Now there’s one way of seeing off an unwanted takeover offer – do what the putative bidder doesn’t want to do, such as announce a capital raising when the bidder, Independence Group made such a move a condition of the offer failing.
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A day after the unimpressive September quarter national accounts showed Australians had closed their wallets in Q3, the first reading of consumer activity in Q4 showed no change.
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The shares of Australia’s big four banks rose strongly yesterday after the Reserve Bank of New Zealand watered down its new capital requirements.
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Shares in NSW coal miner, Whitehaven Coal were punished yesterday after it cut its coal production outlook for 2019-20 and raised its cost forecasts,
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As expected the interim result from independent grocery, liquor and hardware supplier, Metcash was hammered by big write-downs revealed on Tuesday to cover the loss of a major supply contract.
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Shareholders in the infant formula group, Bellamy’s have overwhelmingly thrown their lot in with a Chinese dairy giant and accepted a $1.5 billion offer.
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There goes most of the tentative gains in the back half of 2019 as the ASX 200 on Wednesday fell to a level under what it was on June 28, the last trading day of the first half of this year.
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Some good news amid yesterday’s second big sell-off in a row (thanks to Donald Trump). Shares in out of home ad group oOh!media soared by more than 30% after it upgraded earning guidance for the financial year ending December 31.
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If the September quarter’s 0.4% rise in GDP is a ‘gentle turning point’ as suggested by the Reserve Bank and governor Philip Lowe, then the economy got lost somewhere in the three months to September 30.
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Another company to stand out in yesterday’s second day of selling (besides oOH!Media) was Sydney-based homewares and fabric seller Adairs which revealed a big move into the online space via a deal that could cost it more than $95 million in cash and shares.
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No rate cut from the Reserve Bank at its final monetary policy board meeting of the year and none is in prospect, despite the usual speculation from Paul Keating’s famed pet shop galahs among our economic commentators, business analysts, and media writers.
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Independent grocery and hardware supplier/wholesaler Metcash says losing a key supply contract to the 7-Eleven convenience store chain from next year has forced it to make write-downs and asset impairments totaling more than $310 million.
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Yesterday the Australian Bureau of Statistics confirmed that forecast in the releasing the current account data for the September quarter showing a surplus for the three months of $7.9 billion.
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Convenience store operator and oil refiner, Caltex Australia says the $8.6 billion, $34.50 a share surprise from Canadian group, Alimentation Couche-Tard (ACT) isn’t enough and like Oliver Twist, wants more.
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Another surprise from China yesterday with the second survey of manufacturing activity showing a surprise acceleration in the rate of expansion in November.
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Another headache for Westpac is in the offing after the key banking regulator, APRA revealed that the bank could face fines and the disqualification of its senior management over the money laundering and terrorism financing law breaches outlined by AUSTRAC.
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No rate cut today at the final Reserve bank board meeting, despite weak data yesterday – except for house prices which continue to escalate towards what will be a crunch.
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Fortescue Metals shares closed at a new all-time high of $10.02 yesterday on news that Chinese manufacturing rebounded a little in November.
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The health of the economy returns to the fore this week with the final meeting for 2019 of the RBA’s monetary policy board tomorrow and the September quarter’s National Accounts the day after which are forecast to show another miserable growth outcome.
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Most governments in developed economies have been reluctant to stimulate – Australia is no different – and have left it to central banks to flog monetary policy as hard possible towards quantitative easing with policy moves such negative interest rates and bond-buying. But there are some governments starting to move.
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November turned out to be better than expected and analysts are confident that December will see a repeat of the mostly solid gains for equities, unlike a year ago when there was a massive sell-off in the final six weeks of the year that culminated in big falls and lows on Christmas Eve.
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There’s a very busy week ahead for markets with key economic data to take in from Australia, the EU, US, and China while the UK election campaign is heading towards the poll 11 days away.
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Commodities had a mixed month as key factors such as risk re-emerged, despite the continuing trade tensions between President Donald Trump and China, Brexit and the UK election and problems in Spain and Hong Kong.
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Friday saw the ASX 200 end November with a small loss but was still up 2.65% for the month with most of those gains coming last week with a rise of 2.03%. The index is up 21% year to date.
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Collins Foods shares added another 1.5% yesterday on top of the 7% gain on Wednesday in the wake of a solid interim profit result and higher dividend. And some analysts think the stock has a little way to run higher, but others are doubtful.
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The continuing pressure from the AUSTRAC money laundering claims and pressure from regulators has seen Westpac decide to let small investors withdraw orders to buy shares in the $500 million offer to retail investors as part the $2.5 billion capital raising announced earlier this month.
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Australian business investment fell unexpectedly in the September quarter, creating additional downside risks for next week’s third-quarter national accounts and GDP figures.
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Shares in major retailer, Woolworths hit and closed at an all-time high of $39.68 yesterday after CEO Brad Banducci and chairman Gordon Cairns announced they would have their pay packets docked for the 2019-20 financial year in response to the company’s $300 million underpayments of many of its managers.
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The mini investment boom in the Pilbara iron ore province of WA continues with Rio Tinto approving a $1 billion $US749 million investment in its existing Greater Tom Price operations (100% owned) operations to extend the life of the mine.
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A mostly positive reaction from the market to the late news on Tuesday from Evolution Mining revealing a big move into Canada.
Read MorePunters are starting to wonder if there will be a higher offer from the Canadian convenience store giant, ACT or a rival group with shares in Caltex edging higher again yesterday to go with Tuesday’s solid rise after the approach was revealed.
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A clever move by the ANZ Bank yesterday to differentiate itself from its three major rivals, all of whom are struggling with problems with AUSTRAC, the financial intelligence agency.
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Australia’s move into the North American gold mining industry continues with Evolution Mining revealing a $US375 million ($A553 million) deal with the world’s biggest gold miner, Newmont Goldcorp, to buy the latter’s Red Lake gold mining complex in Canada.
Read MoreReserve Bank of Australia governor Philip Lowe has all but ruled out the chances of the central bank following the US Fed, Bank of Japan, European Central Bank and Bank of England and introducing quantitative easing (QE) in an effort to kick start inflation and boost economic activity.
Read MoreA burst of reality on wages over the next year from the second most senior official at the Reserve Bank with Deputy Governor, Guy Debelle telling a conference in Canberra that Australia had to get used to low wage rises for some time to come.
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Westpac shares ended higher for the first time in five days yesterday in the wake of the dramatic changes at the top of the country’s second-largest bank.
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At least ten analysts have put out notes on BOQ following its $250 million institutional capital raising from institutional shareholders. At least one didn’t like the idea of the issue.
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Nearly 300 jobs will go after Copper miner Metals X says it will immediately suspend operations at its Nifty Copper Mine in the eastern outback of Western Australia (near where Newcrest’s Telfer gold and copper mine is located and the recent copper, gold and silver strike by Rio Tinto).
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Shares in Caltex closed up 13.5% at a 15-month high of $33.79 after it confirmed a second unsolicited bid from Canadian convenience store giant, Alimentation Couche-Tard (ACT) at a higher price of $8.6 billion.
Read MoreWestpac is losing CEO Brian Hartzer, chair Lindsay Maxstead and a long-time director in a cleanout directly linked to the AUSTRAC money laundering and child sex scandals.
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