The ASX 200 (INDEXASX: XJO)(^AXJO) is expected to open higher today, the USA’s S&P 500 Index (.INX) went down by 0.58% on Friday.
Australian Dollar ($A) (AUDUSD): 69.02US cents
Dow Jones (DJI): down 0.38%
Oil (WTI): $US62.76 per barrel
Gold: $US1,278 per ounce
ASX Sharemarket News
In ASX sharemarket news, fertiliser, explosives chemicals, and mining services business Incitec Pivot Ltd
(ASX: IPL) has reported its half year result.
For the six months to 31 March 2019 the company said that statutory net profit was $42 million, which was up compared to last year’s result of $8 million.
The company is expecting EBIT to come between $370 million to $415 million for the full year (click here to learn what EBIT means).
Incitec Managing Director and CEO Jeanne Johns said: “While the first half result was impacted by some significant non-recurring events, we are making good progress with our strategic agenda.”
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Scentre Group (ASX: SCG) has announced that it is introducing a new joint venture partner with a 50% interest in Westfield Burwood in Sydney.
The sale price for the 50% stake is $575 million, which is a 4.1% premium to Scentre’s book value at 31 December 2018.
Scentre said that proceeds will initially be used to repay debt, although the transaction is expected to worsen net rental per share in 2019 by approximately 0.2 cents per share, but the forecast distribution is unchanged at 22.6 cents.
Peter Allen, Scentre Group CEO, said: “The process will provide the Group with further capital to pursue our strategic objectives of creating long-term value for securityholders.”
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Rare earths miner Lynas Corporation Ltd (ASX: LYC) and Blue Line Corporation (a Texas company) have signed a memorandum of understanding for a joint venture to develop rare earths separation in the US.
Initially the JV will focus on ‘heavy rare earth’ separation including Dysprosium and Terbium. Afterwards it may also expand to ‘light rare earth’ separation including Neodymium, Praseodymium and Lanthanum.
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