Envestra Rejects APA’s Lowball Offer
If APA Holdings wants to takeover Envestra (ENV), it will have to make a realistic offer after the initial $1.98 billion share and cash offer was rejected yesterday.
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Local Market Shrugs Off News, Data Flow
Markets are going to have another solid week, as they shrug off weak economic data, political fears and slowing economies in markets such as China, India and Brazil. But Europe is slowly recovering, the US is doing OK, but will probably do better in coming months and the Japanese economy now seems to be rebounding fairly strongly.
Read MoreAnother Cut On The Way?
Now for one of the more important weeks for the Australian economy and share market in recent memory with the Reserve Bank poised to cut rates tomorrow and a Federal election in the offing.
Read MoreThe Week Ahead
Apart from the RBA decision and the slew of economic data (see separate story), the week ahead for the local market will be dominated by the step up of Australian June 30 reporting companies releasing the annual results.
Read MoreWhat Our TV Networks Are Not Doing To Survive
It’s a truism for all the consultants and other experts from media studies who know all there is to know about that the future for TV and the digital world that ‘content is king‘. It is also a truism that free to air TV is dying and will be killed by the internet and the likes of Google and Apple, Netflix and their fleet of apps and gizmos.
Read MoreTransurban To Lift Distributions This Year
It’s not all doom and gloom from the 2011-13 reporting season.
Read MoreAmcor Set For Divorce, Market Rejoices
The market loved the move by Amcor (AMC) to join the corporate divorce club and try and unlock value by splitting itself in two.
Read MoreBank Shares Hit By Tax Talk
A messy first day of a new month yesterday with a weakening dollar, a strong start to trading that was, firstly boosted by a surprisingly good reading on Chinese manufacturing, that was then offset by a second, weaker reading, and then the talk of a bank deposit levy emerged to further confuse things.
Read MoreAGL Gets Its Huge Solar Power Plants
Australia will get its largest solar venture after AGL Energy (AGK) announced yesterday that it will proceed with two projects in western NSW, costing a total of $450 million.
Read MoreAlacer Gold Joins The Impairment Club
The number of gold miners cutting asset values is starting to become a flood.
Read MoreSuncorp To Pay Special Dividend Despite Mixed Results
Suncorp (SUN) shareholders are to again receive a special dividend this year, despite a nasty problem appearing in the group’s life insurance business.
Read MoreSo Will The RBA Cut Next Week?
Reserve Bank governor Glenn Stevens again sent markets twitching yesterday with comments on interest rates and the dollar that probably left everybody just as confused as they were before his lunchtime speech about what might happen at next Tuesday’s meeting of the Reserve Bank board.
Read MoreWoolies Sales Gets Mixed Reception
Shares in the country’s biggest retailer, Woolworths (WOW) were easier all day yesterday after the release of mixed 4th quarter and full year sales data.
Read MoreBeach Posts Record Revenue
Slowly but surely, after years of patience and slow growth, Beach Energy (BPT) is emerging as an oil and gas play of increasing interest.
Read MoreNo Wrong Numbers For Amcom
Perth-based telecommunications provider Amcom Telecommunications (AMM) has been a market darling for some time – with fairly good reason. In FY12 the fibre-optic network operator racked up its tenth consecutive year of underlying profit growth of 20%-plus. That’s quite an impressive track record, given that the last ten years have thrown up more than the odd business bump.
Read MoreOZ Minerals Flags $240m Hit
OZ Minerals (OZL) surprised shareholders yesterday with news of a $240 million write down due, in part, to lower copper and gold prices and a landslip at one of its mines in outback South Australia.
Read MoreWhitehaven Lifts Output, Suffers From Lower Prices
On the face of it Whitehaven Coal (WHC) had a very good 2012-13 financial year. Production and sales jumped sharply, and the company moved closer to getting its huge Maules Creek mine to the starting block.
Read MoreAnother Asset Sale For Rio, Another Delay In Mongolia
Newish Rio Tinto (RIO) CEO Sam Walsh has now raised more than $US1.1 billion from asset sales after the provisional sale of its 80% owned Northparkes copper mine in NSW to China Molybdenum Co for US$820 million.
Read MoreUS Data, Fed Set To Dominate
The US Federal Reserve and a full week of data on the health of the American economy will dominate markets around the world this week – with a real chance investors could see a repeat of some of the instability seen in June as the central bank moves closer to starting to slow its extraordinary spending on buying bonds and mortgage securities.
Read MoreThe Week Ahead
Overseas it’s the Fed and the health of the US economy, here it’s the health of the Australian economy ahead of the vital Reserve Bank meeting next week, and the gathering pace of June 30 financial results.
Read MoreAustralian Shares Starting To Look Up?
More of the same for markets this week with the Fed, China and US earnings to set the tone.
Read MoreYield Declining In GUD?
Shares in Sydney- based industrial and retail products group, GUD Holdings (GUD) suffered in yesterday’s weak trading as analysts caught up with the detail in Wednesday’s earnings release for the 23012-13 year which showed a 15% fall in underling profit.
Read MoreOz Minerals Cuts Production Forecast
OZ Minerals (OZL) cut its full-year gold production guidance after reporting sharp drops in both gold and copper production during the June quarter, the company revealed in its June quarterly production report issued yesterday.
Read MoreNewcrest Abandons Guidance
More poor news from the mining sector.
Read MoreAusenco Shares Plummet After Shock Downgrade
Mining services group Ausenco (AAX) saw its shares sold off by more than 30% yesterday after it joined the downgrade club with a possible earnings downgrade of 25% to more than 30%.
Read MoreAustraland Interim Earnings Sag
After boosting earnings 28% in the year to December 2012, Australand Property Group (ALZ) found the going much tougher in the six months ending June 30.
Read MoreInflation Under Control, But Rate Cut Up In The Air
Don’t forget the rise in petrol prices this month (up by 20c a litre on some days in some markets) when assessing if the mostly moderate Consumer Price Index data yesterday for the June quarter might allow the Reserve Bank to cut interest rates at its next meeting on August 6.
Read MoreChina Moves To Help Slowing Economy
Hours after the release of the so-called ‘flash‘ release of the monthly HSBC/Markit survey of Chinese manufacturing showing activity at an 11 month low, the country’s government has moved to provide limited stimulus, especially to small business.
Read MoreWide Bay Off Target
The shares in small regional lender, Wide Bay Australia Ltd (WBB) will be sold off heavily this morning after the company late yesterday produced a surprise profit downgrade and increase in provisioning against two poorly performing parts of the company.
Read MoreFortescue Doing Better, Will Asset Sales Happen?
Fortescue Metals Group (FMG) has joined BHP Billiton and Rio Tinto in surprising investors with higher iron ore production and sales for the three months to June and for the 2012-13 financial year.
Read MoreIncitec Warns Of Profit Hit
The market reacted calmly to the surprise news yesterday from explosives and fertiliser group Incitec Pivot (IPL) that it had taken a $23 million hit from operating problems at its ammonia plant in North West Queensland earlier this month.
Read MoreGage Roads Goes Down A Treat
We love a beer here at ShareCafe. And for those of you who like the odd cleansing ale, Gage Roads Brewing Company Limited (GRB) is an Australian-based company worth a look as well as a taste.
Read MoreFuntastic Seeking Funds
Toy and confectionery distributor Funtastic (FUN) surprised yesterday with a request for a suspension to allow a fund raising to be determined by tomorrow.
Read MoreAFI Lifts Revenue, Profits And Dividend
Australian Foundation Investment Co (AFI), the country’s largest listed investment company, has surprised by lifting final dividend after recording a 10% lift in net profit for the year to June 30.
Read MoreMajority Gives Abe Chance To Reshape Japan
A quiet end for the Japanese stock market the day after Prime Minister Shinzo Abe’s Liberal Democratic Party and its coalition ally, the Komeito Party won control of the country’s upper house, thereby opening the way to three to four years of stable government and quite possibly sweeping reforms.
Read MoreAvoiding A Big Tax Bill When An SMSF Pension Stops
The ATO has released a draft tax ruling which outlines their view of what happens from a income and capital gains perspective when a pension payable from a fund ceases to be payable.
Read MoreThe Week Ahead
Australian inflation news and interest rate speculation will dominate markets here this week, along with corporate earnings and other reports here and in the US.
Read MoreOrica, Santos Slip
More reminders of the weakening in earnings prospects from from the resources sector.
Read MoreMore Gains For Japanese Shares After Poll Results?
Markets here will ignore them, but the results of yesterday’s upper house elections in Japan will be important not only for our second largest export market, but also for Australian exporters, if only they can focus on them.
Read MoreAldersley On Linc, Kingsgate
I was a little premature recommending Kingsgate at $1.80 in May. It plummeted to $1.26 briefly at the end of June as panic set in about the gold price. Nearly every global broker has since downgraded their target for gold to about $1100 or below. Just in time as it happens for the seasonal rally in July that usually occurs. Today we have seen gold get back over $1300 and it would not surprise me if gold rallied towards $1500 this month in a sudden spike. The reason is despite levies on gold buying by Indian nationals, both Chinese and Indian demand for gold spikes about this time of year ahead of the wedding season.
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