Markets Live: Shares wobble higher

A woman holding an ice cream walks out of a KFC restaurant in Beijing July 17, 2014. 12:25pm: Loss of confidence in banks after the global financial crisis and their links to financial planning scandals is aiding the grocery giants’ push into financial services, Coles finance director Rob Scott says. “What happened with the GFC is that it led to a loss of public confidence in big financial institutions, [including] the quality of advice and disclosure and the need for taxpayer support,” Mr Scott told The Australian Financial Review.

The spot iron ore price has plunged almost 27 per cent to about $US96 a tonne over the past 12 months. “Market prices were under pressure in the quarter due to factors including increased discounting related to additional supply, the tightening of credit in China and higher port stocks in China,” Arrium said in a statement to the ASX.

Coles finance director Rob Scott: “Technology is going to be a very important differentiator for financial services providers as regards to offering better services and reducing costs for consumers”. 12:02pm: Asciano could reap up to $1. 2 billion from the sale of a stake in its terminals and logistics business, JPMorgan says, adding that such a deal would be good as it would help the logistics group compete more effectively against global players.

The index was led by US airlines, which operate fewer routes over continental Europe than international peers including Air France-KLM and Deutsche Lufthansa. 9:07am: Local stocks are poised to open higher after a positive lead from Wall Street as investors refocused on economic data and corporate earnings, while iron ore fell. 9:07am: Good morning and welcome to the Markets Live blog for Monday. i got 11000 NAN @ 75c then there were only 29000 shares for sale @ 75c then outta no where a CXA trade goes thru for 3000000… wtf,where did these shares come from in the market… and then the price is 77c after that trade… im damned if i can figure it.

That offer came after Stockland’s unsuccessful takeover bid in April, which was made after it had acquired a 20 per cent stake in Australand in March. 9:39am: Ord Minnett, run by the former head of the Commonwealth Bank‘s scandal-ridden advice division, Tim Gunning, used a loophole to reap fees that would otherwise have been against the law under Future of Financial Advice (FOFA) rules banning conflicted remuneration.

Mr Strachan said backdoor listings were a quick and easy way for companies to join the ASX, giving them access to cash and the spread of at least 300 shareholders required to be listed. “They can be a good play for both the companies and investors as long as the shell company is ‘clean’,” Mr Strachan said. “Success depends on the business that it is being turned into and the quality of the people coming into it.

In addition, the amount of information available to consumers is undermining the brand power of large financial institutions. “Technology will be a very important differentiator for financial services providers as regards to offering better services and reducing costs for consumers,” Mr Scott said. “Customers will have more information available to make decisions and therefore the value associated with some of the more traditional brands in financial services may not be as relevant.

Perth-based analyst Peter Strachan estimates that more than two thirds of listed resources companies have less than $2 million net cash. “Over the last few years there has been a capital strike,” Mr Strachan said. “A lot of exploration companies are sitting around watching the paint dry and thinking about how to make some money.

To get around the prohibition so that advisers could “charge a fee”, Ord Minnett “authorised” those who operated under Ord Minnett’s financial services licence to temporarily switch to the licence held by a separate company in the group, Ord Minnett Financial Planning. 9:28am: US airline shares capped a volatile two days of trading on Friday, recovering the declines they had sustained in the wake of the Malaysian airliner crash over Ukraine on Thursday.

Reuters reported in April that if Anglo pushes ahead to divest underperforming platinum assets, a sale to a small South African company is seen as the most likely option. Anglo, the world’s No. 5 diversified mining company by market value, signaled in April that it could dispose of at least some of its deep, high-cost platinum mines - and South African gold miner Sibanye Gold expressed interest in buying them.

Given that CSL is trading on a P/E multiple of 22, Citi has retained its ‘sell’ call, pointing clients elsewhere in the sector, such as Resmed. CSL’s share price is 1. 9 per cent lower so far this year at $67. 66, against the ASX 200’s 3. 5 per cent gain, while the the top 200 healthcare index is flat in 2014.

Read more here: SMH

    

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