Praise be it’s a Monday, here are today’s headlines from the S&P/ASX 200 (INDEXASX: XJO)(ASX: XJO) and Australian finance circles.
First, here are the data points:
Australian Dollar ($A) (AUDUSD): 72.71 US cents
Dow Jones (DJI) (Friday): up 0.3%
Oil (WTI): $US70.55 per barrel
Gold: $US1,202 per ounce
Australian Finance News
BusinessInsider is reporting a fall in the Australian Dollar $A (AUDUSD) early on Monday morning, suggesting trade tensions between the US and China may have led to a flurry of selling. According to Yahoo! Finance, the Aussie dollar fell from US78 cents in April 2018 to US71 cents last week.
In an announcement to the ASX, gaming and gambling business Ainsworth Game Technology (ASX: AGI) announced the upcoming resignation of CEO Danny Gladstone in June 2019. Gladstone will remain with Ainsworth but in a different role.
“While there will be a more appropriate time to formally thank Danny, I would like to state that he has been an excellent CEO for AGT,” Chairman Graeme Campbell said. “He has successfully driven significant international expansion and growth in recurring revenues.”
Sims Metal Management Ltd (ASX: SGM), the Australian metal and electronics recycling company, provided a trading update for the first quarter of its 2019 financial year.
In a statement to the ASX, Sims Metal said it expects to report an underlying EBIT result of between $58 million and $63 million for the first quarter. Click here to learn what EBIT means.
“This result would be a significant improvement over 1Q FY18 underlying EBIT of $45 million, but less than 4Q FY18,” the company’s announcement read.
Sims Metal said its SA Recycling business is expected to report a reduced equity profit, between $10 million and $15 million lower, mainly due to lower intake volumes and challenging Zorba sales.
In Australian economic news this week, ABS jobs data is due on Thursday while private sector credit is expected on Friday.
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