Next Week At A Glance – 9-13 Dec 2024

This story features METCASH LIMITED, and other companies. For more info SHARE ANALYSIS: MTS

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 S&P/ASX200 Index crossed 8,500 points for the first time on Tuesday, marking its third all-time high in a week, driven by US markets reaching record levels following a 5.9% rally in November for the S&P.

-Debate swirled around the September quarter GDP reading, which missed forecasts. Without significant government spending, including from the states, a per capita GDP recession might appear more like a real recession. Just ask Metcash ((MTS)) and Collins Foods ((CKF)) which reported lower earnings.

-The market responded with a sell-off in the Australian dollar, now trading in the US64c range.

-Market expectations for the first RBA rate cut have been brought forward to April from May.

-Speaking of the RBA, Michele Bullock will be back in the spotlight next Tuesday at the press conference. ANZ Bank expects few changes in the RBA’s tone for the December meeting. But Thursday’s November employment report may have tongues wagging again about the strength or not of the economy.

-Consumers have been bombarded with Black Friday and Cyber Monday sales offers. Time will tell whether they went all out on a pre-Christmas spending spree.

-Information Technology continued to outperform, with Pro Medicus ((PME)) rallying despite its owners selling down some shares.

-Energy and materials sectors remain out of favour, while financials took a consolidation path this week.

-Bitcoin surged past US$100,000 before experiencing a wave of selling.

Have a great weekend, from your FNArena Team!

Corporate news in the week that was:

-Retail Food Group ((RFG)) has hired a defense advisor, Gresham, to protect itself from a potential takeover bid by its largest shareholder, United Petroleum

-Downer EDI ((DOW)) is selling its Spotless New Zealand catering business

-Telstra ((TLS)) acquires Boost Mobile, a prepaid mobile services provider

-Northern Star ((NST)) wants to acquire De Grey Mining ((DEG))

-China has banned exports to the US for several materials with high-tech and military applications, a tit-for-tat move after President Joe Biden’s government escalated technology curbs on Beijing

-China Investment Corporation is selling a large block of Goodman Group ((GMG)) shares worth $1.9bn

-Auckland Council is set to sell a significant stake in Auckland International Airport ((AIA))

-Origin Energy ((ORG)) is seeking a partner for its Yanco Delta wind farm project

-ASIC extends its contract with Nuix ((NXL)) despite ongoing legal proceedings

-Worley ((WOR)) has won a contract to design new gas processing facilities in Abu Dhabi

-Rio Tinto ((RIO)) and Sumitomo Metal Mining have partnered to develop the Winu copper-gold project in Western Australia

-recycling company Close the Loop ((CLG)) received a $2.35m grant to build a new recycling facility in NSW

-Westgold Resources ((WGX)) has significantly increased the ore reserve at its Bluebird-South Junction mining operation

-Bendigo Bank ((BEN)) and Mastercard have sold their stakes in Cuscal ((CCL)) ahead of its ASX listing

-Mining company Iluka Resources ((ILU)) has received an additional $400m loan from the Australian Government for its Eneabba rare earths refinery

-Apollo Global Management is expected to sell its remaining stake in Challenger ((CGF)) after an escrow period ended on December 3rd

-HMC Capital ((HMC)) buys Neoen’s Victorian renewables for $950m

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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