ASX closes flat, again, as banks and materials drag

Shares in Corporate Travel are up 4.5 per cent today to $21.48 and were as high as $21.64, taking the stock back to where it was in late August, when management issued cautious full-year 2019-20 guidance of earnings before interest, tax, depreciation, and amortisation (EBITDA) of between $165 million and $175 million.

The stock is now trading below the average price target of $23.52 with seven out of ten analysts putting a positive rating on the company.

Earlier this week Morgan Stanley analyst James Bales put  a target price of $31 on Corporate Travel shares. This would see shares returning to the price they were at before a short seller released a damaging report on the company in late 2018. 

National Australia Bank has avoided a second "strike" on executive pay, after last year's record-breaking shareholder backlash against its remuneration report.

Almost five hours after the NAB annual meeting in Sydney began, the first voting results displayed at around 2.15pm showed 97 per cent of votes were cast in favor.

NAB last year attracted an 88 per cent vote against its remuneration report, after former chairman Ken Henry attempted to overhaul senior executive pay packets and the royal commission exposed scandals in its wealth management arm.

NAB shares are softer at $25.32 today. 

Miner Metals X has warned of a significant non-cash impairment and a potential capital raising after mothballing the Nifty Copper Mine and lower grade ore than expected. Shares are down 30.6 per cent to 6.8¢. 

Metals X says production at its Renison Tin plant is expected to be lower in the first half of next year. It now expects tin concentrate of between 7,000 and 7,400 tonnes, down from previous guidance of between 8,000 and 8,500 tones. Costs will also be up to $2,000 higher per tonne at between $18,200 and $19,100 per tonne.This is due to lower grades of ore mined from Lower Federal area.

And Metal X's share of the cost of rehabilitating the Mt Bischoff mine in Tasmania's north has increased from $350,000 up to $8.15 million. 

"The downgrade of production guidance from our 50 per cent joint venture stake in Renison Tin Operations is disappointing, but we remain committed to completing the necessary studies and work to bring new Area 5 resource into the future production schedule to achieve the improvements from its higher grade'' executive chairman Patrick O'Connor, said. 

Mercantile Investment Company has issued a statement saying it is aware of the press coverage relating to the arrest of director Sir Ron Brierley. 

"At this stage the Company is not in a position to comment about this matter. The Company will provide an update on any material developments as appropriate.'' 

Mercantile de-listed as a security on the Australian and New Zealand stock markets in October and is currently listed as a corporate bond under the ticker MVTHA. 

The S&P/ASX 200 is now up by 14 points to 6861.7. 

We are still about 33 points away from hitting new highs as the highest intra-day price the ASX has ever reached was 6893.7 on November 29, and the highest closing price was 6863 the day before. 

Meanwhile the All Ordinaries is up 14.9 points to 6965.4 currently.  The highest closing price recorded for that index is 6965.6 on November 28 and the highest in-session value was 6996. 

There are some big swings in the All Ords today with AusCann Group up 39 per cent to 25¢, Aeon Metals up 19.2 per cent to 16¢, and Metals X has tumbled 30.6 per cent to 7¢ after issuing a trading update today. 

Shares in retailing conglomerate Super Retail Group are approaching a 52-week high following a note from Citi analysts naming the company as one to watch.

The company, which operates retailers such as Supercheap Auto and Rebel Sport, was picked by analyst Craig Woolford as the main blue chip retail stock set to benefit from the slow-down in growth from international retailers in Australia.

In a note released on Wednesday, Mr Woolford said competitive pressure from companies such as H&M, Zara and Aldi was easing, allowing for growth in local ASX-listed retailers.

“In the past, retail sales growth for ASX-listed retailers had been impacted by store growth from international peers,” Mr Woolford said.

“In non-food retail, fewer store openings comes at a time when online growth is accelerating for ASX-listed retailers and demand should improve in 2020.”

Super Retail was the only large-cap retailer Citi believes will most likely benefit, and also named Accent Group, Nick Scali and Michael Hill among small caps. Shares in Super Retail are up 2.83 per cent to $10.32, just 11 cents off a 52-week high of $10.43.

Northern Star Resources shares are in high demand today after it completed a $765 million institutional placement this morning. The money will go towards buying half of Kalgoorlie Consolidated Gold Mines from Newmont Gold Corp.  This will leave Newcrest in 50:50 partnership with Saracen Mineral Holdings on the Kalgoorlie mines. 

Northernstar issued 85 million shares at $9 per share and the stock price is up 1.66 per cent at $9.81 today. 

"The strong support for this equity raising reflects the outstanding benefits of the Kalgoorlie Consolidated Gold Mines acquisition for Northern Star Shareholders,'' chairman Bill Beament said. 

"The deal is earnings accretive for Northern Star from the first full financial year of ownership and it will immediately increase our free cashflow.'' The new shares start trading on Monday. 

Retail shareholders can take part in a $50 million share purchase plan for $9 which opens on Tuesday. 

Police have confirmed that former corporate raider Sir Ron Brierley has been charged with child pornography offences, after allegedly finding a "large amount of child abuse material" on his laptop and electronic storage devices at Sydney Airport on Tuesday. Read the full story from Sally Rawsthorne here.

Earlier this week we were writing about Sir Ron after Gibb River Diamonds gleefully told shareholders he had finally sold out of that company and left the share register, years after a failed takeover attempt.

Gibb River chairman Jim Richards this morning said corporate regulators should have stopped Sir Ron's aggressive business tactics years ago.

"He sent out defamatory material to my shareholders about me, and he hid behind his corporate entity Mercantile Investments when he should have had his name upfront,'' said Mr Richards this morning.