
- ASX200: +0.1%
- Singapore: +0.7%
- New Zealand: +0.8%
‘‘The key takeaway for the Fed from the September US non- farm payrolls is that the US economy is in no shape to withstand a reduction in monetary stimulus,’’ says Matthew Sherwood, head of investment markets research in Sydney at Perpetual Investments. ‘‘Expectations of tapering delays will continue to support markets.’’
2:09pm:Activist investor Carl Icahn has sold more than half of his Netflix stake for a 457 per cent profit.
He says he and funds run by his son and a partner bought the shares for about $US58 each, and sold them in several blocks this month for $US304.23 and $US341.44 apiece.
A filing on Tuesday shows he still owns 2.7 million shares, or 4.5 per cent, of the Los Gatos, California, company. Netflix shares hit an all-time high on Tuesday of $US389.16. But investors started taking profits off the table, and it closed down 9 per cent at $US322.52.
Netflix has been shifting its focus from mailing DVDs to streaming movies. One of the people Icahn thanked on Tuesday was Kevin Spacey, the star of Netflix’s show House of Cards.
Kevin Spacey as Frank Underwood in the made-for-Netflix ‘House of Cards’.
1:47pm: China Minmetals, the nation’s biggest state-owned metals trader, is likely to drop out of the bidding for Rio Tinto’s controlling stake in Iron Ore Co of Canada, Bloomberg reports quoting two people with knowledge of the matter.
Minmetals considers Rio’s asking price too high and has decided to focus more on its bid for a Glencore Xstrata copper project in Peru, one of the people said, asking not to be identified because the information is private. Rio’s 59 per cent stake in Iron Ore Co could be worth as much as $US3.5 billion, Credit Suisse analysts said in June.
Rio began a sale of its Iron Ore Co stake this year to cut costs and strengthen its balance sheet, hiring Credit Suisse and Canadian Imperial Bank of Commerce to sell all or part of its interest, a person close to the matter said in March.
1:35pm: Treasury Wine Estates, the world’s largest pure-play winemaker, has warned that consumer demand for wine in China has softened as a result of August’s leadership change and a recent austerity drive by the communist government.
The slowdown in the company’s biggest growth market comes as Treasury Wine Estates also searches for a new chief executive following the ejection of its former boss David Dearie last month, with chairman Paul Rayner telling shareholders this morning at the annual meeting the board was conducting a worldwide search for a boss which could take nine months.
Treasury Wine Estates, which owns a stable of well-known wines such as Penfolds, Wolf Blass and Yellowglen, has also become an unexpected victim of the recent US government shutdown with its plans to destroy $35 million worth of unwanted wine in America delayed by the budget battle which saw the US government closed for business.
Addressing shareholders in Adelaide, interim CEO Warwick Every-Burns confirmed the winemaker’s outlook for fiscal 2014, despite the downturn in China, a wine glut in the US and the volatile Australian dollar, with the company on track to post pre-tax earnings of between $230 million and $250 million.
Shares in the company are 0.4 per cent lower at $4.71.
1:23pm: Privately-owned biotech Minomic is seeking to raise between $5 million and $10 million to complete the development of a new test for prostate cancer.
Minomic says that of every five men diagnosed with prostate cancer on the basis of elevated PSA results, nearly three of them turn out not to have prostate cancer but benign enlargement of the prostate or simple inflammation. Minomic’s MiStat test screens a urine or blood sample for a different protein only found on prostate cancer cells.
Minomic chief executive Dr Brad Walsh said Minomic had carried out a trial of the MiStat test on 125 patients in Australia and was seeking to conduct a larger patient trial in the United States in 2014.
1:12pm:Almost 40 workers at the Berrima coal mine in the NSW southern highlands will lose their jobs when production at the mine is halted this week.
Building products maker Boral owns the mine, which has operated since 1924 and provides coal for the company’s cement works at Berrima.
Boral said the continuing downturn in the building market, rising costs and the availability of cheap imported materials to make cement contributed to the decision to end production.
1:02pm: Having been the drag on earnings for developers and the cause of economic gloom in recent years, the housing sector is now the new black for the investment sector.
In the 31st Australian Property Institute’s (API) Australian Property Directions Survey, respondents have predicted a strong outlook for residential property across Sydney, Melbourne and Brisbane, but say the commercial property market in these three cities has come to a halt.
The survey, conducted by the API NSW Division, covers more than 30 banks, stockbrokers, financial advisors and valuers across the country. It uses the clock format, where 12 is the zenith and 6 is the trough of the cycle.
In the survey, it found that the residential property market is furthest along the upswing in Sydney and Melbourne in comparison to other property sectors. It is also performing well in Brisbane, however the industrial property market is further along the cycle in this city.
Read more
Strong outlook: The residential property market is expected to keep growing. Photo: Rob Homer
12:46pm:The latest data closes the door on any further rate cuts this year, with financial markets seeing a just 6 per cent chance of a rate cut in November, CommSec economist Savanth Sebastian says:
- At present inflation is not a threat to the economy, meaning that rates can stay at these exceptionally low levels over the near term. However the medium term outlook for inflation has certainly shifted higher.
- While the headline measures suggest inflation had lifted substantially, the closely-watched underlying measures were more in line. Annualised underlying inflation is holding near the middle of the Reserve Bank’s 2-3 per cent target band.
- Overall the latest result is likely to see the Reserve Bank shift from debating the merits of another rate cut to a more neutral stance. CommSec believes that interest rates are likely to remain on hold for the remainder of the year.
- The Reserve Bank would not be comfortable with the recent lift in the Australian dollar, however an overall higher inflation result and potential risks around a housing bubble will likely see them take the path of least regret – remain on the interest rate sidelines, while talking down rates.
12:40pm:The insurance bill from the NSW bushfires has climbed to $113 million, the Insurance Council of Australia says.
People affected by the disaster have made 943 claims so far, but industry spokespeople say there are likely to be more over the coming days.
A UNSW professor of actuarial studies, Michael Sherris, said the disaster could also lead to a rise in home insurance premiums, especially for those living in bushfire-affected areas.
“Premiums reflect the underlying risks so that those with houses near areas that are currently on fire will in future have relatively more expensive insurance, as insurers are assessing and charging for risks more carefully,” Professor Sherris said.
12:28pm: Dissident shareholders Perpetual and M.H. Carnegie Co have ratcheted up the pressure to break the cross shareholdings between Brickworks and Washington H. Soul Pattinson by calling shareholder meetings to consider proposals to sever the long standing links.
The two dissident shareholders have called a meeting of Brickworks shareholders to consider cancelling Brickworks shareholding in Soul Pattinson as well as distributing Soul Pattinson’s 27 per cent stake in TPG Telecom to shareholders.
Legal advice that Soul Pattinson would not be able to vote its stake in Brickworks to block the proposal from proceeding gives the proposal a chance of proceeding, if the legal advice is correct.
Perpetual and Carnegie claim a simple majority of votes at a shareholder meeting could carry the day.
12:13pm: In one hit Treasurer Joe Hockey has pushed up this year’s projected budget deficit from around $30 billion to nearer $40 billion.
Hockey will give the Reserve Bank a one-off grant of $8.8 billion to strengthen the reserve fund it uses to back up its foreign currency operations.
Projected to be $30.1 billion in the Treasury’s pre-election fiscal and economic outlook, the 2013-14 deficit would now jump to $38.9 billion without any further changes. The figure is double the $18.8 billion recorded in 2012-13, which was to be the first year Labor was to return to surplus.
The decision reverses those of his predecessor Wayne Swan who took dividends from the bank against its express wishes to prop up his budget. As a result the Bank’s reserve fund dwindled from around $6 billion to $2 billion.
Read more
The Reserve Bank will receive a one-off grant of $8.8 billion to strengthen the reserve fund.
12:08pm: Here are some economist reactions to the CPI data:
“A touch on the high side in both headline and core, the channels of inflation were as expected, but we got a little bit more juice in terms of magnitude,” says JPMorgan economist Ben Jarman says:
- The RBA have been quiet over the past few months because they have been seeing more positive signs out of the housing market.
- They do have a lot of faith that low rates will eventually get traction, so throw this number into that mix and we think this will see them on the sideline for the rest of the year.
- But we don’t think it’s enough to call the easing cycle over, because we’re still seeing growth in trend inflation at the bottom half of the target band and there’s probably more work needed to be done to rebalance particularly with a higher Aussie dollar.”
UBS rate strategist Matthew Johnson reckons the Reserve Bank is done with its easing cycle and will be on hold for next year.
- Markets are ahead of themselves by pricing a rate hike and I don’t think they are correct but that is normal for them.
“Certainly it’s going to give them (the Reserve Bank) more reason to pause and take stock,” says Citi senior economist Joshua Williamson says:
- So (there’s) less reason to expect a rate cut this year. It’s quite strong. The trimmed mean was up by 0.7 per cent. That annualises close to the top of the target band.
- So this gives the Reserve Bank some pause to consider future moves, even with the currency moving higher. Our formal view – and this has been the case for almost five months now – is they are done with their easing cycle.”
12:00pm:The dollar spiked to 97.49 US cents in the wake of the strong CPI numbers, and is currently holding near that 4-1/2 month high at 97.42 US cents.
11:52am: Some more details on the consumer price index:
Petrol prices soared by 7.6 per cent in the September quarter. International travel rose by 6.1 per cent, electricity by 4.4 per cent and property rates and charged by 7.9 per cent.
Water and sewerage grew by 9.9 per cent while domestic travel prices increased by 3.5 per cent.
The Bureau of Statistics added that domestic and international travel costs increased due to the rise in airfare prices.
In contrast, vegetable prices dropped by 4.5 per cent.
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11:34am:Inflation has strengthened in the September quarter above economists’ expectations, sending the Australian dollar to a new 4 1/2-month high of 97.45 US cents.
The headline inflation increased 1.2 per cent quarter-to-quarter, but fell 2.2 per cent year-on-year, the latest Bureau of Statistics data show.
The underlying inflation, a combination of the trimmed mean and weighted median measures and one which is more closely watched by the Reserve Bank, was 0.65 per cent quarter-on-quarter and 2.3 per cent year-on-year.
Almost all the CPI figures for the third-quarter were above expectations, except for the year-on-year weighted median measure.
11:27am: So should we be talking about the Australian dollar reaching parity against the US currency? Or is this as-good-as-it-gets for Aussie dollar strength?
Westpac senior currency strategist Sean Callow says there is a chance the local dollar could rise further to 98 US cents, but it appears less likely that the dollar would lift a lot further.
“People will be talking about [parity] more and more, but … when you’ve rallied so far in a short amount of time, you do need to be a bit wary of extrapolation.
“It’s been a really strong month and I do think it’s reasonable now to be considering 98 US cents to be within reach. But there is so much bad news priced into the US [dollar] at the moment that the market might start getting a bit lopsided.“
The local currency has gained about 10.61 per cent since late August, after falling 15 per cent from its parity levels in mid-April.
11:19am: The recently appointed chief executive of Target, Stuart Machin, has moved to bolster the struggling merchandise retailer’s senior management ranks, poaching British department store icon Marks Spencer’s highly regarded development and buying director for womenswear.
A spokesman for Target declined to comment on media speculation that Ms Ridley Whittle would join Target. However, MS have publicly acknowledged that Ms Ridley Whittle had resigned to take up a new role with Target and in a statement wished her well for her new life in Australia.
It is believed Ms Ridley Whittle is yet to actually sign a contract with Target but is likely to soon and will take a leading role in turning around the business which in fiscal 2013 posted an earnings slump of 44.3 per cent to $136 million as sales went backwards by 2.1 per cent to $3.66 billion.
11:14am: Sydney business identity Mark Carnegie set to hold a briefing at 1130 AEST with fund manager Perpetual over plans to break up four decade old cross shareholding between Washington H Soul Pattinson and brickmaker Brickworks.
The move is aimed at attempting to unlock up to $1 billion in funds for shareholders. Perpetual has, for years, attempted to untangle the cross-shareholding, whereby Soul Patts owns 48 per cent of Brickworks, which in turn holds 43 per cent of Soul Patts.
Remember corporate raider Sir Ron Brierley’s Guinness Peat Group made an unsuccessful attempt more than 12 years ago to break the cross-shareholding, using a novel scrip offer to tempt investors.
It is unclear what Carnegie’s and Perpetual’s strategy will be, a Perpetual but the notification of the briefing says the two will ”discuss their initiatives to unlock value in Brickworks and Washington H Soul Pattinson”.
11:09am: At Telstra’s annual investor day, chief executive David Thodey reiterated that the telco is expecting low single digit EBITDA growth, which was flagged earlier in the year.
Mr Thodey said Telstra now had a total of 15.3 million mobile customers, with 243,000 added in the last quarter.
“We’ve just passed 1 million devices connected that are not mobiles,” he said.
“All networks are not created equal. It takes years and years to get to where we have,” said Mr Thodey.
10:57am: British MP Keith Vaz, spokesman for the family of Jacinta Saldanha, has called for an apology from Southern Cross chairman Max Moore-Wilton after his “insult to the memory” of the British nurse.
The chairman of Southern Cross Media – which owns radio station 2Day FM, the radio station made the infamous royal prank call – told shareholders in Melbourne that “shit happens”.
Southern Cross was forced to suspend all advertising on 2Day FM after a scandal involving the suicide of a British nurse, who was taken in by a prank call by presenters Mel Greig and Michael Christian.
Southern Cross Chairman Max Moore-Wilton has come under fire from British MP Keith Vaz over his ‘shit happens’ comment regarding the 2Day FM nurse death scandal.
10:49am: James Packer’s proposed $400 million hotel resort in Sri Lanka has hit another hurdle, with local authorities announcing they would alter tax concessions previously granted to the gambling tycoon.
Opposition by Buddhist religious leaders and some political parties in Sri Lanka led the government to make the changes, which could take at least one month and likely will delay Mr Packer’s mixed-development investment project for the second time this year.
Lakshman Yapa Abeywardena, Investment Promotion minister, said the decision to alter the deal’s terms came after various opposition politicians said Packer was getting concessions not given to local entrepreneurs and Buddhist leaders said the casino could be detrimental to Sri Lanka’s culture.
10:43am: JPMorgan reached a $13.4 billion settlement with the US government over regulation breaches earlier this week, but the amount they will actually pay is set to be significantly lower, according to sources.
Of the 13.4b, the majority of it is expected to be tax deductible, meaning the bank may only have to pay $9.3 billion.
The government, however, could negotiate an exception and require that JPMorgan agree not to deduct some of those expenses from its taxable income, he said.
There is some precedent for such an exception. When Goldman Sachs agreed to pay $US550 million in 2010 to resolve charges from the Securities and Exchange Commission, for example, the deal specifically forbade the bank from claiming a tax deduction on the portion of the settlement designed to compensate harmed investors.
10:39am: Something about Paul Zahra’s exit doesn’t pass the smell test, writes Elizabeth Knight.
Six weeks ago Zahra told me over lunch, ”I couldn’t imagine myself doing anything else because I love the company”. Either Zahra’s next job is in acting or he did not envisage this week’s chief executive ”transition”. My money is on the latter.
He made similar press comments a week later after he spoke with me. ”We have done a lot but there is still more to do,” he said.
Chief executive’s don’t side-swipe investors with a decision like this if they are in control of the timing. Under normal circumstances they (and the board) prepare investors and analysts rather than issuing shock announcements.
It was abundantly clear from talking with investors and reading the reports from investment bank retail analysts (both of which are generally plugged in) that Zahra’s news came as a surprise.
10:34am:Investors will pay close attention to third-quarter inflation data set for release at 11.30am as it will shed light on the probability of another RBA rate cut in the near future.
Economists are tipping headline inflation to rise to 0.8 per cent over the quarter but for the annual rate to fall to 1.8 per cent, below the RBA’s inflation target band of 2-3 per cent. That would be the first time annual inflation hovering below 2 per cent in four quarters.
“With inflation remaining subdued the RBA may be forced to cut rates another 25 basis points in December or sometime early next year, despite concerns it may further fuel house prices, and lead to a speculative bubble,” says Rivkin analyst Tim Radford. “And with the Australian dollar heading back toward parity, there is a growing and obvious case for another rate cut at one of the next few policy meetings.”
However, the RBA tends to look more closely at underlying inflation, which is tipped to come in at 0.6 per cent over the quarter and 2.2 per cent over the year.
10:29am: The latest share prices for some companies in the news this morning:
Newcrest: $11.335, up 5.8 per cent
AGL: $15.06, down 3.4 per cent
Origin: $14.11, down 1 per cent
10:25am:Wall Street hit another record high overnight, rising on generally solid corporate earnings and increased confidence after a weaker-than-expected jobs report that the US Federal Reserve will not soon scale back its stimulus program.
The gains followed a trove of corporate earnings from companies such as Dow component DuPont and consumer products company Kimberly-Clark, both of which bested expectations.
Analysts at Wells Fargo Advisors said that with roughly 100 members of the SP 500 having reported earnings thus far, early results are ‘‘rather encouraging’’.
10:21am: Energy utility AGL Energy has signalled a broadly flat profit outlook this financial year due to an unseasonably warm start to the financial year coupled with competitive pressures.
For the year to June, 2014, AGL said its underlying net profit will fall in the range of $560-610 million.
In the year to June, 2013, the underlying net profit was $585.4 million.
The largest drag on earnings identified by the company was the warmer than usual winter and spring which will wipe up to $30 million off underlying earnings this financial year.
All energy utilities have suffered from intensive market pressures to protect and expand market shares with the larger players such as AGL and also Origin Energy indicating recently they will be forced to stop steep discounts n a bid to revive margins.
10:17am: The $91 billion Future Fund says “prospective returns are relatively low” as markets price in a modest growth environment and low interest rates for a prolonged periods.
The fund, established to help fund the superannuation liabilities of public servants, said it had shifted to equities, infrastructure and private equity over the past 12 months.
“Across economies, policy efforts to lift economic activity have been maintained and markets broadly have continued to respond positively,” outgoing managing director Mark Burgess said.
“We have adjusted the portfolio to take advantage of this strength, repositioning over the last 12 months to attractively valued assets while selectively selectively selling assets we deem as becoming fully priced.”
One of Australia’s biggest investors, it has returned 8.2 per cent a year over five years.
10:13am: The Australian share market has opened more than quarter of a per cent higher.
In early trade, the benchmark SP/ASX200 index was up 15.5 points, or 0.29 per cent, at 5,388.6.
The broader All Ordinaries index was up 14.7 points, or 0.27 per cent, at 5,385.9.
10:04am: NBN Co has confirmed that ex-Telstra executive JB Rousselot has been name head of strategy and transformation.
This impacts the role of Mike Kaiser, who will leave the company. Mr Kaiser was the head of quality. His appointment in December 2009 was controversial because of his long relationship with the Labor Party.
Rousselot was the executive director of digital media and IP TV at Telstra.
9:58am: Energy utility Origin Energy has flagged continued tough trading conditions, with little improvement in earnings expected this financial year.
Last financial year, the company suffered a 15 per cent slide in earnings, due to continued loss of market share and heavy discounting which has eroded margins.
At today’s annual general meeting of shareholders, the managing director Mr Grant King said the erosion of market share has been stemmed, with the company seeing small gains since the June 30 balance date.
But the lagged effect of earlier heavy discounting to maintain market share will continue to act as a drag on earnings.
Rather, Mr King said the group anticipates “strong growth in earnings and cashflow” between fiscal 2015 and 2017 as it benefits from the start up of operations of its Queensland export gas project.
9:50am:The Australian dollar has risen again, this time to a 4½-month-high against the US dollar, as the American currency weakened across the board after weaker-than-expected US jobs data.
But some currency strategists say that despite the local dollar’s recent strength, it’s not about to return to parity with its US counterpart.
“I don’t expect levels around 97 US cents to be sustained,” says ANZ’s head of global markets research, Richard Yetsenga.
“Markets are not going to obsess about the Fed indefinitely. You do have tighter policy in China coming through slowly and I expect that to weigh on the currency at some point before the end of the year.
“Certainly if the market continues to focus entirely on the Fed and the Fed is the only game in town, the currency could go higher. But I don’t view levels up to parity as sustainable given the macro backdrop both globally and domestically.”
The dollar jumped sharply after the release of the US jobs data.
9:43am: A good day looks to be in store for gold companies with gold futures climbing to a one-month high overnight.
The most actively traded gold contract, for December delivery, on Tuesday rose $US26.80, or two per cent, to settle at $US1,342.60 a troy ounce on the Comex division of the New York Mercantile Exchange, the highest since September 19.
A slump in the US labour market could push the Fed to maintain its stimulus program, economists say, a potential boon to gold demand. Some investors buy gold as a hedge against the chance that such easy-money policies will stoke inflation.
“I think that the realities of the situation are starting to set in,” said Bob Haberkorn, a senior commodities broker with RJO Futures.
“The likelihood of the Fed ending easing this year is off the table right now.”
9:39am: After weeks of delay due to the government shutdown, the US released its jobs data – and the results were weaker than expected.
The economy generated a less-than-expected 148,000 jobs during the last month, just barely above the average for the third quarter, and well below the 195,000 a month gain in the first half of the year.
Analysts said the data – released more than two weeks late due to the shutdown – confirmed a lull in growth in the third quarter and said that the fall in hiring numbers would likely continue due to the 16-day government shutdown that ended last Thursday.
That likely points to the Federal Reserve keeping its stimulus program in place for the rest of the year, they said.
9:33am: The Australian market looks set to open higher following gains on international markets as investors interpret US jobs figures as meaning the Federal Reserve will continue its stimulus measures.
What you need2know:
- SPI futures up 38 points to 5,394.
- AUD fetching 97.08 US cents, 95.25 yen, 70.44 euro cents, 59.79 pence
- On Wall St, Nasdaq +0.8%, Dow Jones +0.2%, SP500 +0.4%
- In Europe, Eurostoxx +0.6%, FTSE100 +0.6%, CAC +0.4%, DAX +0.9%
- Spot gold jumps 1.9% to $US1341.35 an ounce
- Brent oil rises 0.3% to $US110.57 per barrel
- Iron ore falls 0.8% to $US133.30 per tonne
In economic news on Wednesday, the Australian Bureau of Statistics releases consumer price index for September quarter.
In equities news, Origin Energy, AGL, Super Retail Group, Treasury Wine Estates, Mortgage Choice and Watpac all have annual general meetings scheduled.
9:33am: Good morning. Welcome to the Markets Live blog for Wednesday.
Contributors: Jens Meyer, Max Mason, Luke Higgs
This blog is not intended as investment advice
BusinessDay with agencies
Advertisement
“Markets Live: Stocks in late plunge”
I like it!
Commenter
Allan
Location
Prahran
Date and time
October 23, 2013, 3:28PMOk you win this round. 6-1.
Commenter
Andrew137
LocationDate and time
October 23, 2013, 3:31PM
Finally, a win for the little guy.
Commenter
Punter
LocationDate and time
October 23, 2013, 3:34PM
pity you don’t have any do ray me to cash in on it
Commenter
Captor
LocationDate and time
October 23, 2013, 3:38PM
Stocks fall below 2006 levels.
Commenter
Liberator
Location
SEQLD
Date and time
October 23, 2013, 3:39PM
10:40 and they ran out of valium
Commenter
Peter
Location
Sunbury
Date and time
October 23, 2013, 3:52PM
buy on the dips (if you have any cash, that is)
Commenter
Polly Anna
LocationDate and time
October 23, 2013, 3:52PM
i exited sold some lol
Commenter
Bass
Location
iCloud
Date and time
October 23, 2013, 3:55PM
Oh dear, look at all the personal attacks. The bulls really are nasty aren’t they? All that money and still not happy. Sniff.
ROFLMAO!
Commenter
Allan
Location
Prahran
Date and time
October 23, 2013, 4:18PM
@allan they are humiliating you day by day…are you to dumb to see it?
crazy stuff!Commenter
crazy stuff!
Location
crazy stuff!
Date and time
October 23, 2013, 4:39PM
Interesting comments always on how the banks are overvalued….compared to what ??
If you were a fund manager with money to invest everyday where would you put the money? On deposit with taxable 2 % interest or property with its poor liquidity. Or Australian banks with after tax yields on dividends of 4-5% . As I say substantiate that the bank stocks are overvalued compared to WHAT!Commenter
Harry Rogers
LocationDate and time
October 23, 2013, 3:28PMPrecisely
Commenter
GStamos
LocationDate and time
October 23, 2013, 3:36PM
But Harry, the higher the mug punters push up bank share prices for want of anything better to buy, the less the yield becomes, and the higher the risk, for those new buyers. There are many shares out there in good solid companies that have better yields than the banks.
Commenter
mitch of ACT
LocationDate and time
October 23, 2013, 3:48PM
I am with you Harry. Many so called experts were saying the same thing when CBA was $55. They were wrong then as they are now.
Banks have great certainty of growing EPS,which will in time lead to even higher share prices.Commenter
Chumlee
LocationDate and time
October 23, 2013, 4:00PM
Simple Harry. They are way overpriced compared to EVERY western country bank (UK, US etc) on several different measures.
They are also expensive compared to their historical valuation measures, including P/E, P/B, ROE, return on assets etc. They are also overpriced on forward measures such as credit growth versus earnings growth.Commenter
Kingly
Location
OZ
Date and time
October 23, 2013, 4:03PM
Kingly ,
That just doesn’t make sense. You say historical PE’s PE is ONLY relevant as a valuation when compared to alternatives. Now years ago interest rates were 16% that’s an effective PE of 6.25 on return. Todays rates are 2% that’s a 50 PE.Historical PE’s are irrelevant its only whats available TODAY.
Comparing Oz banks to US or UK banks has absolutely no relevance particularly the US banks . Have a look at their legals status and obligations to the depositor.
I still await a logical answer based upon factual figures.
Mitch,
Tell me the good solid companies which the government guarantee??
Commenter
Harry Rogers
LocationDate and time
October 23, 2013, 4:29PM
Breaking News…ASX200 down, bring out the champagne. Just make sure the little numpty Allan is close by to help get the cork back in the bottle
Commenter
Support@4900
Location
ASX200
Date and time
October 23, 2013, 3:28PMMore support for a bull market by Paul Farrell at Marketwatch. The more I look at it, the more confident I am. See:
http://www.marketwatch.com/story/2014-year-of-the-boom-bet-on-the-bulls-now-2013-10-23
Commenter
Gordon Gekko
Location
Greg Coffey World
Date and time
October 23, 2013, 3:16PMit is a no brainer mate!
Commenter
ORGan donor
LocationDate and time
October 23, 2013, 3:40PM
90 years old and still writing tip sheets. Sad.
Commenter
Charlie
Location
@Aitken head in a hamburger
Date and time
October 23, 2013, 4:31PM
up,down turn around
sell down ya holdingthe bull run stops…down 6 points first day yet…..those damn banks again.might have to change address [alaska] after that morning star report market is in “sell” now zone may carry some weight.
Commenter
BearShapedBull
Location
Pamplona
Date and time
October 23, 2013, 3:11PM5400 is it. I am on the shorting regime. Anyone else go short at 5400? See how close goes and the US tonight. If there is any futures movement near the 5400 tonight – short again.
Commenter
Liberator
Location
SEQLD
Date and time
October 23, 2013, 3:17PM
What has Morning Star had to say about the banks?
Commenter
Wally
Location
Flynn
Date and time
October 23, 2013, 3:43PM
xjo put lib in and out
Commenter
yada
LocationDate and time
October 23, 2013, 3:49PM
“ASX up for seventh day”
Well, um, maybe not.
Commenter
Roger
LocationDate and time
October 23, 2013, 3:09PMMarket ends lower for today, painting the tape for options expiration tomorrow?
Commenter
Bye Bye Fiat Money
LocationDate and time
October 23, 2013, 3:06PMASX being manipulated again.
Commenter
ASX 200
Location
Sydney
Date and time
October 23, 2013, 3:05PMThat’s what I was thinking.
Commenter
The Other Guy1
LocationDate and time
October 23, 2013, 4:08PM
Government kills off mortgage brokers by guaranteeing banks giving them a 1.5% advantage. Banks increase their hold on mortgage market pushing up bank profits. Then what? That was a one off.
Punters flock to bank shares looking for yield. Share prices rise and business shrinks as mortgage brokers become competitive again.
Drop in mortgage business makes yield shrink. Share prices fall. Shorters say “I told you so!”
Commenter
Charlie
Location
@Aitken head in a hamburger
Date and time
October 23, 2013, 3:02PMno offence al…but ask yourself the question ‘why am i broke…and renting…and so upset with successful investors’
admitting you have nfi is the first step in becoming a winner….going short or long
up to you gomer
Commenter
no banks .. no party!
Location
no banks .. no party!
Date and time
October 23, 2013, 3:57PM
Careful blanks, you’re in danger of posing the blog. And what’s with the green eyed monster?
Commenter
Charlie
Location
@Aitken head in a hamburger
Date and time
October 23, 2013, 4:23PM
looks like that little teddy bear got nervous when it saw the red line zooming up!
Commenter
Mister5100
LocationDate and time
October 23, 2013, 2:54PMEvery time I start to see green shoots and can feel the inner bull trying to burst out, the market goes down. The drop today is a knee jerk reaction to to the inflation figure. How short term. Petrol can only go down as the price of oil has recently fallen up to 10% and the aud has jumped. Others here have said imports will be cheaper with the higher aud. Others have been crying about falling rents, all is good for more rate cuts after all.
Commenter
Bearly Gruntled
Location
Land of hot air
Date and time
October 23, 2013, 2:36PMLittle landlords in all their glory!
http://www.smh.com.au/nsw/barry-ofarrell-says-landlords-lifting-rent-in-bushfire-area-an-act-of-bastardry-20131023-2w0ng.htmlCommenter
mitch of ACT
LocationDate and time
October 23, 2013, 2:34PMThe market only needs to go up by ((6828*1.15*1.2)-5386)/5386 = 75% to be a new bull market in real terms.
Go bulls!
Commenter
Charlie
Location
@Aitken head in a hanmbuger
Date and time
October 23, 2013, 2:00PMHow many bull markets last for 6 years? You’re going mad Alan. If you hadn’t lost all that money shorting FMG and NAB, I’d suggest taking a holiday.
Commenter
Alan’s Psychiatrist
Location
Mental Hospital
Date and time
October 23, 2013, 2:32PM
It would be good if the market could stay positive first tho. It’s just gone negative.
Commenter
mitch of ACT
LocationDate and time
October 23, 2013, 3:01PM
Who’s Alan?
Commenter
Charlie
Location
@Aitken head in a hamburger
Date and time
October 23, 2013, 3:15PM
LOL lost all my money. I’m 2.70/share up on fmg shorts. Have a look through past trades.
Commenter
Allan
Location
Prahran
Date and time
October 23, 2013, 3:20PM
On ch24, According to Tony Abbott, Don Randall flew from Perth to Cairns, with his wife, at taxpayer’s expense, to have some very important conversations with the Whip. I assume that should be a capital W. Those who defend the indefensible are just as guilty.
Commenter
mitch of ACT
LocationDate and time
October 23, 2013, 1:50PMWe are entering an exciting period of looney tunes spin! Promises to be a laugh a day.
Commenter
Bearly Gruntled
Location
Land of hot air
Date and time
October 23, 2013, 2:23PM
He he… if only someone had invented the telephone.
Ahh Tony, you’re going to be endless entertainment.
Commenter
Allan
Location
Prahran
Date and time
October 23, 2013, 2:34PM
God damn those Liberal muppets. How dare they use our tax money on such crap!
Commenter
Slippery Pete
LocationDate and time
October 23, 2013, 2:41PM
I wonder how much Tony Abbott’s campaign to visit every shop and factory in Australia in the 3 years before the election cost the taxpayer. How much of Labor’s deficit is he singlehandedly responsible for.
Commenter
mitch of ACT
LocationDate and time
October 23, 2013, 3:28PM
where’s the dude that bought QAN call again?
Commenter
got brain
LocationDate and time
October 23, 2013, 1:48PM
where’s the dude that has been shorting the financials all year and claiming them as gifts?
probably renovating his chook shed in praharan he he
Commenter
REM
Location
@allans chook ched in prahran
Date and time
October 23, 2013, 3:01PM
What’s a ched?
Commenter
Charlie
Location
@Aitken head in a hamburger
Date and time
October 23, 2013, 3:16PM
Cheds A title given to a friend in lieu of bud, bro, brah,pal, son, dog, etc. Originating from the 17th century custom of referring to one’s close personal acquaintances as “My dearest Chedwick”.”Yo Cheds, you seen Mikey around? I think he may have shit in my laundry hamper.”
Commenter
ched
Location
home
Date and time
October 23, 2013, 3:51PM
The market only need to go by ((6828*1.15*1.2)-5386)/5386=75% to be a new bull market in real terms.
Go bulls!
Commenter
Charlie
Location
@Aitken head in a hamburger
Date and time
October 23, 2013, 1:48PMBlackmores (BKL) shares slammed down 7% today to add to 3% fall yesterday. As I warned back on 24th April (when share price was $28-$29). Now share price is $23 something, and likely to head much lower. It’s a declining business and deserves to trade on a much lower multiple.
Commenter
Kingly
Location
OZ
Date and time
October 23, 2013, 1:45PMfair play – lucky I held off. You guys saved me some money! I guess the question is, is $20 a fair price to buy in?
Commenter
willo
Location
syd
Date and time
October 23, 2013, 2:16PM
Shouldn’t “information” from Australian Property Institute come with “this is an advertisement?” warning? I’m actually starting to think that yes housing will keep going up. What other options does a country that’s broke have? Sell ever increasing houses to each other and then when everything falls apart open it up to the richest individuals in the world. We’ve sold everything else so nothing should surprise. Be warned politicians, RBA and banks. Australians will not tolerate “how could we have seen this coming”. We will hold you to account.
Commenter
JohnBB
LocationDate and time
October 23, 2013, 1:21PMWho cares, China is coming anyhow, that’s what many are holding out for…the true bright future, not this current greedy mediocrity. I have seen it, yes, China in Canberra…
Commenter
True Red
Location
Sydney
Date and time
October 23, 2013, 1:31PM
Thank you JohnBB for the heads-up. Duly noted and I promise to keep reading your posts for further warnings.
Will also let Mike Smith know the next time he is in town.
Best Regards
TonyCommenter
Tony Abbott
Location
Canberra
Date and time
October 23, 2013, 1:40PM
” I have seen it, yes, China in Canberra”…huh?…………Chinese earn far less than us and that is the future we are leaving our kids. No assets, very low wages, very high house prices (the proceeds from which will have been consumed.) What’s wrong with youth not having a voice in this? It’s frustrating to watch them being completely shafted while they stupidly vote against their own interests.
Commenter
JohnBB
LocationDate and time
October 23, 2013, 1:46PM
I reckon we set up a citizens’ national trust fund. We sell off absolutely everything, land, housing, bank shares, permanent residency, the lot, to the world’s kleptocrats, and convert everything to US dollars, euros, roubles, gold, remnibi, whatever. We then short the banks. We’re already half way there, so we might as well do it properly and share the spoils fairly.
Commenter
Rev Jim Jones
Location
Last Laugh
Date and time
October 23, 2013, 1:49PM
@Tony Abbott. You’re so clever and funny.
Commenter
JohnBB
LocationDate and time
October 23, 2013, 2:31PM
Sorry John,
Just trying to keep up wiht my constituents. Between you and Mitch, I have a lot to lie up to.
Thankfully, I take time out of my busy schedule running the country very weel, to read blogs like this one to make sure I am doing a good job.
If you like, please feel free to conttact me directly in future so that we can really get down to brass tacks on what you want to rant/talk about.
tony_Abbott @ Johns token useless rant .com
Feel free to get Mitch to contribute
Commenter
Tony Abbott
Location
Canberra
Date and time
October 23, 2013, 3:40PM
Poor Tony, doesn’t read Press Releases from BHP and doesn’t read what he types first before posting. Just goes to show how little he cares about doing a good job. Yet another example of how unfit for high office he is.
Commenter
mitch of ACT
LocationDate and time
October 23, 2013, 4:04PM
Well there are no surprises there Tony. The highest office in the land doesn’t have the intellect to comprehend what I’m talking about and labels it a rant. What are you ten years old?
Commenter
JohnBB
LocationDate and time
October 23, 2013, 4:20PM
Now we know what JP Morgan are getting for dumping gold on behalf of the US government – a nice big fat tax deduction on their whopping fine. Some talk of prosecutions – yeah, some poor schmuck in packaging or the mail room..
Commenter
Peter
Location
Sunbury
Date and time
October 23, 2013, 1:15PMyup
Commenter
yada
LocationDate and time
October 23, 2013, 1:26PM
“some poor schmuck in packaging or the mail room”……..That’s funny.
Commenter
JohnBB
LocationDate and time
October 23, 2013, 1:29PM
12:40pm: The insurance bill from the NSW bushfires has climbed …… We will all get increases in our premiums because we subsidise the forest dwellers as well as the flood prone. Now if they did hazard reduction burns then I wouldn’t mind so much but judging by the massive back burning last night they appear to have done zero. Now usually the greenies get blamed for stopping hazard reduction. They don’t want blackened foliage to ruin their view I guess. I for one do not want to subsidise their pristine lifestyle. If Insurance companies had the … to decline Insurance unless they do hazard reduction then maybe we can move on. At present it is easier for an Insurance company to simply increase everyone’s premiums.
Commenter
Bearly Gruntled
Location
Land of hot air
Date and time
October 23, 2013, 1:07PM“We will all get increases in our premiums because we subsidise the forest dwellers as well as the flood prone.”
No, insurance is based on where you live. This is allowed by law. The same for car insurance.
Many people in flood areas in Queensland have faced 10x increases in the insurance premiums.
And owners cannot pass those costs on to renters because they would have to double the rent. Renters would just move somewhere cheaper.
Commenter
Allan
Location
Prahran
Date and time
October 23, 2013, 1:19PM
The insurance companies will and have been lifting premiums to unaffordable levels for those living in hazardous areas, as well as increasing premiums for the rest of us, often with no justification other than to recover previous losses ad infinitum.
Commenter
mitch of ACT
LocationDate and time
October 23, 2013, 1:19PM
My building insurance went up 50% a month ago. I live in a floodproof/fireproof area up on a mountain.
Commenter
Bearly Gruntled
Location
Land of hot air
Date and time
October 23, 2013, 1:30PM
@Bearly Gruntled, if you are floodproof fireproof, why not self-insure. You might only need building insurance if you have a mortgage, where the lender always requires it.
Commenter
mitch of ACT
LocationDate and time
October 23, 2013, 1:53PM
That’s more likely to be due to reinsurance costs across the board linked to climate change. The number of severe weather events is increasing.
Commenter
Allan
Location
Prahran
Date and time
October 23, 2013, 1:58PM
why is everyone acting like it is some mystery when fires race through buildings build in trees
Where on earth has the commonsense gone
Build houses with basements, clear dense forest for 60m around the house, at least
Build a moat even
Sympathy to all those people, but hey !!
I backburnt last year, some nosey neighbour called the brigade. The arrived Chief and all and said”WTF are you doing
They calmed down, saw all was ok, had a laugh said get a permit next time , good job and buggered offCommenter
stuarth44
LocationDate and time
October 23, 2013, 3:11PM
“‘clear dense forest for 60m around the house”
We have already cleared 90+% of the forests. How about giving the forest and wildlife a break?
Commenter
Allan
Location
Prahran
Date and time
October 23, 2013, 3:18PM
So what we’ll have now is interest rate rises despite the high AUD. Unless of course the government gets in more debt and wants to inflate it away. House prices at extremes with the highest personal debt in the world. What a mess. Who will the RBA sacrifice? Taxpayers, the entire economy, the banks, house owners, business? There will be extreme losers and extreme winners. Who will they be?
Commenter
JohnBB
LocationDate and time
October 23, 2013, 12:57PMNice jump on SBM. Long up 11.5%. Could double from here if the $A keeps rising or on the sniff of a takeover.
Commenter
Allan
Location
Prahran
Date and time
October 23, 2013, 12:54PMHow does the rising AUD help an aussie gold producer? These guys need XAU up and AUD down.
Commenter
Bunyip66
LocationDate and time
October 23, 2013, 1:14PM
Yep. Should be “keeps falling”.
Commenter
Allan
Location
Prahran
Date and time
October 23, 2013, 1:22PM
Overall gold is up today (i.e. after factoring FX changes), higher AUD also means cheaper oil/diesel.
Commenter
Bye Bye Fiat Money
LocationDate and time
October 23, 2013, 2:06PM
sprung again with your B$
Commenter
Pinochhio
LocationDate and time
October 23, 2013, 2:25PM
The higher $A should mean cheaper fuels but for the fact that resellers have lifted their margins to near record levels They get you used to paying a price then never reduce below that even when currency, price and supply factors would dictate o/wise.
Commenter
mitch of ACT
LocationDate and time
October 23, 2013, 2:51PM
Awww. B$, you’re really really really upset huh? Diddums.
Commenter
Allan
Location
Prahran
Date and time
October 23, 2013, 4:20PM
“Victoria’s struggling retailers may be heading for a unhappy Christmas, according to a pessimistic outlook from the Port of Melbourne boss.
In a trend attributed to a lack of consumer confidence, imports have declined during the three months to September.
Port of Melbourne chief executive Stephen Bradford said imports were down 1 per cent compared to the corresponding period last year, as a result of retailers not importing as much.
‘‘And last year was not a good year for imports,’’ he said.
‘‘Retail is really doing it tough.’’
www.theage.com.au/victoria/import-decline-signals-unhappy-christmas-for-retailers-20131022-2vz1g.html#ixzz2iVOKCVXM
Retail is doing badly because they are facing the perfect storm:
- High rents
- High staff costs
- Internet sales
- Internet price discovery
- Customers paying down massive debt
- Unemployment trending up
- Large increases in water and energy costsShort $$$
Commenter
Allan
Location
Prahran
Date and time
October 23, 2013, 12:47PMAnd don’t forget no more schoolkids bonus courtesy of the Libs. A savage cut to basic retail.
Commenter
mitch of ACT
LocationDate and time
October 23, 2013, 1:22PM
Yep, add
- LNP austerity measures for the lower classes.
Commenter
Allan
Location
Prahran
Date and time
October 23, 2013, 1:44PM
Someone had to cut welfare payments to the underachievers. Now get a real job, do not have kids too young without saving first and take that as a lesson to not expect free cash to subsidise the day off $5.85 coffee and $8 slice of cake.
Commenter
Liberator
Location
SEQLD
Date and time
October 23, 2013, 2:44PM
More government assets are coming up for sale. Where does this money end up? Increased house prices (for EXACTLY the same product, we just owe more for) that feed bank profits. What kind of society watches this and does nothing about it? Australia is going broke. Wouldn’t it be smarter to retain public and private assets and live within our means (it’s inevitable anyway)? Where this will end up is Chinese buying the inflated houses in preference to our own kids. You couldn’t make this stuff up. Shame on you Australia.
Commenter
JohnBB
LocationDate and time
October 23, 2013, 12:33PMSorry John, I’ll try harder.
Commenter
Andy
Location
Melbounre
Date and time
October 23, 2013, 1:44PM
How do the proceeds from the sale of gov’t assets increase house prices. Cash would be flowing out of the market into buying those assets. The proceeds are often used to reduce overseas debt, thus reducing cash available for buying stocks and property. That should cause a decline in demand for property rather than lifting property prices.
Commenter
mitch of ACT
LocationDate and time
October 23, 2013, 2:05PM
@mitch. The government is selling assets because it can’t balance so instead of society taking a hair cut, we are showered with money (also money from mining boom have gone straight in higher prices for exactly the same product. In other words Australia got NOTHING for the mining boom). That money goes straight in to higher house prices.
Commenter
JohnBB
LocationDate and time
October 23, 2013, 2:24PM
mitch – because instead of winding back the tax payer funded hand out called negative gearing, the proceeds of such sales simply keep the bubble investor held properties floating sky high. My take on it.
Commenter
Liberator
Location
SEQLD
Date and time
October 23, 2013, 3:08PM
That’s right mitch. Your beloved Labor party and LNP are both in on it. They’ve transferred all of Australia’s wealth to BBoomers, but particularly to big business. How did I miss what was going on earlier? In future I’ll be doing exactly the same as majority of politicians. In this case it was neg geared property. Like I keep saying, you couldn’t make this sht up.
Commenter
JohnBB
LocationDate and time
October 23, 2013, 3:29PM
So the unexpected increase in the inflation rate seems to have put paid to any further interest rate drops. That makes a nonsense of Rabobank’s decision yesterday to drop some interest rates on deposits. I have been moving cash from there into the market to take advantage of SPPs.
Commenter
mitch of ACT
LocationDate and time
October 23, 2013, 12:22PM
IMC
IMU
take your pick, go the Bio’s
Commenter
Bass
Location
iCloud
Date and time
October 23, 2013, 12:21PMCertainly when it comes to retail the “poms” know their stuff. Witness the overhaul of Coles supermarkets using execs poached from English Tesco and now Gillian Ridley Whittle poached by Target from Marks and Spencer. MS stores and merchandise do have a nice feel to them and my wife in her early 60s never has a problem buying clothes there.
Commenter
Melbman
LocationDate and time
October 23, 2013, 11:51AMGood point about the Coles management. Isn’t it amazing what happens when you have people in the top jobs who know what they are doing. Conversely with boards in Australia – tend to be stacked with charming in-the-club duffers with little or no actual experience in the business they are allegedly directing…
Commenter
Griff
Location
Brighton east
Date and time
October 23, 2013, 12:47PM
“little or no actual experience in the business they are actually directing”. That could be applied to politicians as well. Most of them are lawyers or union bosses or previous staffers to politicians.
Commenter
mitch of ACT
LocationDate and time
October 23, 2013, 1:16PM
Hey guys whats your take on CWN?
Commenter
Andy
Location
Sydney
Date and time
October 23, 2013, 11:49AManyone out there keeping an eye on BDR? thoughts?
Commenter
Pots
LocationDate and time
October 23, 2013, 11:45AMthink you missed the boat cobber, still lots of upside though. Ounce for ounce is the best little gold miner on the planet
Commenter
Stop
LocationDate and time
October 23, 2013, 2:51PM
Go long property and property related stocks. We’re in for the mother of all property booms. Sydney prices up 10 per cent just in the September quarter. The rest of Australia to follow. Great time to be landlord. Terrible time to be a renter.
Commenter
Bam Bam
Location
Bedrock
Date and time
October 23, 2013, 11:44AMYep, no-one ever got into trouble buying into the peak of a huge bubble……….
Commenter
Davo
Location
Sydney
Date and time
October 23, 2013, 12:27PM
My bet is Bam Bam is selling…. Maybe he works for a big investment bank?
Commenter
Bye Bye Fiat Money
LocationDate and time
October 23, 2013, 12:32PM
Good time to be a renter in Sydney. Unit rents down 6.5% in real terms in Sydney in the past 12 months.
Bad time to become a littlelandlord. Prices up, rents down.
Commenter
Allan
Location
Prahran
Date and time
October 23, 2013, 1:25PM
Check out PPK, a small company that has decided to move into the mining services sector and appointed the former head of Industrea to manage the process. Shares were trading at 50c and are now 77c. I have taken some profits. Obviously mining services still has some hope.
Commenter
mitch of ACT
LocationDate and time
October 23, 2013, 11:41AMOoooo. Big drop. What gives ?
Algo malfunction ?
Commenter
The Oracle
Location
2233
Date and time
October 23, 2013, 11:39AMInflation data out, showing higher than expected rise last quarter. Now pretty much putting nail in the coffin of any further rate rises even with rocketing AUD. I think this last Quarter will be the one to watch for Inflation rise and then expect rates to start to go up Q2 2014 .
Commenter
Dj77
LocationDate and time
October 23, 2013, 12:17PM
@dj77 A “rocketing” AUD will have a deflationary effect in the coming months due to cheaper imports and fuel and with unemployment rising, retail struggling and every other major piece of datum pointing to a slowing economy (except house prices) don’t be surprised to see the RBA cut again early next year or even just before Christmas. Inflation is still comfortably within the RBAs target and they’ve already told us “there’s no housing bubble”.
Yikes!
Commenter
Unusual Suspect
LocationDate and time
October 23, 2013, 1:35PM
pest from the west, correct.
Mitch, I agree there is a link, however your comment(s) links nothing and is blatant political cheerleading. Like I said, there are plenty of comment sections on this site for that.
Commenter
Business reader
LocationDate and time
October 23, 2013, 11:32AMPoor old Mitch, hes the type who would rather walk than put his non preferred brand of tyre on his car. He’s like Sheldon in Big Bang without a single one of his redeeming features.
Commenter
Peter
Location
Sunbury
Date and time
October 23, 2013, 1:09PM
Ah perhaps so, but unlike Sheldon I would never leave a Penny unspent.
Commenter
mitch of ACT
LocationDate and time
October 23, 2013, 1:46PM
Hate to admit Mitch, but i like your work.
Commenter
Peter
Location
Sunbury
Date and time
October 23, 2013, 3:47PM
Uranium longs would have taken cheer from the British govts decision to build a nuclear power station. Newer technology makes them a lot safer run (pity about the waste). Uranium is one of the many industries affected by politics. With coal being blamed for everything from warts to colic then conservative govts will probably be looking closely at nuclear.
Commenter
Bearly Gruntled
Location
Land of hot air
Date and time
October 23, 2013, 11:30AMMr Packer should be prevented from building his temples of gambling and sodom and gomorra everywhere.
What if Packer would use his fortune towards strengthening the social fabric of the Western world and europoid people instead of this constant call to gambling?
Commenter
Dr No
Location
Sydney
Date and time
October 23, 2013, 11:11AMSure, it’s his fault people gamble….
Maybe we could get a politician to legislate against it?
How about people act responsibly rather than blaming other people for their stupidity?
Commenter
Bye Bye Fiat Money
LocationDate and time
October 23, 2013, 11:26AM
So Bye bye fiat money, if gambling is the fault of gamblers and not casino operators, does that mean that drug pushers should be tolerated as well.
Commenter
mitch of ACT
LocationDate and time
October 23, 2013, 11:34AM
Well said BBFM. Gambling is a choice. People need to take responsibility for their own decisions.
Commenter
Sticks
LocationDate and time
October 23, 2013, 11:37AM
Nice try with the Apples and Oranges argument, but i’ll bite.
If you want to cry foul over drugs, how about alcohol, maybe we should ban that? I’d bet 50 AUD that alcohol causes more health related damage, community cost, and hospital admissions (both direct and indirect) than all other illegal drugs combined, but hey go on living in fantasy world.There will always be a market for drugs, legal or illegal, but in terms of regulating it, or whatever you want to do, it is a very difficult question. Suffice to say the “war on drugs” has been an abject failure. So why would you want more government regulation where it clearly fails time and time again and ends up costing society more than it puts in?
Remember, people CHOOSE to be @ a casino, not the other way round. Further extrapolation of your argument, what about pubs and RSLs and poker machines? A lot of pension money goes through poker machines….
Commenter
Bye Bye Fiat Money
LocationDate and time
October 23, 2013, 12:09PM
Gambling is a disease for 5ish% of gamblers. A recent workmate found out that his wife had 12 credit cards. I know not how. At age 58 he had to sell his house and they are now living in a granny flat at his daughters place. They lose their dough and then hold out their hand for a bailout. How do you apply personal responsibilty the diseased?
Commenter
Bearly Gruntled
Location
Land of hot air
Date and time
October 23, 2013, 12:18PM
Actually Mitch, yes. The vast majority of drug users do so recreationally with the full knowledge of what they’re in for. I know, I’m one of them and never had a problem.
Commenter
Davo
Location
Sydney
Date and time
October 23, 2013, 12:29PM
Now, now, Mitch. That’s cheating. You *know* consistency is in short supply in such quarters.
Commenter
Roger
LocationDate and time
October 23, 2013, 12:30PM
2 examples of the perils of gambling.
http://www.smh.com.au/nsw/gamblings-black-hole-gives-exwife-a-rude-awakening-20131018-2vs6s.html
A late friend of mine took his life due to gambling debts. I found his body. His wife was affected so badly she had a complete breakdown and became incapable of looking after their 3 children, who had to go into foster care.
Don’t forget that Woolies owns more poker machines than any other company. What they don’t get from you at the checkout or the servo they will get at the club. That kind of arrangement must be undone.Commenter
mitch of ACT
LocationDate and time
October 23, 2013, 1:45PM
At the very least we should have the common sense to place the gambling dens as far away from population centres as possible.
I haven’t really got a problem with placing a huge palace devoted to sodom gomorra far away in an aboriginal reserve (where the locals are prevented from gambling or drinking but offered employment) where we can legalise gambling, narcotics, etc.
But don’t build these houses of sin in Sydney and Melbourne.
Commenter
Dr No
Location
Sydney
Date and time
October 23, 2013, 2:21PM
Any ideas how high the banks are going to go and why is NAB ahead of WBC?
Commenter
Wally
Location
Flynn
Date and time
October 23, 2013, 11:04AMI believe NAB is in accumulation mode prior to annual results and dividend declaration. The same is probably true for BOQ too.
Commenter
Joe the POM
Location
Geelong
Date and time
October 23, 2013, 11:56AM
LEI hits $18 [as i guessed yesterday] might be a good time to take some cream off the top.post smear.
Commenter
BearShapedBull
Location
Pamplona
Date and time
October 23, 2013, 10:54AMHard stock to read at the moment. As soon as it gets a bit of momentum either way it seems to swing around on go in the other direction.
Commenter
Andrew137
LocationDate and time
October 23, 2013, 2:36PM
Dollar going gang busters – parity is not far off. My O/S holiday after Dec is looking cheap.
Commenter
Liberator
Location
SEQLD
Date and time
October 23, 2013, 10:47AMYep off to the US for 6 weeks over Christmas. Loving this strength of the $AU. Still paying through the nose for flights and accommodation over the holiday period, but what can you expect?
Commenter
Luke
Location
Newcastle
Date and time
October 23, 2013, 10:53AM
And Stevens has lost control. Though listening to him and his buddies, they have their steady hands on the tiller.
What’s a tiller ? It’s not rude is it ?
Commenter
The Oracle
Location
2233
Date and time
October 23, 2013, 11:33AM
Rises in air fares given as one of the factors. Perhaps QAN should learn that the more they raise air fares, the lower their share price.
Commenter
mitch of ACT
LocationDate and time
October 23, 2013, 12:09PM
If you think the bankers have lost control go long gold.
I’m of the opinion that before, or if, we exit this worldwide currency war and mess we’re in gold is going to be a lot, lot higher (money printing will go into overdrive!). But hey, that’s my opinion, do your own research!Commenter
Bye Bye Fiat Money
LocationDate and time
October 23, 2013, 12:11PM
great start for the goldies,shining very well.
nst = 6%
slr = 9%
ncm = 6%
lot of undervalued stocks out ere and maybe the corner has been turned. great article mooting SLR in seeking aphl for those able to access.
bout bloody tmeCommenter
BearShapedBull
Location
Pamplona
Date and time
October 23, 2013, 10:44AMShort at 5400 – no stop at present. Time to play.
Commenter
Liberator
Location
SEQLD
Date and time
October 23, 2013, 10:44AMFollowing the win now with narrow stop. Take home some meat money.
Commenter
Liberator
Location
SEQLD
Date and time
October 23, 2013, 12:09PM
Out with a 16.2 point win. Maybe the market will become stagnant as the dollar surges. Trading times are coming good again!
Commenter
Liberator
Location
SEQLD
Date and time
October 23, 2013, 12:35PM
Lib, I closed out my XJO warrants @ the very top, 120% profit for 2weeks. Good result.
Commenter
Bye Bye Fiat Money
LocationDate and time
October 23, 2013, 12:37PM
Hey Fiat – yep spot on. Dollar rising will put the damper on any up trend going on here.
Commenter
Liberator
Location
SEQLD
Date and time
October 23, 2013, 2:03PM
Can’t wait for end of this month/first week of Nov, XJO puts here we come!
Commenter
Bye Bye Fiat Money
LocationDate and time
October 23, 2013, 2:15PM
ED.
Please advise all time high for ASX. Was 2008 the highest it got to ?. Is this the reason every time the market edges up it is a new 5 year high.?Commenter
pest from the west
Location
Lowood Qld
Date and time
October 23, 2013, 10:34AMhttp://bit.ly/1eHzYrM
Commenter
Some Guy
LocationDate and time
October 23, 2013, 10:49AM
The all-time high for the ASX was on 1 November 2007, when it hit 6873.20. The fresh five-year highs go all the way back to pre-GFC.
Commenter
Ed
LocationDate and time
October 23, 2013, 10:49AM
This market is going to get ugly real soon. A few people on here must be praying it happens sooner rather than later.
Commenter
Groundswell
Location
GC
Date and time
October 23, 2013, 10:32AMI’d agree on current prices except for just how relaxed the market was during the recent US debt ceiling brouhaha. Normally the coughing of a central banker would have lead to minus 1%. Whilst I’d prefer a bit of a correction – IMO – the market simply wants to go up.
Commenter
Yin or yang
LocationDate and time
October 23, 2013, 10:45AM
@Groundswell. Why the long face? What will be the source of your inferred fear? The worrying signs for me are all the delicate green shoots that are popping up everywhere. It strikes me that the champagne cork is bursting free and the irrational exuberence that infected Bob Carr is abroad. A shaken bottle of champagne eventually runs out of gas and will turn to vinegar. To me the greatest source of vinegar in the world today is the coterie of tea drinkers in the USA. For the next 5 months they have retreated to the Ozarks.
Commenter
Bearly Gruntled
Location
Land of hot air
Date and time
October 23, 2013, 10:53AM
Wait for the big 3 banks to go Ex-Div in Nov. that’s when (I think) the fun begins.
Commenter
Bye Bye Fiat Money
LocationDate and time
October 23, 2013, 11:12AM
And may they never be heard from again. Sloppy Joe’s decision to the lift the debt ceiling to $500bn, far more than is required, is an attempt to short-circuit any plan by Labor to put the Libs thru what Obama endured. However, as the Libs campaigned time and time again about being the party of low debt with the intention now of becoming the party of highest debt ever, then Labor should not miss every opportunity to ram home to the electorate who is doing the spending now.
Commenter
mitch of ACT
LocationDate and time
October 23, 2013, 11:14AM
Mitch if the Liberal party tightened and balanced the budget the housing market would go bang in a real big way.
Anyone with a brain knew that the Liberals would not tighten no matter what…. Why be so surprised that Hockey is going to deficit spend more?
I guess I should be annoyed that my income is going to bankers and idiots for their overpaid McMansions, but I don’t care anymore, they will get what is coming to them….Commenter
Bye Bye Fiat Money
LocationDate and time
October 23, 2013, 11:28AM
No long face here. I’m just waiting waiting waiting. I agree that when banks go EX the rug is going to be pulled out from under their share price. The only real concern I have is that when the prices go south we are going to have to listen to the numbnutz on here gloating about how their shorts are in the $$$$ and how must vision and foresight they have. Arghhh!
Commenter
Groundswell
Location
GC
Date and time
October 23, 2013, 11:58AM
“we are going to have to listen to the shorters on here gloating about how their shorts are in the $$$$ and how must vision and foresight they have”
You got that right. He he…
Commenter
Allan
Location
Prahran
Date and time
October 23, 2013, 1:40PM
Why do you guys give Allan a hard time? If I were there, I would be shorting FMG and the banks look very expensive. Indeed, the entire market looks very frothy. As for the property bubble, just keep telling yourself there isn’t one.
Commenter
LoneStar
Location
US
Date and time
October 23, 2013, 10:30AMI don’t think anyone disputes that there is a property bubble. Rather there are different views on how long investment from overseas (mostly China) will keep it inflated. Could be 6 months, could be 10 years.
Commenter
Irish Phil
LocationDate and time
October 23, 2013, 10:41AM
I’ve only looked at this blog since last week, but from what I’ve seen Allan tries to pick tops and bottoms. Goes short into rising stocks predicting a fall and goes long into falling stocks predicting a rise.
It is such a hard way to make money.
Commenter
Luke
Location
Newcastle
Date and time
October 23, 2013, 10:45AM
Also, I generally don’t short (especially into a rising market), but if I did the one stock I would short would be CAB.
A business model of being a 10% ticket clipper, at threat of state government’s legislating caps on how much they can clip? Not to mention Google just invested $250 million into Uber, a mobile taxi fare app, reportedly going to be incorporated into their driverless cars in the future.
I just can’t see a way that CAB is operating in it’s current format in 10 years time.
Commenter
Luke
Location
Newcastle
Date and time
October 23, 2013, 10:49AM
I love SPPs. I have been holding a small number of shares in INA. They had an SPP at 36.5c based on current holdings with the option to apply for extra shares. The trading price at the time of the SPP was around 46c so a substantial discount was involved. I took full advantage of the offer. Now trading at 52c. Some profits have been taken.
Trading tip – hold minimal holdings of shares with a history of SPPs at a discount. Utilities, investment companies and property trusts are likely candidates.Commenter
mitch of ACT
LocationDate and time
October 23, 2013, 10:26AMUseful tip, thanks. It can also work the other way if the SPP is mistimed or mispriced. It can have the effect of compounding an already (underlying) deteriorating share price. PDN and SLR being recent examples.
Commenter
Yin or yang
LocationDate and time
October 23, 2013, 10:37AM
Yep all good with that mitch
just remember to do the research first peps and dont jump on all, like mitch says there are industry sectors which are more attractive and have a good track record of discounts, others are grabbing what they can as the share price dilutes and the companies move towards delisting,failing.got burnt a couple of times myself and saw $0 in the end, but others have worked very well at increasing the nest egg. much like reinvestment of dividends which dont come with the dded discounts a nice strategy to have.Commenter
BearShapedBull
Location
Pamplona
Date and time
October 23, 2013, 10:51AM
Check out VLW, a home builder. SPP @ $1.60 on shares trading around $1.75. Announced today a good take-up so SPP applications scaled back by 50%. Shares now up 8c to $1.80.
Commenter
mitch of ACT
LocationDate and time
October 23, 2013, 11:20AM
AVQ in a trading halt. Anyone a follower of this company?
Commenter
AndrewO
LocationDate and time
October 23, 2013, 10:20AMIn court possibly for another 8 weeks, Mgt won’t comment
Commenter
Bass
Location
iCloud
Date and time
October 23, 2013, 10:31AM
Thanks Bass-appreciate your comments and other trading insights. Cheers.
Commenter
AndrewO
LocationDate and time
October 23, 2013, 11:13AM
So the Commission of Audit has at last been announced. I wonder if this one will do any better than the QLD audit where the results failed accounting standards. In the QLD audit they blurred the lines between revenue and capital receipts and capital expenditure and running costs. The result exaggerated the debt and increased the likely deficits to arrive at the pre-determined outcome. Hopefully those involved in this audit will have greater respect for their professional reputations than to pull that kind of stunt again. Costello trashed his.
http://www.couriermail.com.au/news/national/queenslands-peter-costello-audit-trashed-by-experts/story-fndo1yus-1226466757844Commenter
mitch of ACT
LocationDate and time
October 23, 2013, 10:13AMHe came, he saw, he stepped up to the plate and squeaked up. Joe has at least a smokescreen to hide behind to explain the non repeal of the carbon tax. Oh well, at least Joe is on the move.
Commenter
Bearly Gruntled
Location
Land of hot air
Date and time
October 23, 2013, 10:19AM
Aren’t there other sections for blatant political cheerleading on this site?
Commenter
Business reader
LocationDate and time
October 23, 2013, 10:22AM
After the horror summer we are about to have no-one will be game to repeal the carbon tax, particularly when to do so is going to be a gift to the big emitters of $2bn to buy-back their permits.
Commenter
mitch of ACT
LocationDate and time
October 23, 2013, 10:28AM
Can “business reader” please pass his comments on to Terry McCran at News International …. He sees no line between commerce, economics, and politics.
Commenter
Joe the Pom
Location
Geelong
Date and time
October 23, 2013, 10:32AM
Politics/economics/markets inextricably linked.
Commenter
mitch of ACT
LocationDate and time
October 23, 2013, 10:37AM
Business reader probably is astute enough to not read Murdoch’s yellow rag. That includes that shameful “We’ll give you honest reporting” Australian. Only good 4 the bottom of bird cages.
Commenter
pest from the west
Location
Lowood Qld
Date and time
October 23, 2013, 10:42AM
WAS, went beserk in the UK,
RFT placement done for over 13% of Co at .005 when trading at .001, heaps more leverage here,
IMU, looking good pre market,
NWT, here comes a breakout,
QFX should keep going, as well as PRR slowly,
Don’t take your eye off ESI/ESIO, worth a punt at these levels.
GL
Commenter
Bass
Location
iCloud
Date and time
October 23, 2013, 9:59AMCan you expand on QFX. I am long on them, but wondering what your thoughts are.
Commenter
Irish Phil
LocationDate and time
October 23, 2013, 10:22AM
Quickflix is similar to Netflix in the US.
HBO invested $10m in QFX via subscribing preference shares @12c in March 2012.From a high of 15c to 1.5c, I think the GAP up to 5.5c is doable from here, either way, it’s going a lot higher
GL
Commenter
Bass
Location
iCloud
Date and time
October 23, 2013, 10:40AM
I’m pretty familiar with the company, also a customer.
I bought in at 8c, got greedy and didn’t sell out around 14c or 15c. Have been sitting and watching at these low levels.
Firmly believe in the business model, so wondering if the return to customer growth in last quarter is a trigger to add to position?
Commenter
Irish Phil
LocationDate and time
October 23, 2013, 10:57AM
Netflix soared in usa up 12% premarket after great Q3 results, so the pointers are lining up for some lattitude.
Commenter
BearShapedBull
Location
Pamplona
Date and time
October 23, 2013, 11:11AM
Quickflix is rubbish. Their business model doesn’t work as they don’t have enough scale and cash behind them. Telstra has just announced Pronto, a movie streaming business coming later this year which is available on PCs/laptops/mobiles/tablets you name it. Also has live access to 7 Foxtel movie channels, and you dont have to be a Telstra customer to get access.
Quickflix is heading one way and it ain’t up.Commenter
Kingly
Location
Oz
Date and time
October 23, 2013, 11:13AM
Quickflix is not Netflix. Its a small row boat in a big pond and a battleship (Telstra) is about to arrive. I was a shareholder, thinking it could be the next netflix, but sold out once I realised that it was too small to compete on level terms with the big players. And Telstra is not the only big player it has to contend with.
Commenter
Kingly
Location
Oz
Date and time
October 23, 2013, 11:23AM
Might go lower ST with more placement shares coming on the market shortly, once soaked/dumped, trend should continue
OMO anyway lol
Commenter
Bass
Location
iCloud
Date and time
October 23, 2013, 12:25PM
Comments are now closed
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Markets Live: Stocks in late plunge
Commenter
Charlie
Location
@Aitken head in a hamburger
Date and time
October 23, 2013, 4:39PM
Commenter
Opinion Only
Location
Melbourne
Date and time
October 23, 2013, 4:26PM
Commenter
mitch of ACT
Location
Date and time
October 23, 2013, 4:14PM
Commenter
The Oracle
Location
2233
Date and time
October 23, 2013, 4:11PM
Commenter
sos
Location
sos
Date and time
October 23, 2013, 4:10PM
Commenter
Allan
Location
Prahran
Date and time
October 23, 2013, 4:33PM
Commenter
crystal ball
Location
????
Date and time
October 23, 2013, 4:07PM
Commenter
Mister5100
Location
Date and time
October 23, 2013, 3:56PM
Commenter
Liberator
Location
SEQLD
Date and time
October 23, 2013, 4:35PM
Commenter
Charlie
Location
@Aitken head in a hamburger
Date and time
October 23, 2013, 3:39PM
Commenter
which bank?
Location
Date and time
October 23, 2013, 3:36PM
Commenter
JohnBB
Location
Date and time
October 23, 2013, 4:04PM
Commenter
Yin or yang
Location
Date and time
October 23, 2013, 4:10PM
Commenter
Charlie
Location
@Aitken head in a hamburger
Date and time
October 23, 2013, 4:15PM
Commenter
Liberator
Location
SEQLD
Date and time
October 23, 2013, 4:16PM