The Australian share market, or S&P/ASX 200 (INDEXASX: XJO)(ASX: XJO) index, is expected to open sharply lower on Monday morning, according to the Sydney Futures Exchange.
The expected fall follows a selloff on Wall Street and a one-cent drop in the Australian Dollar (A$) (AUDUSD).
Here’s what you need to know:
SFE ASX 200 futures: -65
Australian Dollar ($A) (AUDUSD): 79.06 US cents
Dow Jones: down 2.5%
Oil (WTI): $US65.45 per barrel
Gold: $US1,337 per ounce
On Friday, London-listed shares of BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) closed down 1.3% and up 0.1%, respectively.
Australian Investing News
This morning, shares of Fairfax Media Limited (ASX: FXJ) and NZME Ltd (ASX: NZM) will be a focal point for investors after the two media companies announced an appeal of the New Zealand Commerce Commission’s decision to decline their merger. The two media companies hoped to combine their businesses but were knocked back by the High Court and competition regulator, which said it was, “not satisfied that the merger will result, or will be likely to result, in such a benefit to the public that it should be permitted.”
However, this morning, NZME said in an announcement to the ASX that it disagrees with the decision. “After careful review and analysis of the High Court’s reasons, the companies continue to believe that the NZCC was wrong in fact and wrong in law to decline clearance or authorisation of the merger.”
Also in the news this morning, Westpac Banking Corp (ASX: WBC) announced a $750 million offer of ‘capital notes’ which the bank will use for “general business purposes”. The money will also count towards its regulatory capital requirements which are imposed under strict banking regulations.
Investment company Wam Leaders Ltd (ASX: WLE) filed its half-year report with the ASX, revealing a 139% jump in revenue, to $70 million, and profit of $63 million, up 159%.
Rhipe Ltd (ASX: RHP), a $130 million technology business, reported a 22% jump in revenue for its half-year ended 31 December 2017. Profit was $1.07 million.
Finally, Argo Investments Limited (ASX: ARG) reported half-year revenue of $119 million, up 4%, with profit of $110 million, up 6.2%. Argo Investments said the Australian economy, “looks in reasonable shape” but noted, “we continue to be cautious of relatively high valuations in some sections of the Australian share market“.
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