Futures contracts for the S&P/ASX 200 (INDEXASX: XJO)(ASX: XJO) index are pointing to a negative open on Wednesday morning with Telstra Corporation Ltd (ASX: TLS) and Gentrack Group Ltd (ASX: GTK) in the news.
Here’s the key headline data:
Australian Dollar ($A) (AUDUSD): 75.06 US cents
Dow Jones (DJI): down 1.6%
Oil (WTI): $US67 per barrel
Gold: $US1,299 per ounce
Australian Investing News
Making news in Australia, telecommunications heavyweight Telstra Corporation Ltd (ASX: TLS) released the offering documents for its EUR15 billion debt issuance program.
The offering announcement comes after Telstra was downgraded by credit rating agency Standard & Poor’s because its position as the leader in the Australian communications space had “diminished”. S&P lowered Telstra’s long-term debt rating from A to A-minus.
While S&P said the outlook was stable, a worse credit rating makes sourcing debt capital more expensive.
Further down the ASX and Kiwi airport and energy software developer Gentrack Group Ltd (ASX: GTK) released its half-year financial results to the market. Revenue was up 80% to $52 million, Gentrack reported, with a net profit of $8.4 million, up 50% on the prior corresponding period of 2017.
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