Next Week At A Glance – 25-29 Nov 2024

This story features PLATINUM ASSET MANAGEMENT LIMITED, and other companies. For more info SHARE ANALYSIS: PTM

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 president-elect’s cabinet selections have seemingly not had a significant impact on markets, although the withdrawal of Matt Gaetz coincided with an upward push in US indices. Markets are undoubtedly awaiting the important Treasury Secretary nomination, with Mark Rowan, the chief executive of Apollo Global Management, currently mooted as the top contender.

-The Australian market experienced ongoing volatility during the week, selling off after reaching a 52-week high on Tuesday in what appeared to be a buyer’s frenzy following an upbeat earnings report from TechnologyOne, only to be hit by end-of-day selling.

-The world did not end with Nvidia’s quarterly earnings report, although the Australian information technology index lagged this week, with guidance from WiseTech Global impacting its shares and the broader sector.

-Earnings updates have continued to deliver mixed results, with both disappointment and euphoria characterising market responses. On a bullish note, Bitcoin remains the hottest “hot money” game, with the cryptocurrency nearing the US$100,000 mark.’ Buy the rumour, sell the fact’?

-The gold price gained some support, while Russia-Ukraine geopolitical tensions have brought talk of nuclear weapons back into the media. However, markets have largely shrugged off these concerns.

-Australia’s October CPI print next Wednesday will be a key focus for expectations on the domestic interest rate outlook.

-US markets take a break for Thanksgiving next week, and attention will increasingly shift to the question of whether there will be a Santa Rally after such strong performance this year.

Have a great weekend, from your FNArena Team!

Corporate news in the week that was:

-Wilson Asset Management and Paradice Investment Management have both withdrawn interest in acquiring Platinum Asset Management ((PTM))

-IFM Investors has increased its stake in Atlas Arteria ((ALX)) to 30% through a block trade

-Elders ((ELD)) is acquiring Delta Agribusiness for -$475m

-Web Travel Group ((WEB)) halted ASX trading over potential FY24 adjustments, with no impact on first-half results

-The ACCC questioned Woolworths Group’s ((WOW)) competitive practices and potential land banking at the regulator’s rare public inquiry scrutinising supermarket giants’ pricing and market power amid cost-of-living concerns

-Amcor ((AMC)) in largest acquisition in its history offering US$8.4bn in scrip for Berry Global

-Furniture retailer Nick Scali ((NCK)) has said its ability to achieve its prior guidance is at risk, after one of the freight forwarders it uses fell into liquidation

-Charter Hall ((CHC)) and Hostplus have extended their takeover bid for Hotel Property Investments ((HPI)) and are calling for an independent valuation to sway more investors

-Australian lithium miners Sayona Mining ((SYA)) and Piedmont Lithium ((PLL)) have agreed to merge

-Bigtincan ((BTH)) is considering a merger with Investcorp AI Acquisition Corp to list on the Nasdaq

-Pexa Group ((PXA)) is considering acquiring Canadian financial software company Dye & Durham for approximately -$1.2bn to expand its operations into the UK market

-Newmont Corp ((NEM)) has sold its Musselwhite operation in Canada to Orla Mining

-Adamantem Capital is in exclusive talks to acquire Close the Loop ((CLG))

-Cuscal ((CCL)), owned by Mastercard, Bendigo & Adelaide Bank ((BEN)) isl this year’s biggest IPO for the ASX

-Rio Tinto ((RIO)) is acquiring full control of the Ranger uranium mine in Kakadu ((ERA))

-AML3D ((AL3)) is raising $25m to expand its US operations

-Pinnacle Investment Management Group ((PNI)) is raising $400m to acquire stakes in international asset management firms VSS Holdings and Pacific

-The a2 Milk Company ((A2M)) has lifted revenue guidance and will start paying dividends following stronger-than-expected sales and higher dairy prices globally

-British sports streaming multinational DAZN reportedly interested in acquiring Foxtel ((NWS))

-AFR reports WiseTech  Global ((WTC)) is investigating contracts worth over $100,000 awarded to founder Richard White’s ex-lover, raising fresh scrutiny of his personal-business entanglements

-US bribery charges to Adani hits the share price of Adani shareholder GQG Partners ((GQG))

-HMC Capital ((HMC)) upsizes DigiCo REIT IPO to $2.75bn

-Several senior leaders of Close the Loop ((CLG)) are leaving the company following a takeover bid by Adamantem Capital

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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