Next Week At A Glance – 23-27 Sep 2024

This story features AUCKLAND INTERNATIONAL AIRPORT LIMITED, and other companies. For more info SHARE ANALYSIS: AIA

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 market was influenced by movements in global markets, particularly Wall Street. The S&P 500 and Dow Jones Industrial Average reaching record highs in the US had a positive spillover effect on the ASX. These events contributed to a generally positive week for the Australian share market, with the ASX reaching a fresh all-time record high despite some sector-specific challenges.

-The Fed delivered an outsized half-point rate cut, which boosted investor sentiment globally. This led to gains in the Australian market, particularly among tech stocks and other growth-oriented sectors.

-Australia released positive employment data, showing that 47,500 positions were added to the economy and the number of unemployed people declined by -10,500. 

-The major Australian banks saw mixed performance over the week. While there were some fluctuations, by the end of the week, banks like ANZ Bank, Commonwealth Bank, Westpac, and National Australia Bank generally showed positive trends.

-The heavyweight mining sector experienced some volatility. Companies like Rio Tinto, Fortescue, and BHP saw fluctuations in their stock prices, reflecting changes in commodity prices and the global economic outlook.

Corporate news in the week that was:

-Auckland Airport ((AIA)) signed an NZ$800m contract with Hawkins, a Downer Group ((DOW)) subsidiary, to manage the construction of a new domestic jet terminal building

-Canberra Data Centres (CDC) is reportedly set to launch a blockbuster capital raise after receiving approval for all required preparations

-Amaero International ((3DA)) to announce a $25m equity raise after securing a key client

-The Biden-Harris administration has called on Congress to pass legislation that would reduce duty-free thresholds for imports into the US and curb alleged abuse by Chinese online retailers. Some analysts fear it could ensnare platforms like Cettire ((CTT)) if implemented to the fullest extent

-CommBank ((CBA)) intent on replacing call centre staff with AI

-Novonix ((NVX)) defers equity raise, eyes partnerships and offtake deals

-Regal Partners ((RPL)) has made Platinum Asset Management ((PTM)) its next take-over target

-Odyssey Investment Partners is selling its 9% stake in $3.5bn AUB Group ((AUB)) as a two-year escrow period ends

-IGO Ltd ((IGO)) is exploring the purchase of Rio Tinto’s ((RIO)) Winu copper-gold project in WA

-Mineral Resources ((MIN)) may be considering selling its energy business, with potential interest from Beach Energy ((BPT)), Mitsui, and Hancock Energy

-Synlait Milk ((SM1)) has secured new bank refinancing

-Star Entertainment ((SGR)) and lenders agree on five points bail-out plan

-Genesis Capital has returned for take-over of Pacific Smiles ((PSQ))

-Xero ((XRO)) acquires Syft to boost reporting and analytics, planning to integrate its functionality into Xero software across global markets

-A Santos ((STO)) led consortium has sold part of equity in the Bayu Undan project to Timor Leste’s state energy company

-Market speculation sees KKR returning with take-over bid for Ramsay Health Care ((RHC))

-Webjet ((WEB)) shareholders approved a de-merger into two ASX-listed companies: WEB Travel Group and Webjet Group

-Actinogen Medical ((ACW)) is raising funds to expand Phase 2b trials for its Alzheimer’s drug XanaMIA, targeting 220 patients

-Bloomberg reports Macquarie Group ((MQG)) is weighing the sale of potentially a majority stake in IT services provider Wavenet and a formal sale process is likely to kick off next year, people with knowledge of the matter said. The UK company could be valued at GBP1.2bn (A$2.3bn) or more in a deal

-Woodside Energy ((WDS)) signed a long-term LNG supply deal with Japan’s JERA, after selling a 15.1% stake in its Scarborough project for $2.1bn

-Macquarie Group ((MQG)) is exploring a stake sale in UK IT provider Wavenet, which has recently merged with Daisy Corporate Services

-Life360 ((360)) will be added to the Russell 2000 and 3000 indices following its Nasdaq listing

-Mosaic Brands ((MOZ)), under safe harbour protection, is seeking rent cuts from landlords while working on refinancing with Deloitte

-The AFR reports Stanmore Resources ((SMR)) and Yancoal Australia ((YAL)) are among six bidders left in Anglo American’s auction of local coal assets

-Wilson Asset Management and Challenger ((CGF)) might launch rival bids for Platinum Asset Management ((PTM))

-Macquarie Group ((MQG)) hit with $117m bill to settle SEC’s fraud charge accusing it of “taking advantage of retail” clients

-Auckland Council is looking to sell $1bn in Auckland Airport ((AIA)) shares

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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