The ASX 200 (INDEXASX: XJO)(^AXJO) is expected to open lower today, the USA’s S&P 500 Index (.INX) fell by 0.01% on Monday.
Australian Dollar ($A) (AUDUSD): 67.76US cents
Dow Jones (DJI): up 0.06%
Oil (WTI): $US58.40 per barrel
Gold: $US1,523 per ounce
ASX Sharemarket News
In ASX sharemarket news, TOWER Limited (ASX: TWR) has announced that it’s going to buy the Youi New Zealand insurance portfolio and raise capital.
Tower will be acquiring 34,000 in-force policies for a total purchase price of NZ$13 million with Tower policy renewals to be offered as the current Youi NZ policies expire. It represents an 8% increase on Tower’s current NZ gross written premiums (GWP).
Tower CEO Richard Harding said: “The purchase of Youi’s portfolio will assist us to accelerate our growth and we are now firmly positioned as a challenger brand focused on delivering good customer outcomes and value for our shareholders.”
Tower will raise NZ$47.2 million in the capital raising.
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It has been revealed by the Australian Financial Review that Westpac Banking Corp (ASX: WBC) is trying to win more market share by lowering its loan serviceability level from 5.75% to 5.35%.
This helps some potential borrowers get a loan whereas before they wouldn’t be able to. Westpac said it probably won’t change loan volume, but it will offset the impact of household expenditure measure (HEM) data.
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Summerset Group Holdings Ltd (ASX: SNZ) has announced that that it has purchased land for its Australian village.
It’s an eight-hectare property located in Cranbourne North, in the south-east of Melbourn, and it’s located next to shopping centres, a golf course, public transport and near to public reserves with walking tracks.
Summerset CEO Julian Cook said: “We have made clear our plans for Melbourne for some time now and believe this market is an attractive growth opportunity for us.”
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