The ASX 200 (INDEXASX: XJO)(^AXJO) is expected to open higher today, the USA’s S&P 500 Index (.INX) went up by 0.41% on Friday.
Australian Dollar ($A) (AUDUSD): 68.24US cents
Dow Jones (DJI): up 0.57%
Oil (WTI): $US56.66 per barrel
Gold: $US1,505 per ounce
ASX Sharemarket News
In ASX sharemarket news, Rural Funds (ASX: RFF)
has announced the sale and acquisition of assets.
Rural Funds is selling its poultry assets for $72 million, which includes 17 broiler chicken farms – 11 of which have an average age of 30 years with grower agreements and leases expiring in FY20. The sale is to ProTen Investment Management.
Initially the money will be used to repay debt and then fund natural resource predominant assets which have the potential for higher total returns,
It has entered into options to acquire three cattle properties for $22.6 million. They are 200km to 280km north of Perth.
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Eclipx (ASX: ECX) has announced it anticipates to recognise a non-cash impairment charge of between $95 million and $100 million after tax after reviewing its carrying values associated with intangibles, non-core businesses of Right3Drive and CarLoans and software.
The company also announced it has refinanced its corporate debt.
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Sims Metal (ASX: SGM) has given a trading update this morning.
Conditions are worse than the company were expecting. It is now guiding for an underlying EBIT (click here to learn what EBIT means) loss in the first half of $20 million to $30 million, with a full year EBIT profit of between $20 million to $30 million.
Sims CEO and Managing Director Alistair Field said: “The short term market fallout from the scrap price crash will be worse than originally anticipated when we informed the market that 1H FY20 would be materially lower than the prior corresponding period.”
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Disclosure: Jaz owns shares of Rural Funds at the time of writing, but this could change at any time.
