Daily FNArena News - Australia

While Rio Tinto’s 2020 outlook remains buoyed by commodity prices, copper production guidance is lower than expected. The focus for brokers at the 2019 results in February will be shareholder returns.

Scarborough appears to be progressing but there was no update in the December quarter report regarding a gas agreement for Browse. Hence, delays feature in broker assessments of the outlook for Woodside Petroleum.

Brokers suspect fund managers will endure another lacklustre performance over 2020 with Pendal Group indicating only marginal gains in FUM in the first quarter amid subdued performance fees.

Claims and property losses in the 2019/2020 bushfires so far have now exceeded the Black Saturday event in 2009 and brokers assess the risks to the outlook for Suncorp, and fellow insurers.

Evolution Mining has forewarned of a downgrade to reserves and resources at its Mount Carlton gold mine while highlighting the need to seek alternative water supplies at Cowal.

Early data signals the critical Christmas shopping season of 2019 was subdued and, given the devastation from Australia’s widespread bushfires, weakness is likely to continue into January.

QBE Insurance expects reduced profitability in 2019 as a result of frost damage impacting on the North American crop in the second half.

Brokers anticipate the acquisition of Church Community Builder by Pushpay Holdings will provide additional value and stabilise front book growth.

Vehicle leasing and salary packaging business Smartgroup has succumbed to earnings pressure as its add-on insurance underwriter makes changes to product terms.

Sigma Healthcare has adjusted guidance to account for the renewed Chemist Warehouse contract, while Australian Pharmaceutical Industries finally takes its hat out of the merger ring.