The ASX 200 (INDEXASX: XJO)(^AXJO) is expected to open lower today, the USA’s S&P 500 Index (.INX) went down by 0.67% on Monday.

Australian Dollar ($A) (AUDUSD): 69.11US cents

Dow Jones (DJI): down 0.33%

Oil (WTI): $US63.10 per barrel

Gold: $US1,278 per ounce

ASX Sharemarket News

In ASX sharemarket news, New Zealand insurance business TOWER Limited (ASX: TWR) has reported the first half result of its FY19.

The insurance company grew its underwriting profit by 214% to NZ$23.9 million and increased its underlying profit after tax by 165% to NZ$19.4 million. Reported profit was NZ$11.9 million after a loss of NZ$11.6 million last year.

The company said: “This result is the culmination of four years’ work to turnaround Tower by fixing the foundations and challenging industry norms. 

Simplifying and improving all aspects of our business to differentiate the company has led to strong growth in gross written premiums (GWP) and customer numbers, reduced claims costs and contained expenses.”

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Dairy business Synlait Milk Ltd (ASX: SM1) has announced it has received a cease and desist letter in relation to the ongoing court proceedings regarding its Pokeno land.

Synlait CEO Leon Clement said: “Yesterday Synlait received a cease and desist letter from the beneficiary of the covenant while the beneficiary considers its options following the Court of Appeal decision. We are taking advice and talking to all parties, and we believe a practical solution is attainable.”

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Foreign currency exchange business OFX Group Ltd (ASX: OFX) has reported its result for the year ended 31 March 2019.

It reported that its turnover was $23.7 billion, which was 11.9% higher compared to FY18.

Fee and trading income rose by 8.2% to $128.7 million, however statutory net profit after tax (NPAT) dropped 5.8% to $17.6 million because of corporate action costs of $4.3 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).

At the time of publishing, Jaz does not have a financial interest in any of the companies mentioned.