Next Week At A Glance – 21-25 Oct 2024

This story features WISETECH GLOBAL LIMITED, and other companies. For more info SHARE ANALYSIS: WTC

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:

-ASX200 finally reached at all time high on Thursday at 8,356, following in the slipstream of all-time highs for the US S&P500 index on Monday and the Dow Jones index on Thursday.

-US banking giants reported strong quarterly results pulling Australian banks along for the ride. The financials index rose around 4% on the week.

-Investors vigorously rotated out of top performing information technology stocks and energy stocks as the Brent oil price eased back from recent highs. Gold continued to shine brightly, trading at new record highs, over US$2700/oz, taking Aussie gold miners for the ride.

-Commodity markets remain unconvinced about sufficient China stimulus measures. Iron ore futures fell, bringing out profit taking in mining majors, Heavyweight investor Eric Sprott upped his holdings in Australian uranium stocks sending short interests scrambling to cover.

-Technology darling Wisetech Global’s ((WTC)) share price fell as the ‘Days of Our Lives’ saga of Founder & CEO, Richard White’s love triangle is being dragged through the courts.

-Robust September employment data popped the doves’ balloon for a possible RBA rate cut in 2024 and boosted the little Aussie dollar in the process.

-With markets trading around all-time highs and a tight US election in less than four weeks, is it time to buckle the seat belt for pending turbulence?

Have a great weekend, from your FNArena Team!

Corporate news in the week that was:

-Woodside Energy ((WDS)) seeks partners like Saudi Aramco for a $15.6bn Louisiana LNG export project

-Commonwealth Super is likely to sell its $2bn stake in CDC Data Centres to existing owners Infratil ((IFT)) or the Future Fund

-Appen ((APX)) is raising $50m to explore generative AI opportunities

-Dubber Corp ((DUB)) to raise a total of $25.0m via a fully underwritten equity raising

-TPG Telecom ((TPG)) seals deal with Vocus to sell its fibre network infrastructure assets and Enterprise, Government and Wholesale (EGW) fixed business (including Vision Network) for up to $5.25bn

-Clarity Pharmaceuticals ((CU6)) received FDA approval for a new prostate cancer trial

-Challenger ((CGF)) reaffirmed FY25 net profit guidance between $440m and $480m. Total Life sales have fallen -14% to $2.4bn

-Pilbara Minerals ((PLS)) has secured a $1bn credit facility, repaying two existing debt facilities to increase financial flexibility

-ASIC probes Super Retail’s handling of whistleblower complaints as two former executives sue over allegations of misconduct and dysfunction

-Energy Resources of Australia ((ERA)) to move ahead with $880m capital raise

-The NSW Independent Casino Commission is expected to hand down its decision on whether Star Entertainment ((SGR)) can retain its Sydney licence.

-Market speculation resurfaces about BHP Group ((BHP)) preparing for another bid for Anglo American

-Netwealth Group ((NWL)) has acquired Flux Corp for -$2.46m to target younger investors

-DUG Technology ((DUG)) is raising $30m at $1.90 per share to fund growth

-Turaco Gold ((TCG)) is raising $35m to support drilling and infrastructure at its Afema project in Cote d’Ivoire

-Monadelphous Group ((MND)) has announced contract extensions for Rio Tinto’s ((RIO)) Pilbara operations and a project at Tom Price mine

-Pro Medicus ((PME)) has announced a $32m contract extension with a major Australian radiology network

-Trade officials are investigating Woolworths Group ((WOW)) and Coles Group ((COL)) for selling imported Italian tomatoes at prices that may harm local growers

-Board of Nine Entertainment ((NEC)) issues apology after review uncovers widespread bullying and harassment culture throughout all business units

-NextDC ((NXT)) to buy a new Sydney site for -$353m

-Warburg Pincus has committed $490m to MA Financial Group’s ((MAF)) real estate credit fund to address Australia’s housing market funding gap

-UniSuper launched a $500m sell-down of its stake in APA Group ((APA)) after market close on Thursday

-Apollo Global Management is set to sell $450m in Challenger ((CGF)) shares

-Atlas Arteria ((ALX)) has expanded its business in France with a concession for the A412 Thonon-Machilly motorway in Eastern France

Next at a glance

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