Aged Care Sector: Golden Days, Issue 8 - Care Free

We look at issues and opportunities facing the aged care segment of the retirement sector, and highlight our preferred exposures

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Global Markets Mostly Up

US stocks were led by gains in energy shares whilst the market remained flat. European and UK indices mostly closed higher, with investors remaining calm as the UK fired the starting gun on its Brexit process. Most major indices in Asia rose.

US stocks mostly higher, while indices are flat or slightly lower

US stocks mostly edged higher, with a rally in energy shares helping to erase early market declines. At the time of writing the S&P 500 was relatively flat, meanwhile the Dow Jones Industrial Average decreased by a modest -0.3%.
Energy producers led gains, with Chesapeake Energy Corp (+8.2%) and Hess Corp (+4.6%) both added. Vertex Pharmaceuticals surged +22.7% a day after the company’s drug for cystic fibrosis met endpoints in two late-stage clinical studies. Regeneron rose +4.0% after the FDA approved its medication for severe atopic dermatitis and the company set the drug’s price at US$37,000 per year. Restoration Hardware parent RH jumped +14.9% after reporting better than expected earnings. Sonic Corp recovered +5.7% after quarterly revenue results missed expectations. Dave & Buster’s Entertainment fell -3.5% after delivering a disappointing guidance.

European and UK stocks mostly up

The Stoxx Europe 600 gained +0.3% as investors largely ignored the official commencement of Brexit. London Stock Exchange Group (+2.7%) and Deutsche Borse (+1.4%) made gains as the European Union’s antitrust watchdog blocked the planned $28bn merger between the two. Posting the biggest loss was Scout24, sliding -7.7% after a disappointing guidance from the online marketplace.   
The UK’s FTSE 100 increased by +0.4% with help from a brief drop in the pound, as Britain officially kicked off its exit from the EU by triggering Article 50. 3i Group leapt +5.7% after analysts lifted their rating on the venture capital company to overweight from equal weight. Shares of BHP Billiton climbed +2.7% after the mining giant said that it is considering a new iron ore investment in Australia. In other mining news, Glencore (+0.5%) increased modestly after revealing that its coal mines were not damaged by Cyclone Debbie. Tui AG inched down -1.1% after the travel operator reaffirmed its fiscal 2017 guidance.

Asian indices mostly up outside of China, Taiwan, Japan

Hong Kong’s Hang Seng Index (+0.2%) and Korea’s Kospi (+0.2) rose. The Shanghai Composite fell -0.4%. Japan’s Topix fell -0.2% as over 75% of stocks traded ex-dividend. Japanese electric utility stocks jumped after an appeals court ruled that Kansai Electric (+10%) can restart two nuclear plants.

ASX 200 adds value

The ASX 200 rose by 0.9%, as energy, healthcare, banks and industrials notched solid gains

Crude, gold, iron ore all rise

WTI crude climbed +4.1% to US$49.3, while gold rose +0.7% to US$1,251.7. Iron ore inched up US$0.24 to US$82.3/MT.

Today’s events 

FLI Ex interim div 2.0 cps
HLG 1H17 Result
MEL Ex special div 5.33 cps
MEL Ex interim div 2.44 cps

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