The Australian share market, or S&P/ASX 200 (INDEXASX: XJO)(ASX: XJO) index, is expected to open lower on Tuesday, following the Dow Jones Industrial Average (INDEX: .DJI) into the red, according to the Sydney Futures Exchange.
Here’s what you need to know:
SFE ASX 200 futures: -139
Australian Dollar ($A) (AUDUSD): 78.80 US cents
Dow Jones: down 4.6%
Oil (WTI): $US63.49 per barrel
Gold: $US1,343 per ounce
Overnight, London-listed shares of BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) closed up 0.3% and down 0.1%, respectively.
Australian Investing News
This morning, Magellan Financial Group Ltd (ASX: MFG) will be a focal point following the release of its half-year financial report. For the six-months to 31 December 2017, Magellan, a global investment management business from Sydney, reported a 27.5% increase in revenue to $196 million but a profit of $53 million, down 39%.
Magellan declared a dividend of 44.5 cents per share. It also announced the acquisitions of Frontier Partners and Airlie Funds Management. The deals will cost Magellan $US15 million in cash and 4.5 million Magellan shares (worth around $121 million based on Monday’s closing price).
SCA Property Group (ASX: SCP) released its first-half report to the market which showed a 4.9% jump in funds from operations. “We are pleased to report another solid result for the six months to 31 December 2017,” CEO Anthony Mellowes said. “Our supermarket sales growth has increased as Woolworths continues to improve and our specialty tenants have continued to record healthy annual sales growth.”
Shares in specialist insurer CBL Corporation (ASX: CBL) entered a suspension this morning. CBL Corp is planning to undertake a capital raising. It reported an updated profit guidance to market on Monday.
Investment bank Macquarie Group Ltd (ASX: MQG) released a 2018 operational update this morning. Macquarie said trading conditions “were satisfactory in the December 2017 quarter” and expects profit for its 2018 financial year to be up around 10% on last year.
CEO Nicholas Moore said, “Macquarie remains well positioned to deliver superior performance in the medium-term due to our deep expertise in major markets, strength in diversity and ability to adapt the portfolio mix to changing market conditions, the ongoing benefits of continued cost initiatives, a strong and conservative balance sheet and a proven risk management framework and culture.”
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