The ASX 200 (INDEXASX: XJO)(^AXJO) is expected to open lower today, the USA’s S&P 500 Index (.INX) fell by 0.66% on Friday.
Australian Dollar ($A) (AUDUSD): 67.85US cents
Dw Jones (DJI): down 0.34%
Oil (WTI): $US54.50 per barrel
Gold: $US1,497 per ounce
ASX Sharemarket News
In ASX sharemarket news, Fonterra Shareholders’ Fund (ASX: FSF) has provided an update about earnings its dividend and some accounting adjustments.
In the process of doing the FY19 report, Fonterra said it became clear it needed to reduce the value of some of its assets and other adjustments, totalling $820 million to $860 million.
Fonterra said that it expects an underlying profit of 10 cents to 15 cents per share. However, after the writedowns it expects to report a loss of $590 million to $675 million – 37 cents to 42 cents per share. Therefore, Fonterra has also decided not to pay a dividend.
Expert Interview: Magellan's Hamish Douglass
Nine Entertainment Co Holdings Ltd (ASX: NEC) has announced that it is attempting to take over Macquarie Media Ltd (ASX: MRN) for $275.4 million, or $1.46 cash per share.
An independent Board committee has been established by Macquarie Media to evaluate the transaction has unanimously recommended that shareholders accept the offer.
Nine CEO Hugh Marks said: “The acquisition of Macquarie Media consolidates Nine’s position as a supplier of News and Current Affairs content across all our key platforms – Television, Digital, Print and now Radio.”
Combining Nine and Macquarie Media will deliver annualised ‘synergies’ of more than $10 million according to Nine.
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JB Hi-Fi Limited (ASX: JBH) has reported its FY19 result to the market. Revenue increased by 3.5% to $7.1 billion and net profit increased by 7.1% to $249.8 million.
The electronics retailer increased its dividend by 7.6% to $1.42 per share.
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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.