The S&P 500 was up by 0.10points or 0.01%on Wednesday and closed at 2,000.12. U.S. stocks were little changed on Wednesday, with the S&P 500 creeping up to another record closing high in a lethargic session, though a number of retail stocks traded heavily after reporting results. Tiffany & Co and apparel retailer Express Inc rose after posting quarterly revenue that topped expectations and raising their full-year profit views.

Smith & Wesson Holding Corp. tumbled 14 percent after the gun maker cut its full-year sales and profit forecast. The US equity benchmark has now risen in 11 of the past 14 sessions during which period it has gained 3.6%. European Central Bank president’s comments on inflation and inflation expectations fuelled widespread expectations that the ECB could embark on a programmed of Quantitative easing in the near future.


Tiffany & Co Daily Chart (Source – Thomson Reuters)



S&P ASX 200was up by 13.6points or 0.24 %on Wednesday and closed at 5651.2 points. Lend Lease gained 1.5 per cent to $13.95 after reporting a 50 per cent jump in full-year profit. Boral jumped 4.5 per cent to $5.63 after reporting a profit this year compared to a loss last year. WorleyParsons (WOR) added 4.1 per cent to $17.88. Steadfast Group was the best-performing stock in the ASX 200, climbing 14.8 per cent to $1.59. Woodside Petroleum fell $1.16 to $42.98.

After acceptances received this week Drillsearch Energy has increased its stake in Ambassador Oil to more than 60%. Austal (ASB) announced underlying earnings of A$89.1 million compared to $67 million in FY2013. Perpetual (PPT) has increased its shareholding in Boral (BLD) and Alacer Gold (AQG) to a voting power of 11.85% and 6.94%. The following stocks will trade ex-dividend today:

Ansell, Asciano, Bega Cheese, CMI Ltd, Chandler Macleod, M2 Group, Macquarie Radio Network, Mortgage Choice, Navitas, Platinum Asset Management, Super Retail Group, Vocation, iiNet.


Steadfast  Daily Chart (Source – Thomson Reuters)

The top gainers on ASX 200 were:- 



Stock of the Day – Shopping Centres Australasia (SCP)

SCP announced the results of its property valuations as at June 2014.During the period 16 completed properties were independently valued in Australia and New Zealand. The remaining 58 completed properties were internally valued. Overall, since 31 December 2013 the value of their Australian properties has increased by AU$25.7m, and the value of their New Zealand properties has increased by NZ$1.5m. The value of the properties includes the value of the rental guarantee. 


SCP Finacial Highlights (Source – Company Reports)

Net profit after tax for 1st half 2014 was $111.6m. Other income includes $0.9m in casual mall leasing revenue and $2.7m in direct recoveries. Corporate costs include $3.2m of unit holder and registry related expenses due to large unit holder base of around 112,000. They aim to reduce their expenses with their small unit holding sale facility. Value of investment properties increased by $152.9m, due to acquisitions and positive revaluations.


SCP Categories (Source – Company Reports)

Net Tangible Assets (NTA) per unit increased by 4.6% to 1.64% due to property revaluation, stronger New Zealand dollar and retained earnings. Management expenses ratio has reduced due to cost control and increased asset base. On 14th august they received A$210m from US private placement with weighted average term to maturity of 14 years swapped back to A$ floating rates averaging 4.5% pa. Australian supermarkets open for more than 24 months grew by 8.4% for the year to June 2014 and NZ supermarkets open for more than 24 months grew by 5.9% for the year to June 2014. Supermarkets sales growth is a key determinant of centre health, helping to drive foot traffic and specially leasing progress.
  



SCP  Daily Chart (Source – Thomson Reuters)

SCP is working hard to increase contributions from casual mall leasing. Portfolio occupancy of 97.8% remains high and speciality vacancy has continued to reduce from from 14% in the previous corresponding period to 8.6%. Management are confident in executing 4,100 in leases before year end to achieve 5% vacancy target in Dec 2014. However timing from lease execution to lease commencement plus any rent free period will limit the upside to FY15 earnings. Speciality MAT growth of 5.6% and supermarket sales growth of 8.4% pa remain strong however we would expect this to moderate as the portfolio moderates. We believe the stock is expensive at its current price and would review the stock at a later date.

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