The Australian share market, or S&P/ASX 200 (INDEXASX: XJO)(ASX: XJO) index, is expected to open higher on Monday morning, according to the Sydney Futures Exchange.
Here’s what you need to know:
Australian Dollar: 78.64 US cents
Dow Jones: Up 0.9%
Oil (WTI): $US61.44 per barrel
Gold: $US1,322 per ounce
Bitcoin: $US16,227
On Friday, London-listed shares of BHP Billiton Ltd
(ASX: BHP) and Rio Tinto Limited (ASX: RIO) closed flat and down 0.7%, respectively.
Investing News
Here in Australia, shares in focus will include Domino’s Pizza Enterprises Ltd (ASX: DMP). This morning, the Australian franchise pizza chain announced that its majority-owned German joint venture successfully acquired the Hallo Pizza chain, which includes 170 stores. Domino’s announced the $49 million acquisition in October. At the time, CEO Don Meij said, “The acquisition of Hallo Pizza strengthens our leading market position and assists DPE to accelerate towards achieving its target of operating 1,000 stores in Germany.”
Also making news today is the $1.2 billion New Zealand retirement village operator Summerset Group Holdings Ltd (ASX: SNZ). Summerset released its 4th quarter occupation rights sales figures this morning revealing 106 new sales and 98 resales, up from 106 and 50, respectively, a year earlier. An occupation right is a written agreement which allows someone to live in a unit in a village.
“The fourth quarter saw the highest new sales quarter of the year, and we also saw high demand for resale units which contributed to the strong result,” CEO Julian Cook said.
Finally, banking and insurance heavyweight Suncorp Group Ltd (ASX: SUN) released a Natural Hazard update for the six-month period to 31 December 2017. Suncorp said it had received more than 21,000 claims across Melbourne under its various brands following a recent hailstorm. The company estimates the damage will cost somewhere between $160 million and $170 million.
Importantly, Suncorp’s total claims costs for the half are expected to be between $406 million and $416 million, which is $60 million to $70 million above what it estimated. Despite the result, Suncorp says it remains “well protected” against further claims with a second-half allowance for natural hazards of $346 million.
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