Daily FNArena News - Australia

CSR has acknowledged that building approvals for residential developments are well past their peak although building product earnings are expected to be supported in FY18. Brokers trim the outlook further out.

Bad weather during March and April has caused Ardent Leisure to downgrade forecasts for theme parks, signalling a loss in the division for FY17.

Incitec Pivot produced an upbeat outlook after its first half result but brokers are not that convinced. Spot pricing for many of the company’s fertiliser exposures is rapidly deteriorating.

Australia’s competition regulator, the ACCC, does not intend to mandate roaming on Telstra’s regional mobile network, which brokers conclude is unequivocally positive for its mobile business.

Macquarie Group surprised with a strong cash profit in FY17 and a dividend which beat expectations. Going forward, a transformational acquisition could be required for the next phase of growth.

Fleet and equipment leasing business EclipX has made a surprise acquisition of Grays eCommerce and brokers are warming to the synergy potential.

The underperformance of one of credit provider FlexiGroup’s key businesses, Certegy, has left brokers unsure about the near-term outlook.

Woolworths reported solid March quarter sales of food but another disappointing downgrade for Big W has broker views diverging on the implications for the outlook.

Sleep disorder specialist ResMed has revealed supply constraints and costs held back revenue, margins and operating income in the March quarter.

Footwear distributor/retailer RCG Corp has issued its second downgrade to guidance in three months but brokers diverge in their reactions to the news and resultant sell-off..