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ASX Market Report

Fixed Interest
Close Points
Currency Close Points
All Ordinaries 5577 10 0.18 $A vs $US 0.9437 -0.0002 -0.02
S&P/ASX 200 5588 11 0.20 $A vs GBP 0.5537 -0.0001 -0.03
  $A vs YEN 95.77 -0.05 -0.05
  $A vs EUR 0.7017 0.0006 0.09
  $A vs $NZ 1.1005 0.0048 0.43
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ASX Code Company Name Impact Recommendation
BTT BT Investment Management Limited (BTT)
MTU M2 Group Ltd (MTU)
NEC Nine Entertainment Co. Holdings Limited (NEC)
SWM Seven West Media Limited (SWM)
TCL Transurban Group (TCL)
BHP BHP Billiton Limited (BHP)
MGX Mount Gibson Iron Limited (MGX)
OZL OZ Minerals Limited (OZL)

Thursday 24 July - Australian stocks opened slightly higher following mixed results from Wall Street overnight. The market traded above the flat-line and closed higher, buoyed by the big banks. Most sectors gained, with the exception of materials and industrials. The Australian dollar fell against the greenback.

The All Ordinaries rose 9.80 points (0.18%) to 5,576.80 while the S&P/ASX 200 rose 11.10 points (0.20%) to 5,587.80.

Insurance Australia Group (AIG)

Insurance Australia Group advised that it expects to report an insurance margin of between 18.0% and 18.3% for the financial year ended 30 June 2014 (FY14), compared to previous guidance of 14.5-16.5%. The expected reported insurance margin range is after the following anticipated impacts: a net natural peril claim expense of around $555m, compared to a guidance assumption in line with full year allowance, of $640m; a favourable credit spread impact of about $100m, compared to a guidance assumption of $39m, being the benefit recognised in the opening half of the financial year; and reserve releases just below 3% of net earned premium, compared to a previous expectation of around 3%. These have been derived from continued favourable experience in long tail classes in a low inflationary environment. IAG added 13 cents (2.15%) to $6.17.

Newcrest Mining (NCM)

Newcrest Mining provided its June 2014 quarterly activities report, reporting that during the quarter the company produced 636,736oz of gold and 22,871t of copper with an AISC of $913 (US$851) per ounce. This represents a 15% increase in gold production and 8% reduction in AISC compared to the March 2014 quarter. Gold production for the June quarter increased at all sites except Bonikro. The key drivers of increased quarterly production were higher gold grades and plant throughput at Gosowong, increased mining rates at Ridgeway, continued ramp up at Cadia East and higher gold recoveries at Lihir. The expansion of the Cadia East Panel Cave 2 footprint continued during the quarter and the project is expected to achieve commercial production around the middle of the 2015 financial year. NCM lost 71 cents (-6.18%) to $10.78.

The NZX 50 added 28.18 points (0.55%) to 5,174.71 while the Nikkei lost 44.14 points (-0.29%) to 15,284.42.

The Australian dollar was last quoted at 94.38 US cents.

Companies Holding Annual General Meeting (ASX 300):

Macquarie Group Limited

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