The ASX 200
(INDEXASX: XJO)(^AXJO) is expected to open higher today, the USA’s S&P 500 Index (.INX) went down by 0.16% on Wednesday.
Australian Dollar ($A) (AUDUSD): 69.92US cents
Dow Jones (DJI): up 0.01%
Oil (WTI): $US61.95 per barrel
Gold: $US1,282 per ounce
ASX Sharemarket News
In ASX sharemarket news, TPG Telecom Ltd (ASX: TPM) shares are likely to react further to the news that the ACCC rejects the idea of a merger between TPG and Hutchison Telecommunications (Aus) Ltd (ASX: HTA).
The ACCC Chairman Rod Sims
said: “TPG is the best prospect Australia has for a new mobile network operator to enter the market, and this is likely the last chance we have for stronger competition in the supply of mobile services.”
However, TPG does not see this as the end, it (and Vodafone Hutchison) will challenge it in the Federal Court of Australia.
TPG Executive Chairman David Teoh said: “A combination of our companies would create a new, vigorous and vibrant competitive force. Left unchallenged, this decision will only serve to further entrench the enormous power of Telstra and Optus.”
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Commercial explosives business Orica Ltd (ASX: ORI) has announced its half year result.
Orica’s revenue grew by 12% to $2.82 billion and EBIT increased by 20% to $301.1 million (click here to learn what EBIT means).
Net profit before significant items grew 35% to $166.7 million and statutory net profit exploded 114% higher to $32.9 million. The Orica dividend was increased by 10% to 22 cents per share.
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Graincorp Ltd (ASX: GNC) has also reported its half year result to the market.
It reported underlying EBITDA of $27 million, down from $119 million, and an underlying net loss after tax of $48 million – last year it reported a net profit of $36 million (click here to learn what EBITDA means).
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