Daily Morning Note – 1 July 2019
WEEKLY MARKET OUTLOOK WEBINAR
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YOUR PHILLIP SUMMARY
Stock indexes on Friday recorded modest gains ahead of much-anticipated meeting between President Donald Trump and Chinese President Xi Jinping to resolve trade differences. The Dow Jones Industrial Average DJIA, +0.28% finished the session up 73 points, or 0.3%, at 26,599, notching a 7.2% monthly gain, and a producing a 3.4% rise for the quarter and a 14% advance over the first half of 2019. The blue-chip index’s June return was its best since 1938, according to Dow Jones Market Data. The S&P 500 index SPX, +0.58% closed 0.6% higher at 2,941, notching a 6.9% rise for the month, its best June since 1955, with a 4.5% quarterly rise and a 17.4% climb in the first six months of the year, while the Nasdaq Composite Index COMP, +0.48% rose 0.5% to end at 8,006, gaining 7.4% in June, the best such gain since 2000, ringing up a 4.4% quarterly return and a 21% advance so far this year.
Recommended Action: Technical BUY
Vicom technical factors point to another bullish rally
Eli Lilly and Company – Favourable growth with diabetic and pipeline drugs
Analyst: Edmund Xue
– Diabetic drugs remain the key driver for LLY.
– Healthy late-stage pipelines will provide more opportunities for LLY.
– Robust growth in core product categories (endocrinology and immunology)
and favourable late-stage drug pipeline will ensure strong margin growth for
North Korea on Monday described the weekend meeting between its leader Kim Jong Un and US President Donald Trump in the Demilitarized Zone as “historic” and “amazing”.
Opec and its allies look set to extend oil supply cuts next week at least until the end of 2019 as Iraq joined top producers Saudi Arabia and Russia on Sunday in endorsing a policy aimed at propping up the price of crude amid a weakening global economy.
SIZEABLE mainboard listings are expected on the Singapore Exchange (SGX) in the second half of the year, with the companies coming from the service sectors,said Deloitte. But this is subject to market performance and geo-political factors that will impact the economy.
Ayondo’s business development officer and product officer leave, ID retires.
CapitaLand will mark a new milestone on July 1 as it has completed the acquisition of Ascendas-Singbridge and will start operating as a unified entity.
SUSPENDED Ezion Holdings has reorganised its senior management team to strengthen the overall management structure, as the ailing mainboard-listed offshore and marine group struggles to stay afloat in an oil price slump that has paralysed the industry.
Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR
Clients of Phillip Securities can keep updated with Country Strategy and Singapore Sector Reports by logging into: www.poems.com.sg > STOCKS > Research
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