The ASX 200 (INDEXASX: XJO)(^AXJO) is expected to open higher today, the USA’s S&P 500 Index (.INX) rose by 0.58% on Friday.
Australian Dollar ($A) (AUDUSD): 70.29US cents
Dow Jones (DJI): up 0.28%
Oil (WTI): $US59.44 per barrel
Gold: $US1,394 per ounce
ASX Sharemarket News
In ASX sharemarket news, Nine Entertainment Co Holdings Ltd (ASX: NEC) announced that it completed an asset sale yesterday.
Nine completed the sale of the Australian Community Media and Printing (ACM) business to a company controlled by interests associated with Antony Catalano and Thorney Investment Group.
Nine received cash of $105 million, subject to the usual post-completion adjustments to be made in the coming months with a another $10 million to be received in a year from now. The money will be used to pay down debt.
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Healthcare business Paragon Care Ltd (ASX: PGC) announced that it has sold its ‘legacy capital business’ for $4.5 million to Cabrini.
During FY19 the company generated pre-tax losses of $4 million to $5 million on sales of $20 million.
However, Paragon will incur a write-down of approximately $25 million due to goodwill, stock value reductions and IT write-offs.
Paragon Chairman Shane Tanner said: “This is a clean sale of our legacy capital businesses to a well-respected buyer who is strategically focused in this sector to more efficiently manage this portfolio of businesses. We are pleased to now focus on our continuing portfolio of stronger margin products and services.”
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Auscann Group Holdings Ltd (ASX: AC8) has announced a new agreement with TasAlk for securing the supply of high-quality cannabis resin to AusCann for the future production and development of AusCann’s cannabinods-based pharmaceutical product line.
Disclosure: Jaz owns shares of Paragon Care at the time of writing, but this could change at any time.
