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ASX Market Report

Fixed Interest
Close Points
Currency Close Points
All Ordinaries 5457 26 0.48 $A vs $US 0.8762 -0.0003 -0.04
S&P/ASX 200 5476 29 0.52 $A vs GBP 0.5486 0.0011 0.19
  $A vs YEN 95.61 0.21 0.22
  $A vs EUR 0.6958 0.0019 0.27
  $A vs $NZ 1.1255 -0.0009 -0.08
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ASX Code Company Name Impact Recommendation
CRZ Limited (CRZ)
IFL IOOF Holdings Limited (IFL)
MQA Macquarie Atlas Roads Group (MQA)
VRL Village Roadshow Limited (VRL)
AAD Ardent Leisure Group (AAD)
IOF Investa Office Fund (IOF)

Thursday 30 October - The local market opened higher today despite the weak lead from Wall Street overnight. The positivity continued throughout the morning, with a late rally before the closing bell. There were mixed results from the sectors; healthcare gained most significantly while materials were the biggest laggard. The Australian dollar gained against most major currencies.

The All Ordinaries rose 26.00 points (0.48%) to 5,457.10 while the S&P/ASX 200 rose 28.50 points (0.52%) to 5,476.20.

Echo Entertainment Group (EGP)

Echo Entertainment Group provided an update on its trading performance for the 17 weeks to 27 October 2014 (YTD) and guidance on expected normalised earnings for the six months ending 31 December 2014 (1H FY15). Across the group, YTD normalised gross revenue grew by 27% on the pcp (+26% on an actual basis). The domestic business, excluding International VIP Rebate, revenues grew 13% on the pcp. The International VIP Rebate business had actual turnover of $16bn (up 78% on the pcp) and actual gross revenues of $216m (up 78% on the pcp with a win rate of 1.34%). Normalised International VIP Rebate revenues of $231m were up 78% on a like-for-like basis. The company expects to report normalised 1H FY15 EBITDA within the range of $245-260m. This compares with 1H FY14 restated normalised EBITDA of $199m, representing an increase of between 23-31%. EGP added 22 cents (6.21%) to $3.76.

UGL Limited (UGL)

UGL provided its chairman's and MD's addresses to the company's AGM. The chairman reported that underlying operating revenue increased 6% to $4.5bn in the 2014 financial year. Underlying NPAT was $111.7m, up 22% on the prior year. Engineering earnings increased by 3% on the prior year, supported by the cost reduction program completed during the year and a turnaround in the performance of power projects. The MD reported that further opportunities are expected to arise over the 2015 financial year as federal and state governments continue their commitment to infrastructure development. This provides the company with key growth potential over the medium term. The Engineering business is expected to achieve revenue of around $2.4bn in the 2015 financial year, currently sold at around 90%. With the cost reduction program completed in 2014, the company expects to achieve normalised trading margins of 4-5% after corporate costs in the 2015 financial year. UGL added 10 cents (1.52%) to $6.70.

AWE Limited (AWE)

AWE provided its September 2014 quarterly activities report, reporting that during the quarter total production increased 6%, quarter on quarter, to 1.39mmboe. Sugarloaf production increased 21% over the previous quarter as accelerated drilling in 1H CY14 delivered increased production. Also during the quarter, the BassGas JV achieved FID for lift of gas compression and condensate pumping modules in late 2014; the Ande Ande Lumut tender plan for FPSO was approved by the Indonesian government; the draft plan of development was submitted for the Lengo gas project in Indonesia; and the Waitsia gas field was discovered and the Senecio gas field was successfully appraised in the onshore Perth Basin - combined gross contingent resources range from 105Bcf (1C) to 1,300Bcf (3C), with a best estimate (2C) of 360Bcf. AWE added 1 cent (0.87%) to $1.74.

The NZX 50 added 14.31 points (0.27%) to 5,370.18 while the Nikkei rose 117.45 (0.76%) points at the time of writing, to be last quoted at 15,671.36.

The Australian dollar was last quoted at 87.67 US cents.

Companies Holding Annual General Meeting (ASX 300):

Ardent Leisure Group

Bega Cheese Limited

ERM Power Limited

Federation Centres

Flight Centre Travel Group Limited

Insurance Australia Group Limited

M2 Group Ltd

Perpetual Limited

Treasury Wine Estates Limited

UGL Limited

Companies commencing Ex-Dividend Trading Today (ASX 300):

Harvey Norman Holdings Ltd

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