Next Week At A Glance – 26-30 – Aug 2024

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

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:

– From its early August low of 7628, the ASX200 has rallied over 5.3%, bringing it within -1.5% of the 8148 record high set earlier this month

-This upward movement has been characterised by a steady grind higher, suggesting a more sustainable trend compared to previous surges

-The materials sector snapped its six-day losing streak on bargain-hunting in big miners.

-The IT sector saw mixed results, with some companies like WiseTech Global and DroneShield posting gains, while others like Megaport experienced significant drops

-In the financial sector, major banks showed modest movements, with CBA and NAB slightly up, while Westpac and ANZ saw minor declines

-Investors are optimistic that the upcoming Federal Reserve Chair Powell’s remarks at Jackson Hole will signal a potential interest rate cut in September

-In contrast, the Reserve Bank of Australia’s (RBA) August board meeting minutes revealed a more hawkish stance, indicating interest rate cuts domestically are unlikely in the short term

Corporate news in the week that was:

-ASIC reportedly did not pursue insider trading allegations at the ASX ((ASX))

-Booktopia ((BKG)) has been sold to digiDirect

-James Hardie ((JHX)) is reportedly in the early stages of a potential U.S. acquisition

-Autosports Group ((ASG)) is buying Melbourne’s Stillwell Motor Group, which sells BMW and Ducati, for $55m

-Virgin Australia’s planned float has been delayed by about a year due to recent asset discussions with Regional Express Holdings ((REX))

-Mall landlord Vicinity Centres ((VCX)) has settled the $420m purchase of a half-stake in Perth’s Joondalup Shopping Centre, acquiring it from the Future Fund. Lendlease ((LLC)) owns the other 50%

-Up to -600 jobs to go at Bank of Queensland ((BOQ))

-Foxtel ((NWS)) ((TLS)) and its biggest sports rights partners face millions in damages after being accused of breaching US privacy laws using Meta’s tracking tools, the AFR reports

-Yancoal Australia ((YAL)) is focusing on acquiring Anglo American’s Queensland coal mines by retaining its $420m interim profit instead of paying dividends

-South Africa’s Aveng will spin out its Australia and New Zealand business McConnell Dowell for ASX listing in 2025

-ASIC is preparing to scrutinise data centre developer AirTrunk’s ((MQG)) ((GDC)) pending $20b sale as part of its investigation into private market transactions

-A troubled Bank of Queensland ((BOQ)) cuts -400 jobs

-IPH Ltd ((IPH)) to acquire Canada’s Bereskin & Parr for -$90m, funding it with a $100m placement and $25m share plan

-Australian Unity Office Property Fund ((AOF)) nears a delisting and windup, with a sale of its Canberra property imminent, leaving just one remaining asset

Next week at a glance:

-Monday August 26: US July durable goods

-Tuesday August 27:  Japan PPI services; US August consumer confidence

-Wednesday August 28: Au July CPI; US MBA mortgage applications

-Thursday August 29: New Zealand, ANZ business confidence; Australia Private capex; US 2Q GDP; US initial jobless claims

-Friday August 30: New Zealand, ANZ consumer confidence; Australia July private sector credit; July retail sales; Japan August CPI, Europe August CPI; US July PCE

Corporate Calendar selection of upcoming earnings reports are shown.

Please visit the FNArena calendar for a more extensive list.

-Monday August 26: Earnings Reports, Bendigo and Adelaide Bank ((BEN)); Endeavour Group ((EDV)); Infomedia ((IFM)); NIB Holdings ((NHF)); Regal Partners ((RPL)); The Star Entertainment Group ((SGR)); Viva Energy Group ((VEA)); 

Ex-divs, Ansell ((ANN)) 32.67c; Aurizon Holdings ((AZJ)) 7.3c 60% franked; Challenger Financial ((CGF)) 13.5c, 100% franked; Netwealth Group ((NWL) 14c, 100% franked; Santos ((STO)) 19.35c

-Tuesday August 27: Earnings Reports, BHP Group ((BHP)); Coles Group ((COL)); Integral Diagnostics ((IDX)); Johns Lyng Group ((JLG)); Lovisa Holdings ((LOV)); Nanosonics ((NAN)); SiteMinder ((SDR)); Woodside Energy Group ((WDS)); Worley ((WOR))

Ex-divs. AGL Energy ((AGL)) 35c no franking; Coronado Global Resources ((CRN)) 0.54c, 100% franked

-Wednesday August 28: Earnings reports, APA Group ((APA)); Flight Centre Travel Group ((FLT)); Fortescue ((FMG)); Karoon Energy ((KAR)); Mineral Resources ((MIN)); Nine Entertainment ((NEC)); NextDC ((NXT)); Tabcorp Holdings ((TAH)); Woolworths Group ((WOW))

Ex-divs, Bell Financial Group ((BFG)) 4x, 100% franked; oOh!media ((OML)) 1.75c, 100% franked; Telstra Group ((TLS)) 9c, 100% franked; Treasury Wine Estates ((TWE)) 19c, 70% franked

-Thursday August 29: Earnings reports, Atlas Arteria ((ALX)); Bega Cheese ((BGA)); IGO Ltd ((IGO)); MedAdvisor ((MDR)); Perpetual ((PPT)); Qantas Airways ((QAN)); Steadfast Group ((SDF)); Sandfire Resources ((SFR)); Wesfarmers ((WES))

Ex-divs, Beach Energy ((BPT)) 2c, 100% franked; Evolution Mining ((EVN)) 2c, 100% franked; REA Group ((REA)) 102c, 100% franked

-Friday August 30: Earnings reports, APM Human Services International ((APM)); Boss Energy ((BOE)); Bubs Australia ((BUB)); Dicker Data ((DDR)); Downer EDI ((DOW)); Nickel Industries ((NIC)); Opthea ((OPT)); Ramsay Health Care ((RHC)); TPG Telecom ((TPG))

Ex-divs, Ampol ((ALD)) 60c, 100% franked; HiTech Group Australian ((HIT) 5c, 100% franked; Orora ((ORA)) 5c, no franking

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/)

Find out why FNArena subscribers like the service so much: “Your Feedback (Thank You)” – Warning this story contains unashamedly positive feedback on the service provided.

FNArena is proud about its track record and past achievements: Ten Years On

Click to view our Glossary of Financial Terms