Next Week At A Glance – 19-23 Aug 2024

This story features ORORA LIMITED, and other companies. For more info SHARE ANALYSIS: ORA

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 experienced volatility but ultimately closed higher, with the ASX200 reaching a fresh record high after economic data in the US reinforced investors’ confidence in a soft landing and a September rate cut from the Federal Reserve.

-Earnings Season: FNArena Corporate Results Monitor: 51 companies reported; 17 Beats, 19 In Line and 16 Misses as at Aug 15.

-Economy : Unemployment rose to 4.3% in July, Wage price index up 0.8% in Q2

-Governor Bullock reiterated last week’s messages in parliamentary testimony: the RBA Board’s judgment is that policy is sufficiently restrictive; it is premature to think about rate cuts as inflation is too high; the Board does not expect be in a position to cut in the near term

-Sector Performance: Technology stocks and interest rate-sensitive sectors rallied as global markets steadied. Consumer discretionary stocks lifted, contributing to the market’s overall positive performance.

Corporate news in the week that was:

-Private equity is reportedly interested in Orora’s ((ORA)) $2.2bn OPS business in North America. The Board has rejected Lone Star’s “opportunistic” takeover bid for the whole company

-Private equity is reportedly interested in Ramsay Health Care ((RHC))

-Private equity is reportedly interested in Pepper Money ((PPM))

-Fletcher Building ((FBU)) is selling Tradelink to Metals Manufacturers

-Rumour has it Metcash ((MTS)) might be considering a separate listing for Total Tools

-Sims ((SGM)) has sold $435m in assets, including its UK metal recycling business and a stake in CLP Circular Services. The company is exploring a break-up, with shareholders favouring the sale of its North American unit

-Albemarle may sell its 49% stake in the Greenbushes lithium mine to IGO Ltd ((IGO))

Seven West Media ((SWM)) to cut -$108m in costs and stop its share buyback program over the next year after an advertising pullback slashed profits

-The ACCC has accepted a court-enforceable undertaking from TPG Telecom ((TPG)) it will not enter into agreements with Google to pre-install its search services as a default function on Android devices

-Wesfarmers ((WES)) and Macquarie Group ((MQG)) are reportedly eyeing the $3bn I-MED diagnostic imaging business

-Rio Tinto ((RIO)) is seeking to sell a stake in its Winu copper project in Western Australia

-AGL Energy ((AGL)) is acquiring Firm Power, a 6GW battery energy storage system company

-IFM Investors has reportedly pulled out of the bidding contest for Healius’ ((HLS)) Lumus Imaging business, leaving three bidders remaining

-Alex Waislitz and Antony Catalano increased their stake in Southern Cross Media ((SXL)) and are reportedly considering a takeover with ARN Media ((A1N))

-CommBank ((CBA)) is selling its ultra-high-net-worth advice business, Commonwealth Private Advice

-Magellan Financial Group ((MFG)) has acquired a 29.5% stake in Vinva for $138.5m, forming a strategic partnership

Next week at a glance

-Monday August 19: US July Leading Economic Indicator (LEI)

-Tuesday August 20: NZ July trade balance; Australia August RBA minutes; EZ July CPI

-Wednesday August 21: Japan July trade balance; US July FOMC minutes

-Thursday August 22: EZ August PMI; UK August PMI; US August PMI & July existing home sales; US Jackson Hole Symposium starts (ends Aug 24)

-Friday August 23: NZ 2Q retail sales; Japan July CPI; US July new home sales

Corporate Calendar

A selection of upcoming earnings reports are shown. Please visit the FNArena Corporate Results Monitor for a more detailed calendar. The upcoming week is an earnings reporting monster!

-Monday August 19: Earnings reports from a2 Milk ((A2M)), Ampol ((ALD)), GPT Group ((GPT)), Iress ((IRE)), Lendlease ((LLC)), Reece ((REC)), Suncorp ((SUN)) and Westpac ((WBC)) quarterly

-Tuesday August 20: Earnings reports from Ansell ((ANN)), ANZ Bank quarterly, ARB Corp ((ARB)). Hub24 ((HUB)), Monadelphous Group ((MND)), Sims Group ((SGM)), Tabcorp ((TAH)), Vicinity Centres ((VCX))

-Wednesday August 21: Earnings reports from AUB Group ((AUB)), Bapcor ((BAP)), Brambles ((BXB)), Charter Hall ((CHC)), Corporate Travel ((CTD)), Domino’s Pizza Enterprises ((DMP)), Insurance Australia Group ((IAG)), Pexa Group ((PXA)), Santos ((STO)), Telstra Group ((TLS)), WiseTech Global ((WTC))

-Thursday August 22: Earnings reports from Eagers Automotive ((APE)), Cleanaway Waste Management ((CWY)), IPH Ltd ((IPH)), Medibank Private ((MPL)), Megaport ((MP1)), Northern Star Resources ((NST)), Qube Holdings ((QUB)), Sonic Healthcare ((SHL)), Telix Pharmaceuticals ((TLX)), Whitehaven Coal ((WHC))

-Friday August 23: Earnings reports from IDP Education ((IEL)), Iluka Resources ((ILU)), Lynas Rare Earths ((LYC)), NextDC ((NXT)), Paladin Energy ((PDN)), TPG Telecom ((TPG))

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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