The ASX 200 (INDEXASX: XJO)(^AXJO) is expected to open higher today, the USA’s S&P 500 Index (.INX) went down 0.12% on Tuesday.
Australian Dollar ($A) (AUDUSD): 68.94US cents
Dow Jones (DJI): up 0.11%
Oil (WTI): $US57.25 per barrel
Gold: $US1,485 per ounce
ASX Sharemarket News
In ASX sharemarket news, Brickworks Limited (ASX: BKW) has announced its latest US brick acquisition called Redland Brick.
The acquisition will cost up to $US48 million, it includes four modern manufacturing sites with sales of around 80 million bricks each year.
Management justified the deal by saying it provides a quicker and more cost-effective route to achieving a modern network of highly utilised manufacturing plants compared to building a new plant.
It’s expected to add 3% to profit / earnings per share (EPS) within three years after achieving identified cost synergies.
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Boral Limited (ASX: BLD) is holding its annual general meeting (AGM) today and it included a trading update.
The construction business said that, as expected, there are volume pressures in several businesses reflecting softer activity. But the company is working on reducing costs and being more efficient to compensate.
Both Boral Australia and Boral North America saw lower earnings in the first quarter of FY20.
However, Boral is still guiding that FY20 net profit will be 5% to 15% lower than FY19.
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Medibank (ASX: MPL) has provided an update on its outlook for FY20.
The private health insurer has been experiencing higher than expected claims which have resulted in a $21 million under provision. Medibank expects this trend to continue for the rest of the year.
It did say that for the first quarter of FY20 it achieved net resident policy growth of around 0.6%.
At the time of publishing, Jaz does not have a financial interest in any of the companies mentioned.