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Trading Idea of the Day
ASX:ELD - Elders Ltd - BULLISH BIAS
- Key levels on the chart - consider taking trades from key support/resistance zones.
- Elders announced at 39% jump in annual underlying earnings to $232.1m.
- Longstanding CEO announces his exit.
- Due to extreme rainfall events across the eastern states it’s unclear whether full harvest potential for both summer and winter crops can be reached.
- Full-year FY22 highlights also included: Net profit up 9% to $162.9m, Dividends up 33.3% year-on-year, Real Estate Services gross margin was $61.6m, up 21% on FY21, Net debt stood at $284.9m, up $68m on the prior year.
- Longstanding CEO Mark Allison to step down on or before Nov 23, completing 10yrs of leadership.
ASX & Economic Key Events
OPTO For Investors Research
Article of the Day: Medical cannabis fuels growth in Canopy, Cronos and Curaleaf
Podcast of the Day: Investment educator Brian Feroldi’s three principles for long-term investing
APAC Daily Report
Market Snapshot & Highlights as of 8:00am AEDT
Global Markets Headlines
- Biden objects to China’s ‘aggressive’ approach to Taiwan in three-hour meeting with Xi (CNBC)
- Amazon reportedly plans to lay off about 10,000 employees starting this week (CNBC)
- Fed Vice Chair Brainard says it may ‘soon’ be appropriate to move to slower pace of rate hikes (CNBC)
- Former FTX CEO Sam Bankman-Fried and allies lose gatekeepers to Washington as company collapses (CNBC)
- Crypto.com CEO downplays FTX contagion fears, says he’ll prove naysayers wrong as withdrawals rise (CNBC)
- Binance is seeing a slight increase in withdrawals but otherwise it’s ‘business as usual,’ CEO says (CNBC)
- Sam Bankman-Fried’s Alameda quietly used FTX customer funds for trading, say sources (CNBC)
The metaverse could pump $1.4 trillion a year into Asia’s GDP, Deloitte says (CNBC)
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)
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