book.sorell - Flipbook - Page 16
16 - JUNE 2024
From
little
things
GRAEME HOLT
AT its widest point, the Mississippi River requires a three-kilometre-wide steel span bridge
to get across; while at its
source, the stream is so small
you can jump over it. But it is
still the same river. Most things
start small!
The last month saw Sorell
Rotary members and friends
take vocational visits to two
places that started small, but
today, are integral parts of the
community.
The Child and Family Centre in Sorell started as an idea
that would provide accessibility
for young families to various
health and well-being services.
Speech therapy, paediatrics,
parenting services, social work
and midwifery are but a few of
the services that are offered.
From a small idea that developed 12 years ago, there are
now 11 such centres around the
state with many more to come.
A visit to Ronald McDonald House in Collins Street was
an enlightening experience for
us all.
From a $70,000 donation to
establish a house, and then a
contribution from the McDonalds group, there are now 378
houses around the world,
including 11 in Australia. At a
traumatic time Ronald McDonald House provides a haven for
families. It is well known that
recovery is most successful
when family can live close by.
In 1905, Paul Harris in Chicago had an idea to form a
group that would offer friendship and community. His small
vision laid the foundation for
Rotary. Today there are 46,000
clubs worldwide with a membership of 1.4 million.
Sorell Rotary has undertaken numerous projects
locally including building bus
shelters, landscaping, presentation of school and community
awards and placing de昀brillators throughout the region.
Small projects that give great
outcomes.
May blossoms for some
THE Australian share market enjoyed a recovery
period through May, with
the ASX climbing back to
levels similar to all-time
highs. Most of the recent
strength has been driven by
commodity stocks, while
banks have also remained
strong.
ANZ, NAB and Westpac all reported 昀rst-half
results in May. Earnings
reports were broadly as
expected and were down
by around 10 per cent on
an exceptionally strong
year in 2023.
Pleasingly, the major
banks are enjoying increasingly strong capital positions with buybacks a
feature of the recent
results. However, like many businesses, share prices bene昀t from these moves,
cost pressures are not easing and com- with South32, Newmont, Sand昀re and
petition is strong. The big four banks Alumina some of the larger compacontinue to trade at share prices broadly nies to see strong price gains in recent
as high as we have seen for many years, weeks.
with CBA remaining around all-time
Future facing commodities, such as
highs.
Many analysts continue to
highlight current valuations
as expensive on historical
measures.
Commodity prices have
with LUKE RYBARCZYK
enjoyed strong moves
upward in recent times.
Copper, aluminium, zinc and nickel copper could continue to perform well,
have also seen rises of roughly 10 per with supply shortages forecast to grow
cent, while iron ore remains historically as growing demand outpaces new suphigh at circa $120 per tonne. Gold and ply. BHP also highlighted their positive
silver also continue to trade strongly. outlook for copper, with BHP makMany commodity stocks have seen ing a bid for diversi昀ed miner Anglo
your shares
American.
Another market highlight was
a strong 昀rst-half
result from global
gaming group
Aristocrat which
saw their shares
rebound 15 per
cent following a
strong result in
mid-May.
It has not been
all smooth sailing, however,
with plenty of
companies reporting profitability
remains dif昀cult.
This has been seen
across many companies linked to
the economy and
are starting to see impacts of a slowing consumer.
Companies reporting soft updates
have included automotive group AP
Eagers, car parts retailer Bapcor and
diversi昀ed retailer Super Retail. Some
more defensive companies have
also struggled with ongoing cost
pressures and pressure on margins.
Pathology group Sonic Health
along with telecommunications
group Telstra have also joined the
list of poor updates in recent weeks.
With the economy likely to remain
soft, there’s no doubt investors need to
remain vigilant.
Luke Rybarczyk is a representative of Ord Minnett Limited, Australian Financial Services Licence
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