The ASX 200 (INDEXASX: XJO)(^AXJO) is expected to open higher today, the USA’s S&P 500 Index (.INX) rose by 0.80% on Thursday.
Australian Dollar ($A) (AUDUSD): 67.45US cents
Dow Jones (DJI): up 0.47%
Oil (WTI): $US52.45 per barrel
Gold: $US1,505 per ounce
ASX Sharemarket News
In ASX sharemarket news, Briscoe Group Limited (ASX: BGP) announced this morning that it has taken up 50% of the Kathmandu Holdings Ltd (ASX: KMD) institutional capital raising.
It has invested in just over 5.3 million shares for a cost of NZ$13.6 million, meaning its total cost of Kathmandu shares is now $87.9 million and it should hold around 16% after the capital raising is finished.
Briscoe Managing Director Rod Duke said: “We are supportive of Kathmandu’s initiatives to diversify and grow their business via the acquisition of Rip Curl and were pleased to be able to support the capital raising”.
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Woolworths Group Ltd (ASX: WOW) is in the news this morning because its new systems has smashed morale to save some money.
The Australian Financial Review is reporting that Woolworths is going to save $50 million after altering its rosters, creating new departments and reducing the number of managers.
But although the supermarket said no net job losses were expected, over 1,000 staff have left and several thousand are now being paid less. This has also caused disruption with suppliers.
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Magellan Financial Group Ltd (ASX: MFG) has announced its funds under management (FUM) as at 30 September 2019.
The fund manager reported that its total FUM fell by $20 million to $92.07 billion after experiencing net inflows of $462 million, which included net retail inflows of $175 million and net institutional inflows of $287 million.
As announced yesterday, the Magellan High Conviction Trust has indicatively raised $862 million, which will be in next month’s FUM announcement.
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