The ASX 200 (INDEXASX: XJO)(^AXJO) is expected to open higher today, the USA’s S&P 500 Index (.INX) rose by 0.62% on Wednesday.
Australian Dollar ($A) (AUDUSD): 67.54US cents
Dow Jones (DJI): up 0.61%
Oil (WTI): $US56.49 per barrel
Gold: $US1,503 per ounce
ASX Sharemarket News
In ASX sharemarket news, Fonterra Shareholders’ Fund (ASX: FSF) has announced its annual result this morning for the 12 months to 31 July 2019.
Revenue fell by 2% to NZ$20.1 billion, with New Zealand milk collections up 1% to 1.523 billion kgMS. The dairy business reported that its normalised gross margin worsened from 15.4% to 15%, which was a contributor to the normalised EBIT (click here to learn what EBIT means) falling by 9% to NZ$819 million.
Fonterra reported a net loss after tax of NZ$605 million, which was 209% lower than last year.
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TOWER Limited (ASX: TWR) has clarified this morning what the financial impact of the acquisition of the Youi NZ portfolio will do in the first 12 months after the acquisition is complete.
The internal Tower view is that it anticipates a net earned premium of $19.5 million, an underwriting profit of $6 million and an underwriting net profit after tax of $4.3 million.
Tower said this analysis is based on conservative retention assumptions, the expected synergies and the integration costs.
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Marley Spoon AG (ASX: MMM) announced that it has approved structured debt transactions with two of its existing investors – Woolworths Group Ltd (ASX: WOW) and Union Square Ventures – amounting to $8 million in total.
Fabian Siegel, CEO of Marley Spoon, said: “We are happy to see the continued support of key investors and strategic partners in the ongoing growth of Marley Spoon… Over the past few years the Marley Spoon team has built a $200,00,000 run-rate revenue business that continues to grow fast as consumers continue to switch from offline shopping to online meal-kits.”
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