Next Week At A Glance – 16-20 Sep 2024

This story features MYER HOLDINGS LIMITED, and other companies. For more info SHARE ANALYSIS: MYR

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:

-If last week was the worst start to the month of September with major market sell offs, then this week stands in sharp contrast. 

-The energy, materials, real estate, utilities and information technology sectors were the leaders as a reversal of pricing momentum crept into iron ore futures over the week.

-Lithium miners breathed a sigh of relief that CATL, China’s largest lithium battery producer, had suspended operations at its lepidolite mines in Jiangxi and lithium prices rallied.

-Russia rattled its sabers on potential increases in uranium export restrictions and boosted uranium stocks.

-The gold price reached a 52-week high on Thursday to US$2587/oz and crude oil rallied on concerns over Hurricane Francine in the Gulf of Mexico.

 -Favourable inflation data boosted hopes of a soft-landing with the Federal Reserve meeting next Wednesday (US time). 

-Concerns over the unwinding of the Yen carry trade continue with markets keeping a watchful eye on the USD/JPY exchange rate

-The world survived the second US Presidential debate even if Springfield’s cats and dogs are feeling the heat.

Corporate news in the week that was:

-Myer ((MYR)) is reportedly considering buying an apparel portfolio from Solomon Lew’s Premier Investments ((PMV)) as leaked documents show sharply declining sales and earnings at those brands

-The Star Entertainment Group ((SGR)) sold its leasehold in the Treasury Brisbane Casino to Griffith University for $67.5m, as it seeks to refinance over $1bn in debt

-We may soon hear about Canberra Data Centres (CDC),  the largest provider of data centre services to the Australian Government, selling off part of its equity

-Anthony Miller has been appointed the next chief executive of Westpac ((WBC)), replacing Peter King from December 16

-Regis Resources ((RRL)) and Anglogold Ashanti approved the Havana underground project at Tropicana, set to boost production between 2027 and 2029

-Charter Hall ((CHC)) and Hostplus bid $710m for Hotel Property Investments, which owns 58 pub

-Goldman Sachs is seeking buyers for News Corp’s ((NWS)) 65% stake in Foxtel

-Greatland Gold is raising $500m to buy Newmont’s ((NEM)) Telfer and Havieron assets

-NextDC ((NXT)) is raising $750m to expand into Asia

-HMC Capital ((HMC)) is reportedly among leading contenders in the $400m iseek data center sale

-BGH Capital, Blackstone, KKR, Pacific Equity Partners, and EQT Holdings ((EQT)) are reportedly competing for Singapore Post’s $1bn Australian business, including Freight Management Holdings and CouriersPlease

-ANZ Bank ((ANZ)) may revive a sale of its 38.8% stake in Indonesian lender Panin Bank in a bid to streamline operations, Bloomberg reports

-REA Group’s ((REA)) bid to acquire UK property portal Rightmove was rejected

-The regulator has extended its review of Lendlease’s ((LLC)) sale of 12 residential communities to Stockland ((SGP)), with the ACCC yet to accept Stockland’s proposal

-Namoi Cotton ((NAM)) directors have advised shareholders to accept Louis Dreyfus Company’s takeover offer, following regulatory approvals from the ACCC and Foreign Investment Review Board

-National Storage REIT ((NST)) is raising $300m via convertible notes

-The AFR reports Star Entertainment’s ((SGR)) lenders have offered to give the wagering group an extra $150m to help it survive a cash crunch caused by cost blowouts at its new Brisbane casino and a slowdown in patrons visiting its gaming floors

-Medibank Private ((MPL)), nib Holdings ((NHF)) and HCF have agreed to out-of-cycle funding payments for the Brookfield-owned hospital group Healthscope

-The Albanese government unveiled its long-awaited aged care reform package on Thursday after six months of negotiations with the opposition. It already has been labelled “the most significant overhaul since the 2021 response to the aged care royal commission”

Next week at a glance

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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