Here are the stories from the S&P/ASX 200 (INDEXASX: XJO)(^AXJO) and Australian finance circles today. The ASX 200 is expected to open higher, according to futures trading in Sydney.
First, here are the data points:
Australian Dollar ($A) (AUDUSD): 72.67 US cents
Dow Jones (DJI): closed
Oil (WTI): $US52.93 per barrel
Gold: $US1,242 per ounce
US markets were closed overnight however European shares closed modestly lower following yesterday’s broad market sell-off.
In sharemarket news today, one of the world’s largest dairy organisations, Fonterra Shareholders’ Fund (ASX: FSF) revised lower its farmgate milk price from between $6.25 and $6.50 per milk solid to between $6.00 and $6.30.
The reason milk prices are expected to fall, according to Fonterra Chairman John Monaghan, is due to supply exceeding demand.
“Since our October milk price update, production from Europe has flattened off the back of dry weather and rising feed costs,” Monaghan said. “US milk volumes are still forecast to be up one per cent for the year.”
Uranium company Paladin Energy Ltd (ASX: PDN) announced it will commence a concept study at its Langar Heinrich operation ahead of a decision to restart production. Early in 2018, following sustained low uranium prices, Paladin made a decision to place the operation on care and maintenance.
“The Company will consider multiple processing options for the mine,” Paladin CEO Scott Sullivan said. “…which would give priority to initiatives to strengthen Paladin’s plan for a rapid, reliable restart of Langer Heinrich once the uranium price has improved.”
Finally, Raiz Invest Ltd (ASX: RZI), formerly known for its ‘Acorns’ investing app (now called Raiz), reported a 0.8% decline in active customers for November 2018. However, total funds under management rose 1.8% to $257.37 million.
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Disclaimer: Any information contained in this article is limited to general financial/investment advice only. The information has not taken into account your specific needs, goals or objectives, so please consider consulting a licenced and trusted adviser before acting on the information. Please read The Rask Group’s Financial Services Guide (FSG) for more information. This article is authorised by Owen Raszkiewicz of The Rask Group, which is a corporate authorised representative No. 1264179 of Strawman Pty Ltd (ACN: 610 908 211) (AFSL: 501 223).
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