Next Week At A Glance -18-22 Nov 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:

-The Australian share market has experienced a mixed week, with some volatility and overall modest declines.

-Donald Trump’s re-election to the White House initially led to the market’s best week since August. However, the subsequent sessions saw declines as traders contemplated the uneven impact of Trump’s policies

-Mining and energy stocks weighed down the index due to falling commodity prices. This was partly attributed to unfavourable “Trump trades” and a strengthening US dollar

-Wall Street initially reached record highs, with the S&P500 closing above 6,000 for the first time, subsequent sessions saw retreats from these peaks

-IT stocks were star performers, with companies like Wisetech Global ((WTC)), NextDC ((NXT)), and Xero ((XRO)) showing gains

-Financial sector firmed slightly, with CommBank ((CBA)) reaching a new milestone above $150 post better-than-expected first-quarter earnings

-Paladin Energy ((PDN)) cut its production guidance, causing its shares to plunge by over -25%

-Coles Group ((COL)) faced questions about mitigating reputation challenges related to pricing and cost-of-living issues

-Mineral Resources ((MIN)) suspended operations at its Bald Hill lithium mine due to low spodumene prices

-Bitcoin surged, approaching the $US90,000 mark, buoyed by hopes of less regulation under Trump, as well as being added to the central bank’s suite of assets

-The Australian dollar approached a three-month low at 65.55 US cents and the gold price slumped -6% on rising US Treasury yields and a stronger US dollar

Have a great weekend, from your FNArena Team!

Corporate news in the week that was:

-New Zealand cooperative Fonterra Shareholders’ Fund ((FSF)) raised the midpoint of the 2024/25 season forecast farmgate milk price to $NZ9.50 per kilogram milk solid from $NZ9.00

-Terry Holohan, chief executive officer of Australian gold miner Resolute Mining ((RSG)), has been detained by the military-controlled government of Mali in West Africa

-Quickstep Holdings ((QHL)) rebuffed a $28m takeover offer from ASDAM Operations

-Regional Express ((Rex)) has been offered an $80m lifeline by the federal government to keep running regional routes

-HMC Capital ((HMC)) is acquiring iseek for -$400m to help launch its DigiCo REIT on the ASX, aiming to raise $2.6bn in equity by year-end

-Financial Times reports Trump 2.0 threatens to unravel the OECD’s global tax deal as experts warn countries may back off enforcing corporate minimum taxes for fear of US retaliation

-Persistent rumours Foxtel ((NWS)) is for sale

-Wilson Asset Management (WAM) eyes potential takeover of Platinum Asset Management ((PTM)) and has requested access to Platinum’s financial data

-Yancoal Australia ((YAL)), Stanmore Coal ((SMR)), and Peabody Energy are all competing to acquire Anglo American’s steel making coal assets

-United Petroleum Group is speculated to be considering a takeover bid for Retail Food Group ((RFG))

-ASIC sues Cbus, alleging 10,000 members faced -$20m losses from insurance delays exceeding 90 days and reporting failures

-Agri-chemicals company Nufarm ((NUF)) has reported a -29% decline in underlying earnings before interest, tax and amortisation at $313m for FY24.

-Explosives manufacturer Orica ((ORI)) has recorded a statutory net profit of $525m for the full-year.

-New Zealand-based infrastructure investment company Infratil ((IFT)), on investors’ radar because of its data centre exposure, has booked its earnings before interest, tax, depreciation, amortisation, fair value for the half year at NZ$506m, a 25%increase from a year earlier.

-Mali is demanding Resolute Mining ((RSG)) pay about $160m to resolve a tax dispute after the government detained the Australian gold producer’s chief executive

-Mineral Resources ((MIN)) will temporarily shut down its Bald Hill lithium mine due to low lithium prices

-EQT Holdings ((EQT)) is looking to sell at least a 25% stake in Metlifecare

-The scandal at Mineral Resources ((MIN)) continues with the company’s  $45m purchase of a Perth industrial site uncovering undisclosed ties to its founder Chris Ellison, who personally benefited from the deal alongside associates

-GrainCorp ((GNC)) is actively seeking acquisitions

-AxiCorp has outbid Bell Financial Group ((BFG)) with a $53m offer for Selfwealth ((SWF)), sparking a potential bidding war

-Seek ((SEK)) has agreed to acquire Xref ((XF1)) for $41.2m

Corporate Calendar

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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