Weekly Reports | Aug 09 2024
This story features MIRVAC GROUP, and other companies. For more info SHARE ANALYSIS: MGR
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 ASX 200 experienced a decline, mirroring a volatile session on Wall Street where key indices reversed early gains to close negatively. This was partly due to concerns about global markets and the potential for further interest rate hikes by the Reserve Bank of Australia (RBA) to combat high inflation.
-The RBA’s hawkish stance on interest rates added pressure to the local market. Despite the central bank’s warnings, the market remains skeptical about the likelihood of imminent rate hikes, with a rate cut anticipated before the end of the year.
-The real estate sector was notably impacted, with significant declines in companies like Mirvac Group ((MGR)), which reported a substantial full-year loss due to decreased office portfolio values and rising costs
-The mining sector also saw losses, influenced by a drop in iron ore prices.
-The Australian market was affected by broader global market trends, including a tech stock sell-off in the US, which saw significant declines in major tech companies like Tesla and Nvidia. This added to the uncertainty and volatility in the market
Corporate news in the week that was:
-Vocus (unlisted) and TPG Telecom ((TPG)) are reportedly again in negotiations regarding the latter’s fibre network
-Catholic-operated private hospitals reportedly want to change how they negotiate funding deals with health insurers, being allowed to collectively boycott Medibank Private ((MPL)), Bupa, Nib Holdings ((NHF)), HCF and HBF Health
-EnergyX has bid US$150m to acquire Galan Lithium’s ((GLN)) Argentinian projects, including leases in the lithium-rich Salar del Hombre Muerto region
-Regis Resources ((RRL)) is reportedly considering a joint venture for its McPhillamys gold project to mitigate risk and ensure shareholder value
-Woodside Energy ((WDS)) will spend $3.7bn on a gas-based ammonia project in Texas, its largest lower-carbon energy investment
-Centuria Capital ((CNI)) is buying a 50% stake in ResetData for -$21m
-Macquarie Group ((MQG)) to purchase a South Korean data center for $816m. Macquarie is still shopping around its stake in AirTrunk (reportedly it wants $15bn for it)
-Westpac ((WBC)) has closed RAMS Financial to new home loan applications
-St George Mining ((SGQ)) is acquiring Brazil’s Araxa niobium project for -$38m and raising $21.25m to fund the purchase and initial drilling
-Yancoal Australia ((YAL)) is reportedly pursuing Anglo American’s Queensland coal mines for up to -$5bn
-Treasury Wine ((TWE)) takes substantial impairment, divests lower margin brands
-Mosaic Brands ((MOZ)) has entered “safe harbor” to protect its directors from personal liability while they restructure the struggling business
-The Albanese government will fund a 15%, $3.6b, pay rise for childcare workers over 2 years on the proviso their employers agree to limit fee increases until after the election
-News Corp ((NWS)) has put majority interest in Foxtel up for sale. Telstra ((TLS)) owns 35%
-BHP Group ((BHP)) looking to sell Brazilian copper and gold assets from its Oz Minerals acquisition
-IGO Ltd ((IGO)) might sell assets from its Forrestania Nickel Operation to Medallion Metal ((MM8))
-Pacific Smiles ((PSQ)) shareholders rejected a board-recommended takeover by NDC BidCo, favoring a private equity offer instead
-Fujitsu is reportedly selling its Australian data centre portfolio, valued at $500m to $1bn
Next week at a glance:
-Monday August 12: Japan public holiday
-Tuesday August 13: Australia 2Q wage prices; NAB business confidence; Japan July PPI; UK June unemployment; US NFIB and July PPI
-Wednesday August 14: NZ RBNZ cash rate; UK July CPI; US July CPI
-Thursday August 15: Australia July unemployment rate; Japan 2G GDP; UK 2Q GDP; US July retail sales
-Friday August 16: NZ 2Q PPI; NZ July PMI; UK July retail sales; US July housing starts; US University of Michigan Sentiment
Corporate Calendar: (selection of upcoming earnings reports are shown. Please visit the FNArena calendar for a more extensive list)
-Monday August 12: Earnings reports from Aurizon Holdings ((AZJ)), CAR Group ((CAR)); Beach Energy ((BPT)), JB Hi-Fi ((JBH)), James Hardie Industries ((JHX))
-Tuesday August 13: Earnings reports from Abacus Storage ((ASK)), Challenger ((CGF)), Computershare ((CPU)), CSL ((CSL)), Netwealth Group ((NWL)), Region Group ((RGN)), Seek ((SEK)), Temple & Webster ((TPW))
-Wednesday August 14: Earnings reports from AGL Energy ((AGL)), Alliance Aviation Services ((AQZ)), Commonwealth Bank ((CBA)), Evolution Mining ((EVN)), Pro Medicus ((PME)), Seven Group Holdings ((SVW))
-Thursday August 15: Earnings reports from Cochlear ((COH)), Goodman Group ((GMG)), Magellan Financial Group ((MFG)), NRW Holdings ((NRW)), Orora ((ORA)), Telstra Group ((TLS)), Treasury Wine Estates ((TWE))
-Friday August 16: Earnings reports from ASX Ltd ((ASX)), Charter Hall Retail REIT ((CQR)), Domain Holdings Australia ((DHG)), National Australia Bank ((NAB)) Quarterly
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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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CHARTS
For more info SHARE ANALYSIS: AGL - AGL ENERGY LIMITED
For more info SHARE ANALYSIS: AQZ - ALLIANCE AVIATION SERVICES LIMITED
For more info SHARE ANALYSIS: ASK - ABACUS STORAGE KING
For more info SHARE ANALYSIS: ASX - ASX LIMITED
For more info SHARE ANALYSIS: AZJ - AURIZON HOLDINGS LIMITED
For more info SHARE ANALYSIS: BHP - BHP GROUP LIMITED
For more info SHARE ANALYSIS: BPT - BEACH ENERGY LIMITED
For more info SHARE ANALYSIS: CAR - CAR GROUP LIMITED
For more info SHARE ANALYSIS: CBA - COMMONWEALTH BANK OF AUSTRALIA
For more info SHARE ANALYSIS: CGF - CHALLENGER LIMITED
For more info SHARE ANALYSIS: CNI - CENTURIA CAPITAL GROUP
For more info SHARE ANALYSIS: COH - COCHLEAR LIMITED
For more info SHARE ANALYSIS: CPU - COMPUTERSHARE LIMITED
For more info SHARE ANALYSIS: CQR - CHARTER HALL RETAIL REIT
For more info SHARE ANALYSIS: CSL - CSL LIMITED
For more info SHARE ANALYSIS: DHG - DOMAIN HOLDINGS AUSTRALIA LIMITED
For more info SHARE ANALYSIS: EVN - EVOLUTION MINING LIMITED
For more info SHARE ANALYSIS: GLN - GALAN LITHIUM LIMITED
For more info SHARE ANALYSIS: GMG - GOODMAN GROUP
For more info SHARE ANALYSIS: IGO - IGO LIMITED
For more info SHARE ANALYSIS: JBH - JB HI-FI LIMITED
For more info SHARE ANALYSIS: JHX - JAMES HARDIE INDUSTRIES PLC
For more info SHARE ANALYSIS: MFG - MAGELLAN FINANCIAL GROUP LIMITED
For more info SHARE ANALYSIS: MGR - MIRVAC GROUP
For more info SHARE ANALYSIS: MM8 - MEDALLION METAL LIMITED
For more info SHARE ANALYSIS: MOZ - MOSAIC BRANDS LIMITED
For more info SHARE ANALYSIS: MPL - MEDIBANK PRIVATE LIMITED
For more info SHARE ANALYSIS: MQG - MACQUARIE GROUP LIMITED
For more info SHARE ANALYSIS: NAB - NATIONAL AUSTRALIA BANK LIMITED
For more info SHARE ANALYSIS: NHF - NIB HOLDINGS LIMITED
For more info SHARE ANALYSIS: NWL - NETWEALTH GROUP LIMITED
For more info SHARE ANALYSIS: NWS - NEWS CORPORATION
For more info SHARE ANALYSIS: ORA - ORORA LIMITED
For more info SHARE ANALYSIS: PME - PRO MEDICUS LIMITED
For more info SHARE ANALYSIS: PSQ - PACIFIC SMILES GROUP LIMITED
For more info SHARE ANALYSIS: RGN - REGION GROUP
For more info SHARE ANALYSIS: RRL - REGIS RESOURCES LIMITED
For more info SHARE ANALYSIS: SEK - SEEK LIMITED
For more info SHARE ANALYSIS: SGQ - ST. GEORGE MINING LIMITED
For more info SHARE ANALYSIS: TLS - TELSTRA GROUP LIMITED
For more info SHARE ANALYSIS: TPG - TPG TELECOM LIMITED
For more info SHARE ANALYSIS: TPW - TEMPLE & WEBSTER GROUP LIMITED
For more info SHARE ANALYSIS: TWE - TREASURY WINE ESTATES LIMITED
For more info SHARE ANALYSIS: WBC - WESTPAC BANKING CORPORATION
For more info SHARE ANALYSIS: WDS - WOODSIDE ENERGY GROUP LIMITED
For more info SHARE ANALYSIS: YAL - YANCOAL AUSTRALIA LIMITED