Next Week At A Glance – 29 Jul-2 Aug 2024

This story features COMMONWEALTH BANK OF AUSTRALIA, and other companies. For more info SHARE ANALYSIS: CBA

For a more comprehensive preview of next week’s events, please refer to “The Monday Report”, published each Monday morning. For all economic data release dates, ex-div dates and times and other relevant information, please refer to the FNArena Calendar.

The week that was in Australian Finance:

-The Australian stock market reached a new record high, with the ASX200 closing above 8,000 points for the first time. This was driven by optimism about potential interest rate cuts in the US and positive sentiment in global markets

-The release of US inflation data for June, showing a decrease to 3%, bolstered expectations for rate cuts by the Federal Reserve. This had a positive impact on global markets

-Commonwealth Bank overtaking BHP: CommBank ((CBA)) stocks hit a record high and took BHP Group’s ((BHP)) spot as the largest company on the ASX by market capitalisation

-BHP Group announced the suspension of nickel production at its Western Australian operations, highlighting challenges in the resources sector

-There’s growing anticipation for the upcoming earnings season in Australia, which is expected to reveal more about the real inflation picture and how companies are managing pricing pressures

-The RBNZ decided to keep interest rates on hold

Corporate news in Australia:

-Nine Entertainment’s ((NEC)) Paris Olympics coverage at risk of being derailed as journalists persist with their strike

-ASIC accuses Chinese state firm, COFCO, of manipulating wheat prices in lawsuit

-Karoon Energy ((KAR)) announced a $38m share buyback and a revised capital returns policy

-Troubled AMA Group ((AMA)) is selling its ACM Parts unit

-Seek ((SEK)) announced -$141m impairment for its Chinese business, Zhaopin

-Meteoric Resources ((MEI)) raising $30m for its Caldeira rare earths project in Brazil

-Bellevue Gold ((BGL)) communicated a five-year growth plan and $150m equity raising to reduce debt and increase production

-Prior to its AGM, Macquarie Group confirmed Q1 profits are in line with forecasts

-Ampol ((ALD)) guides to falling sales for the six months to June 30

-The FDA has accepted Telix Pharmaceuticals’ ((TLX)) NDA for a prostate cancer imaging kit

-Platinum Capital ((PMC)) to merge with the Platinum International Fund to reduce the share price discount following a strategic review

-Fonterra ((FSF)) has appointed JPMorgan, Cameron Partners, and Jarden to advise on selling its Australian assets

-Antipodes Partners to acquire Maple-Brown Abbott, increasing its assets under management to $18.6bn

-The Australian reports Southern Cross Media ((SXL)) may sell its TV unit to Network Ten

-Arafura Rare Earths ((ARU)) has entered a trading halt on the ASX for a capital raise announcement

-SunRice ((SGLLV)) is buying SavourLife, a pet food company that donates half its profits to rescue dogs, for $20.3m

-Arena REIT ((ARF)) is raising $120m to acquire 10 new early learning centre assets

-PolyNovo’s trading update was well received

-Rare earths miner Axel REE ((AXL)) IPO’d, after raising $13.3m from investors

-Toll road operator Transurban Group ((TCL)) has partnered with the Queensland government to widen the western section of the state’s Logan Motorway

-Barrenjoey is preparing to sell a $2bn stake in CDC Data Centres

-Western Australian gold miner Ora Banda ((OBM)) produced a record amount of gold in the last quarter

-Cromwell Property Group’s Australian portfolio value fell by -$115.5m over six months due to challenging conditions and higher interest rates

-LTR Pharma ((LTP)) $8m capital raise following positive trial results

-South32 ((S32)) to write down its Worsley alumina business

-Woodside Energy ((WDS)) to acquire Tellurian, including its Driftwood LNG project

-Anteris Technologies ((AVR)) raising $40m to develop its DurAVR THV heart valve product

-DroneShield’s ((DRO)) H1 market update was not received positively

-Insignia Financial ((IFL)) shares gained as management upgraded its profit guidance

-Whitehaven Coal ((WHC)) shares dropped following quarterly update with disappointing guidance

-Block’s ((SQ2)) Cash App is giving up on the UK and concentrating on growing in the USA

-Qantas Airways ((QAN)) is eying new non-stop international destinations to boost market share

-According to The Australian, Vicinity Centres ((VCX)) is seen as the frontrunner to acquire Lendlease’s ((LLC)) retail fund management business

Next week at a glance

-Monday July 29; nothing to report

-Tuesday July 30;  Building approvals in Australia, Q2 GDP in Europe and US July consumer confidence

-Wednesday July 31; Q2 CPI in Australia, July PMI in China and July CPI in Europe

-Thursday August 1; Bank of England decides, as does the Fed, plus ISM Manufacturing July

-Friday August 2;  Q2 PPI in Australia, July unemployment and non-farm payrolls in the USA

Corporate calendar

-Monday July 29; nothing to report

-Tuesday July 30; Earnings results from ((CIA)),  ((CCP)) and ((PNI)); quarterly updates from ((IGO)) and ((PRU)); plus investor briefings by ((TNE))

-Wednesday July 31; Earnings results from ((CIP)) and ((RIO)); plus quarterly updates from ((LTR)), ((ORG)), ((SDR)) and ((SYA)), plus  ((ALQ)) AGM and site visit ((BGL))

-Thursday August 1; nothing to report

-Friday August 2;  Earnings results from ((RMD)), ((SQ2)); plus quarterly updates from ((CSC)) and ((VMU))

For a calendar of earnings result releases and a summary of earnings results to date, refer to FNArena’s Corporate Results Monitor (https://www.fnarena.com/index.php/reporting_season/)

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