AMCIL says flexibility secret to its success

Flexibility to invest across a range of small and big companies is the key to navigating an Australian equities market peppered with expensive stocks, according to listed investment company, AMCIL.

• Jan 23, 2014
• Ruth Liew

• Opinion

Bruce almighty starts stepping down from chairs

Bruce Teele stood down from the chairman’s gig at Djerriwarrh Investments on Monday, the first in a three-stage retreat from his chairman responsibilities at listed Australian financial companies, including Australian Foundation Investment Company later this month.

• Updated Oct 8, 2013

AMCIL outperforms the struggling 200 leaders

The company announced a profit of $4.9 million for the six months ended December 31, compared with $5 million in the previous corresponding period.

• Updated Jan 24, 2012
• Jane Searle

• Market Wrap

AMCIL profit hit by trading portfolio losses

The Melbourne-based listed investment company posted a first half net profit of $4.929 million for the six months to December 31, 2011 down from $5.041 million a year earlier.

• Updated Jan 23, 2012

• Market Wrap

AMCIL (AMH)

Investment company AMCIL’s stock surged by its biggest one-day gain on Wednesday after it posted a strong full-year result.

• Updated Jul 22, 2011
• Brendon Lau

• Soft commodities

Telstra’s turn to explain strategy to investors

Telstra will once again be in the spotlight this week, although investors will be hoping for some respite having taken a beating recently.

• Updated Sep 27, 2010
• Gillian Tan | Anthony Macdonald

• Coal

Whitehaven Coal looks to hear from other bidders

First Reserve is said to be on-side with Alpha Natural Resources’s tilt at Whitehaven Coal, but with the target said to be keen to hear from other interested parties as well, it will be worth watching whether the US private equity group remains loyal.

• Aug 10, 2010
• Nabila Ahmed and Sarah Thompson

LICs see chance to buy value stocks

The directors of listed investment firms AMCIL and WAM Active have noted an improvement in buying opportunities, a bright side to recent market falls stemming from global debt concerns.

• Updated Jul 22, 2010
• Jane Searle

Amcil says cashed-up to invest in new areas

Investment firm Amcil has said it has cash to invest in new areas, following a significant improvement in the share market during the first half of the financial year.

• Updated Jan 29, 2010

Unrealised share losses hit AMCIL profit

Listed investment company AMCIL has reported a sharp fall in net profit and cut its dividend for the year to June following unrealised losses in its share portfolio

• Jul 23, 2009
• Jane Searle

Brief: AMCIL

AMCIL has renewed its share buy-back scheme which will see it buy back up to 17

• Feb 3, 2009

Shares ease as banks lose ground

The Australian sharemarket took its cue from a negative session on Wall Street and slipped into the red as oil prices rebounded and sellers ditched the big four banks and major property trusts. The property sector was in the spotlight after Mirvac Group announced that it was cutting its dividend payment for financial year 2009 from 32.9¢ to 20¢ a share. Mirvac's announcement echoed the negative tone of GPT Group earlier this month with tightening credit markets and falling property values blamed for the forecast cut in earnings. The company expects earnings to drop as much as 24 per cent this year, compared with preliminary 2008 results reported on Tuesday. Macquarie DDR Trust was the day's worst-performing stock, shedding 15.7 per cent, while Mirvac slumped 6.12 per cent to $2.30. The benchmark SP/ASX 200 Index fell 6.2 points, or 0.12 per cent, to 5005.6 points on Tuesday, weighed down also by CSL. The broader All Ordinaries Index gained half a point, or 0.01 per cent, to 5075.9 points. The ASX Healthcare Index lost 6.02 per cent to end at 8017.1 points, while the Finance Index shed 1.28 per cent to 4605.7 points. The benchmark dived early, hitting an intraday low of 4947.8 around 11:45am, before recovering to break back through the 5000 point mark late in the day. Tuesday's marginal losses mirrored action from Wall Street on Monday, when the Dow Jones Industrial Average closed down 0.25 per cent and the Nasdaq fell 0.14 per cent. Energy stocks, including Woodside Petroleum, were higher after the oil price rebounded on Monday in New York trade. Crude oil was trading at $US130.50 a barrel in Asia on Tuesday, as market watchers observed the progress of tropical storm Dolly in the Gulf of Mexico. The ASX Energy Index gained 1.12 per cent to 17,458.2 points. Elsewhere in regional markets, Japan's Nikkei 225 Index added 381.26 points to 13,184.96. Financials Six of the seven ASX Banking Index members lost ground on Tuesday after a stronger session on Monday, with Bendigo and Adelaide Bank (BEN) bucking the prevailingly gloomy trend, adding 18¢ to $10.34. Australia and New Zealand Banking Group (ANZ) shed 73¢, or 3.88 per cent, to $18.07 after Citigroup analysts downgraded their ratings on ANZ and National Australia Bank (NAB) from "hold" to "sell". Citi said quicker-than-anticipated declines in economic indicators had also forced them to cut earnings per share (EPS) estimates for all of the big four banks by up to 12 per cent. Commonwealth Bank of Australia (CBA) was down 35¢ to $43 while Westpac Banking Corporation (WBC) fell 50¢ to $20.56. Macquarie Group (MQG) dropped $1.51 to $46.59, St George Bank (SGB) shed 60¢ to $26.95 and Bank of Queensland (BOQ) fell 6¢ to $14.21. Investment company Amcil (AMH) reported a 49 per cent increase in annual profit to $13.85 million and said it had entered the new financial year with a relatively high level of cash to invest. Its shares bucked the prevailingly gloomy trend among financials, adding 6¢, or 9.52 per cent, to 69¢. Energy Key energy stocks firmed further on Tuesday after a weaker performance last week. Woodside Petroleum (WPL) gained 70¢ to $57.10 while fellow energy heavyweight Santos was up 38¢ at $18.59. Arrow Energy (AOE) was among the day's strongest stocks, up 17¢, or 5.40 per cent, to $3.32. PNG-based Oil Search (OSH) reported a 4 per cent decline in oil equivalent output in the second quarter of 2008, in line with the disposal of its Middle Eastern and north African assets for $200 million plus working capital. Stronger oil prices helped operating revenue swell 71 per cent, despite the lower production. Its shares gained 2¢ to $5.02. Property The ASX Property Index made a late recovery to limit its losses to 1.7 points. The property index is now down 37.52 per cent this year, compared to a 21.04 per cent drop in the major index. Mirvac Group (MGR) cut its dividend expectation for fiscal 2009 in line with an expected 24 per cent decline in operating earnings. Macquarie DDR Trust (MDT) plunged 5¢ to 20.5¢ after falling 15 per cent on Monday. Babcock and Brown Japan Property Trust (BJT) lost 3.5¢ to 71.5¢. GPT Group (GPT) fell 4.5¢ to $1.64, while Stockland Group (SGP) was 4¢ weaker at $4.91. Macquarie analysts chose Becton Property Group (BEC), Charter Hall Group (CHC) and Goodman Group (GMG) as its preferred picks in the besieged sector. Healthcare CSL (CSL) fell 9.26 per cent during the session, its biggest one-day fall since May 2003. CSL had been expecting to recoup $163 million in royalties for cervical cancer vaccine Gardasil from Merck, but since a sales projection downgrade it will only get $161.4 million. CSL shares fell $3.40 to $33.30 on fears that sales of Gardasil have already peaked. Industrials Orica (ORI) remained in a trading halt after it said it would test capital markets by attempting a $900 million raising ahead of its plans to split off its consumer products business to focus on its mining services division. Its shares last traded on Monday at $27.47. Resources A strong session for base metals spelled good news for mining giants BHP Billiton (BHP) and Rio Tinto (RIO), BHP gaining 80¢ to $39, while Rio rose $2.21 to $120.70. Sino Gold (SGX) said its entire gold hedge book had been closed out at a cost of $125 million and it had also completed a capital raising for $204 million. Its shares rose 71¢, or 13 per cent, to $6.17. The newly merged OZ Minerals (OXR) said in its quarterly report that zinc prices would have to rise to keep producers afloat. OZ also said it was positive about the future of nickel and copper markets, which it has emphasised as part of its plans to expand its diversified portfolio of mining assets. Its shares added 8¢ to $2.08. Analysts said Alumina's (AWC) balance sheet was looking considerably stretched following its announcement on Monday of a cost blowout at its Brazilian bauxite and alumina operations. Macquarie maintained an "outperform" rating but stressed that diversified miners have a more favourable risk/reward outlook. Alumina shares fell 5.77 per cent to $4.41. Soon-to-be-listed Waratah Coal said WorleyParsons (WOR) would act as the lead consultant and project manager for its mine and rail development at Emerald on Queensland's central coast. WOR shares were down 65¢ to $32.95. Mount Gibson Iron (MGX) said fourth-quarter production volumes for fiscal 2008 were 5.47 million tonnes, a 3.02 million tonne increase including the first full year's contribution from its Koolan Island operations. Its shares jumped 29¢, or 12.39 per cent, to $2.63. Kingsgate Consolidated (KCN) jumped 28.8 per cent after its subsidiary Akara Mining was granted mining leases in Thailand next to an existing gold mine at Chatree North. Its shares gained $1.35, or 28.78 per cent, to $6.04.

• Jul 22, 2008
• Ayesha de Kretser

Briefs

Sales boost Amcil

• Jan 30, 2008
• AAP; Bloomberg

BRIEFS

AMCIL

• Feb 1, 2007
• Eli Greenblat; Staff reporter

• Market Wrap

Fund hits jackpot with focus on miners

Thematic investor Amcil says the outlook for the Australian sharemarket remains favourable, but interest rates and inflation pressures will need to remain low.

• Jan 27, 2006
• Eli Greenblat