Fletcher Building Lowers Guidance Post Formica Sale
New Zealand building products and construction company Fletcher Building has cut its profit guidance for the 2018-19 financial year after selling its global Formica coatings business.
Read MoreNew Zealand building products and construction company Fletcher Building has cut its profit guidance for the 2018-19 financial year after selling its global Formica coatings business.
Read MoreThere’s no way Coca Cola Amatil will make a profit, as it claimed yesterday, from the sale of the troubled fruit and vegetable processor, SPC Ardmona in northern Victoria to local interests.
Read MoreFertiliser and explosives maker, Incitec Pivot Limited (IPL) has finally found a deal to keep its Gibson Island in Brisbane open. The new gas supply deal will keep the fertiliser plant open until at least the end of 2022.
Read MoreThe problems in the Australian economy were on full display yesterday, helping explain the RBA rate cut and the sluggish GDP reported later today.
Read MoreAs expected the Reserve Bank cut official interest rates to a new record low of 1.25% on Tuesday (down 0.25%) in an attempt to stimulate a sluggish economy.
Read MoreNasdaq plunged into correction territory on Monday after the US government started targeting the big four tech stocks – Amazon, Apple, Facebook and Google (Alphabet).
Read MoreIron ore has slipped back under $US100 a tonne and analysts say it is now possible that iron ore prices will fall quickly to $US85 to $US90 a tonne with Brazilian production and exports recovering in May, though at levels still down on 2018.
Read MoreThe Reserve Bank may be tempted to delay its second rate cut after the May house price data showed another month of stabilising, but other data yesterday left the picture of the economy as confused it has been in recent months.
Read MoreMay’s modest 0.92% rise in the ASX (the only major market measure to rise in the month globally) was snuffed out yesterday in a sell-off that gathered pace as the day went on.
Read MoreAll that glistens is not golden so the old adage says – just ask the shareholders in WA gold miner Gascoyne Resources which has collapsed, less than a month after raising more than $24 million from shareholders.
Read MoreANZ has finally completed the $2.85 billion sale of its Australian life insurance business to Swiss giant Zurich.
Read MoreMay’s sell-off was all Donald Trump’s work. The S&P posted a 6.6% monthly loss, while the Dow fell 6.7%. The Nasdaq fell 8.7%.
Read MoreWhile Trump’s tariff wars soured Wall St and raised fears of a global slowdown later in the year, the Aussie market was up 0.92% in May, making it one of the few major markets to enjoy a positive return.
Read MoreGlobal shares fell and safe-haven sovereign bond yields surged on Friday after President Donald Trump’s unexpected threat of tariffs on Mexican imports added to fears that his escalating trade wars will send the major economies into a slowdown and possible recession in coming months.
Read MoreOutside of Australia’s big week, there’s plenty from offshore to grab the attention of investors, topped by the US jobs report on Friday night.
Read MoreTwo big events this week will set the parameters for the Australian economy for the rest of the year. The RBA will cut rates tomorrow and on Wednesday the first quarter GDP figures will show that it was a booming market for commodities, especially iron ore and LNG that kept the economy on track.
Read MorePresident Trump’s tariff antics have finally enlivened the gold market but helped undermine the prices of other metals in May.
Read MoreOil prices tanked last week and in May – part of the fall was due to Donald Trump’s cack-handed tariffs on Chinese imports in his May 5 tweet, a little was due to his tariff threat against Mexico and some was due to the growing fear the US, Chinese, and other economies are heading into a slowdown.
Read MoreBusiness investment fell by more than expected in the March quarter while building approvals for April also continued to ease. In fact, the bulk of recent data all but confirms its full steam ahead for Tuesday’s Reserve Bank rate cut.
Read MoreNot a bad outcome for Mirvac – on a day when the wider market sold off, its shares only lost just over 2% in value after the property group closed its $750 million capital raising.
Read MoreThe guard continues to change in some of our regional financial groups. Bendigo and Adelaide Bank has appointed Jacqueline Hey to be its next chair, to replace long-serving chair Robert Johanson.
Read MoreShares in fruit and vegetable growing and supply group, Costa Group were sold off sharply for a second time in 2019 after a surprise downgrade statement to the ASX.
Read MoreThe US market adage “Sell in May and Go Away” has once again been nicely underlined by the slide in global markets since Donald Trump’s May 5 tweet that escalated the trade war to full bore.
Read MoreTelstra has lifted its 2018-19 write-offs and associated restructuring costs to be revealed in August to half a billion dollars.
Read MoreMirvac is raising $750 million through an institutional issue placement at $2.97 a share. The company will offer shareholders the right to take up a total of $75 million in new securities in addition to the larger raising.
Read MoreLynas shares jumped more than 15% yesterday on talk from offshore than China could restrict exports of rare earths to the US and other users as part of its retaliation over Donald Trump’s trade war.
Read MoreEarlier this week it was the surprise departure of Michael Cameron as CEO of Suncorp, on Wednesday its smaller Brisbane-based rival, Bank of Queensland revealing that chairman Roger Davis will step down from his position in October.
Read MoreBermuda based Bruce Gordon has surprised analysts by selling down his stake in the Seven Network’s regional affiliate, Prime Media Group, cutting it from nearly 15% to around 3.25%.
Read MoreWhat is going on at Kerry Stokes’ 41% owned Seven West Media? There are some very mixed up messages coming out of the embattled broadcaster and newspaper owner. In fact, based on what slipped out on Monday in Perth it looks more like a proprietor-driven domination of the WA media than anything sensible.
Read MoreLike Fisher and Paykel Healthcare on Monday, Kiwi freight giant, Mainfreight has reported record revenue and earnings for the year to March 31.
Read MoreMyer has altered one of its planned store closures with the news yesterday says it will keep its department store in Canberra’s Belconnen region but in a smaller format.
Read MoreRio Tinto shares hit an 11 year closing high of $105.30 yesterday as world iron ore prices crashed through $US108 a tonne (More than $A156 a tonne).
Read MoreFiat Chrysler Automobiles (FCA) proposed a full merger with Renault in worth €33 billion that could add new life to Renault’s alliance with Nissan.
Read MoreIn a surprise yesterday Suncorp CEO Michael Cameron stepped down after almost four years in charge of the Brisbane-based banking and insurance group.
Read MoreFisher & Paykel Healthcare says 2018-19 was a record year for revenue and profits and expects to do even better in the 2019-20 financial year with a forecast of a 15% or so lift in net earnings.
Read MoreAir New Zealand has revealed a second earnings downgrade for the year. The airline said yesterday its June 30 year earnings could be up to $NZ60 million lower than forecast in March’s downgrade, thanks mainly to higher fuel prices.
Read MoreShares in struggling telco, Vocus Group jumped more than 25% at one stage yesterday after it revealed it had opened its books to a Swedish private equity group called EQT Infrastructure after the telco received a $3.3 billion indicative offer.
Read MoreUS shares fell 1.2% last week, Eurozone shares lost 2.1%, Japanese shares fell 0.6% and Chinese shares fell 1.5%. UK shares lost heavily as the political instability hit the governing Conservative Party with Prime Minister Theresa May finally on Friday confirming her resignation next month.
Read MoreFriday saw the ASX end the week higher, despite easing from its post-election 11-year high.
Read MoreOil futures prices fell last week despite settling higher on Friday. Brent and West Texas Intermediate recouped some of their recent losses on Friday, a day after posting their biggest one-day loss since December.
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