Next Week At A Glance -16-20 Dec 2024

This story features VENTIA SERVICES GROUP LIMITED, and other companies. For more info SHARE ANALYSIS: VNT

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 ASX200 took a breather this week, with investors dumping technology stocks in favour of materials as China once again made clear its intentions to boost economic growth

-The trend contrasted with the Nasdaq and S&P500 reaching all-time highs as investors piled back into Big Tech, with Apple, Tesla, Google, Amazon, and Netflix reaching new peaks

-In contrast, the Australian share market adopted a risk-off tone. All sectors, excluding Materials, experienced profit-taking despite a “dovish” tilt in the RBA’s Tuesday statement

-Thursday’s better-than-expected employment data wound back some of the dovish expectations for an RBA rate cut in February 2025

-US PPI data came in stronger than expected, putting the focus on the Fed’s preferred inflation indicator, the PCE Price Index, due December 20, and the FOMC rate decision two days earlier on December 18

-Ventia Services’ ((VNT)) share price received a drubbing post the surprise ACCC announcement regarding alleged price fixing on government defense contracts. HMC Capital’s ((HMC)) DigiCo Infrastructure ((DGT)) listed, and Insignia Financial ((IFL)) received a non-binding takeover offer from Bain Capital at $4 per share

-For now, the much-touted Santa rally has spluttered, but a day is even is a long time in a trader’s world, so Santa may yet arrive for Christmas and the New Year run

-FNArena doesn’t break until Christmas Eve, so we’ll catch you next week

Have a great weekend, from your FNArena Team!

Corporate news in the week that was:

-DAZN reportedly near deal with News Corp ((NWS)) to acquire Foxtel

-Financial Times reports rare whiskey auctions tumble as volumes drop -34% and values plunge -40%, hit by inflation, interest rates, and faltering global demand

-Dexus ((DXS)) wants to acquire Campus Living Villages’ Australian student housing portfolio

-Whitehaven Coal ((WHC)) has withdrawn from the bidding process for the Kestrel coal mine, leaving Stanmore Coal ((SMR)) as the leading contender

-Former HSBC wealth and personal banking chief executive Nuno Matos has been appointed to succeed Shayne Elliot as CEO of ANZ Bank ((ANZ)) on July 3

-Rupert Murdoch has failed in his attempt to change the terms of a family trust that would have consolidated his son Lachlan’s control over News Corp ((NWS))

-Future of Platinum Asset Management ((PTM)) uncertain now Regal Partners ((RPL)) is no longer interested in acquiring it

-Macquarie Asset Management ((MQG)) is acquiring a 40% stake in Diamond Infrastructure Solutions, a US Gulf Coast energy infrastructure company, for -$3.7bn

-CommBank ((CBA)) to replace Bendigo Bank ((BEN)) in providing Nauru’s banking services under a new Australia-Nauru treaty

-Newmont Corp ((NEM)) is selling its Cripple Creek & Victor mine in Colorado to SSR Mining ((SSR)) for up to $275m

-Sonic Healthcare ((SHL)) is acquiring Germany’s Laboratory Group Dr. Kramer & Colleagues for -EUR423m

-Superloop ((SLC)) is acquiring Uecomm from Optus for -$17.5m

-Small family-owned operators are reportedly bidding for Treasury Wine Estates’ ((TWE)) non-core wine brands

-ACCC claims Regional Express ((REX)) misled the market for more than a year about its profitability before it collapsed

-ACCC approves Integral Diagnostics’ ((IDX)) proposed merger with Capitol Health ((CAJ))

-Adamantem Capital is selling its allied healthcare business, Plena, with Pacific Equity Partners and Medibank Private ((MPL)) seen as potential buyers

-Viva Leisure ((VVA)) invests in World Gym Australia to expand its fitness network

-Maas Group ((MGH)) reportedly a major contender in the auction for Buckeridge Group of Companies

-Financially troubled Mosaic Brands ((MOZ)) is closing 160 stores

-National Australia Bank ((NAB)) sells MLC Life Insurance to Nippon Life, which will merge it with Resolution Life

-Judo Bank ((JDO)) is seen as a potential buyer for Scottish Pacific, while Bain Capital Credit and GIC Private are selling shares in Judo

-Sigma Healthcare ((SIG)) and Chemist Warehouse have extended their merger deadline

-Silex Systems’ ((SLX)) subsidiary secures US government funding for uranium enrichment project

-Vulcan Energy ((VUL)) is raising $184m for its Lionheart project

-Champion Iron’s ((CIA)) iron ore sales are temporarily disrupted due to a load-out facility issue at its Bloom Lake mine

-Key figures are leaving Firetrail, a Pinnacle-backed ((PNI)) investment firm

-BHP Group ((BHP)) and Rio Tinto ((RIO)) face class action lawsuits over alleged sexual harassment and discrimination

-Telecom company Spark New Zealand ((SPK)) sold its remaining stake in mobile towers business Connexa to global investment group CDPQ for NZ$314m

-ACCC has accused Ventia Services ((VNT)) and Downer EDI ((DOW)) of price fixing arrangements when tendering for department of defence contracts

-Bloomberg reports BNPL service provider Klarna stopped all hiring a year ago to replace workers with AI 

-According to The Australian newspaper, Blackstone Group considered a potential $8bn acquisition of Dexus ((DXS)) but has reportedly paused its interest

-WiseTech Global ((WTC)) has acquired BSM Global

-Oaktree Global Management has sold its entire stake in Perenti ((PRN))

-oOh!media ((OML)) is restructuring and cutting costs

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/)

Find out why FNArena subscribers like the service so much: “Your Feedback (Thank You)” – Warning this story contains unashamedly positive feedback on the service provided.

FNArena is proud about its track record and past achievements: Ten Years On

Click to view our Glossary of Financial Terms