Here are the headlines from the S&P/ASX 200 (INDEXASX: XJO)(ASX: XJO) and Australian finance circles on Friday morning.
But first, here’s the need-to-know data points:
Australian Dollar ($A) (AUDUSD): 73.87 US cents
Dow Jones (DJI): up 0.75%
Oil (WTI): $US73.13 per barrel
Gold: $US1,258 per ounce
Australian Investing News
Making finance news down under, AustralianSuper, the largest industry Superannuation fund in Australia, made headlines this week when it announced it would be lowering its exposure to share markets.
AustralianSuper’s Chief Investment Officer, Mark Delaney, said the $140 billion investment organisation will lower its overall share markets exposure from 62% to 55% or less. The reason? Delaney appears to hold concerns around rising US interest rates, which could hurt valuations. “I am not bearish – I just think that the Fed usually rings the bell for the end of the cycle,” Delaney was reported as saying. “We have run a pretty solid equity exposure for the last four years and we are now getting to the end of that.”
Making headlines in investing circles, embattled media technology business Isentia Group Limited (ASX: ISD) announced the appointment of a new CEO and resignation of its Chief Financial Officer, James Orlando. Ed Harrison will become CEO and Managing Director of iSentia from August 6th, 2018, and take the reigns from John Croll who stepped down in May.
Harrison spent time at out-of-home advertising heavyweight JC Decaux as well as Fairfax Digital and Yahoo7. “Ed has deep knowledge of traditional and digital media and has executed disciplined growth strategies in organisations across a range of competitive markets,” iSentia Chairman Doug Snedden said.
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