ASX Ltd (ASX):
The Australian Securities Exchange has booked a lift in net profit for the March quarter after increased volatility drove record futures volumes. In a third quarter market update this morning, the ASX (ASX) booked a 12.3 per cent lift in net profit after tax to $121.4 million, compared to the same quarter last year. An increasing number of new offshore customers, in addition to increased market volatility, prompted an 18 per cent increase in futures volumes compared to the same quarter last year, with 18.3 million futures contracts traded over the period.
Aurizon Holdings Ltd (BUB):
Coal hauler and rail owner Aurizon Holdings has made a call for a judicial review of an unfavourable draft rail ruling, claiming there was a conflict of interest as departing Queensland Competition Authority chairman Roy Green is also chairman of Newcastle Port. The dramatic step up in the campaign against the draft ruling follows Aurizon chief executive Andrew Harding’s statement in February that he would be forced to immediately change maintenance practices to one that would restrict about 20 million tonnes of Queensland coal exports a year.
AMP Limited (AMP):
AMP executive chairman Mike Wilkins is facing one of the biggest challenges of his career as he seeks to contain the reputational damage of the insurance and wealth management giant. Mr Wilkins was already beginning the process of searching for a new chief executive of AMP when he was also appointed executive chairman of the group yesterday following the sudden resignation of chairman Catherine Brenner. A highly respected and experienced insurance executive who has been on the AMP board since September 2016, Mr Wilkins has more than 20 years experience as a CEO for ASX 100 listed companies. Mr Wilkins is known as a cool-headed, safe pair of hands who has won the respect of investors and analysts in companies he has run in the past. But stopping the blood running at AMP as it faces a battering from the royal commission is a job that will take him into uncharted waters.
ANZ Banking Group (ANZ):
ANZ said its profit rose 4.1 per cent to $3.49 billion in the six months ended March 31 from $3.36 billion in the year-earlier period. The result was slightly ahead of consensus forecasts. The Melbourne-based lender said its Tier I capital ratio rose 91 basis points to 11 per cent while its return on equity increased to 11.9 per cent in the latest half year from 11.6 per cent in the year-earlier period. The bank warns it will face "difficult" business conditions for the foreseeable future.
BHP Billiton Limited (BHP):
BHP Billiton has sold its Minerva gas plant near Port Campbell in Victoria to the rapidly expanding Cooper Energy and Japan’s Mitsui for a small, undisclosed sum, in a move Cooper says could provide more gas to tight east coast markets. Cooper, Mitsui and AWE (which is in the process of being completely acquired by Mitsui) have agreed to buy BHP’s (BHP) 90 per cent interest in the Minerva plant, but not the associated declining Minerva field in Victoria’s offshore Otway Basin. Cooper already owns 10 per cent of the plant and field, which it acquired from Santos in 2016 with other assets including an interest in the Sole gas field in the Gippsland Basin. After the deal, Cooper will own 50 per cent of the Minerva plant and Mitsui/AWE will own the rest.
Bubs Australia Ltd (BUB):
ASX-listed baby food company Bubs Australia is stepping up its exposure to the rapidly growing Chinese “mother and baby” market with a deal to supply China’s largest distributor of infant nutrition products. Bubs announced yesterday that it had struck a deal with -QianJiaWanPu (QJWP), which supplies 80,000 stores across China. The deal represents the first move into bricks and mortar stores by Bubs, which was started in Sydney in 2006, specialising in making organic baby food and infant formula from goat milk. Under the deal, announced at a seminar on the Chinese infant formula market in Sydney yesterday, Bubs will supply organic baby food products, cereals and snacks to the Chinese distributor.
Commonwealth Bank of Australia (CBA):
APRA has slammed Commonwealth Bank's board, senior management and culture in a scathing 110 page report that lambasts the bank for its widespread complacency, overconfidence, excessive complexity and insularity. It has forced CBA to carry an additional $1 billion in regulatory capital and enter into an enforceable undertaking to conduct remedial action. A scathing independent investigation into CBA's governance, culture and accountability has found the bank had a "widespread sense of complacency" and a "reactive stance in dealing with risks". It described the nation's largest bank as "insular", saying it had not learned from experiences and mistakes and its "continued financial success dulled the senses of the institution".
DEXUS Property Group (DXS):
Listed office trust Dexus Property Group has affirmed its full-year guidance as it booked a lift in occupancy rates. In its March quarter update, the company (DXS) said it still expects to achieve distribution per security growth of between 4.5 and 5 per cent for fiscal year 2018, after office space occupancy increased to 96.8 per cent in the March quarter, up from 96.5 per cent at the end of the December. Industrial occupancy increased to 97.9 per cent, up from 97.5 per cent in the December quarter. “Positive dynamics have remained constant in all of our core office markets, with strong levels of inquiry continuing to convert to leasing in Perth as tenants choose to upgrade to better quality buildings and centralise into the CBD,” said the company’s office and industrial general manager Kevin George.
Origin Energy Ltd (ORG):
Electricity provider and gas exporter Origin Energy had a bumper nine months on the back of higher production at the Australia Pacific LNG joint venture. For the financial year to date, Origin said its share of the Australian Pacific LNG project produced 14 per cent more compared to the same period last year, thanks to the contribution of a second train. Revenue from the Australian Pacific LNG joint venture was up 48 per cent to $1.48 billion for the nine-month period, due to increased sales volumes of LNG as well as higher realised prices for both domestic gas and LNG.
Rio Tinto Limited (RIO):
ASIC has expanded its legal action against Rio Tinto and former executive directors Tom Albanese and Guy Elliott, saying they engaged in misleading and deceptive behaviour in delaying impairment testing of the disastrous 2011 Riversdale Mining takeover that saw them acquire $4 billion of Mozambique coal assets. The action, announced today, adds to previous Australian Securities and Investments Commission action in the Federal Court against the trio that alleges they failed to tell shareholders the Mozambique assets had less coal resources than pre-purchase due diligence had assumed. The latest action brings the Australian corporate watchdog closer in line with a US Securities and Exchanges Commission fraud case brought against Rio, former chief executive Mr Albanese and former chief financial officer Mr Elliott.
Stockland Corporation Ltd (SGP):
Australia’s biggest residential developer, Stockland, has reaffirmed its full-year guidance, as home buyers continue to snap up its affordable offerings despite the broader housing market starting to cool. The listed property group also reported improved retail sales across its portfolio although performance varied between states, against the backdrop of a challenging retail environment. The group confirmed it was on track for between 5 per cent and 6.5 per cent growth in funds from operations per security for the full year. Stockland chief executive Mark Steinert said the company expected to complete about 6500 residential settlements over the full year, with an operating profit margin of about 17 per cent, due to positive residential market conditions.
Telstra Corporation Ltd (TLS):
Telstra has launched its latest kit to target mobile black spots in regional Australia, with the Telstra Go repeater hitting the market today. Developed as part of Telstra’s investment in mobile coverage for regional customers, the antenna solution is designed to improve mobile coverage or provide coverage where it is not available. The Telstra Go repeater is available in two variants: a stationary version designed for customers seeking a coverage solution in residential and commercial premises, and a portable version -designed for customers who want to boost coverage in their car, truck or boat. Customers can take up the Telstra Go repeater on a monthly repayment plan or purchase the device outright, at $648 for the stationary version or $720 for the portable version.
Vicinity Centres Re Ltd (VCX):
Mall landlord Vicinity Centres has firmed its guidance at the top end of its range as it continues to sell down non-core assets and reports better retail sales growth. The listed retail property group now expects full-year 2018 funds from operations of 18.2 cents per security, at the upper end of its February guidance of 18 to 18.2 cents. Vicinity (VCX) reported total sales growth of 1.4 per cent in March, faster than the 0.5 per cent pace at December last year, on the back of sales growth in specialty stores, mini majors and discount department stores. The giant Chadstone mall was a standout, with sales growth of 24 per cent to $1.99 billion.
Wesfarmers Ltd (WES):
Wesfarmers is facing a clear-out of bosses at its core retail businesses after the Perth-based conglomerate announced the planned retirement of the managing director of Officeworks, Mark Ward. Mr Ward, who will leave Wesfarmers at the end of this calendar year, will join a growing number of senior executives to recently depart, with Bunnings CEO John Gillam leaving last year, the boss of Bunnings UK & Ireland and veteran Bunnings executive Peter Davis stepping down this year and Coles boss John Durkan announcing his intention to leave the supermarket chain later this year. Wesfarmers chief executive Richard Goyder stepped down after the company’s annual general meeting last year, with his chief financial officer Terry Bowen also leaving Wesfarmers. Former West Australian premier Alan Carpenter is also set to depart as Wesfarmers’ head of corporate affairs.
(Source: AIMS)
The Australian Securities Exchange has booked a lift in net profit for the March quarter after increased volatility drove record futures volumes. In a third quarter market update this morning, the ASX (ASX) booked a 12.3 per cent lift in net profit after tax to $121.4 million, compared to the same quarter last year. An increasing number of new offshore customers, in addition to increased market volatility, prompted an 18 per cent increase in futures volumes compared to the same quarter last year, with 18.3 million futures contracts traded over the period.
Aurizon Holdings Ltd (BUB):
Coal hauler and rail owner Aurizon Holdings has made a call for a judicial review of an unfavourable draft rail ruling, claiming there was a conflict of interest as departing Queensland Competition Authority chairman Roy Green is also chairman of Newcastle Port. The dramatic step up in the campaign against the draft ruling follows Aurizon chief executive Andrew Harding’s statement in February that he would be forced to immediately change maintenance practices to one that would restrict about 20 million tonnes of Queensland coal exports a year.
AMP Limited (AMP):
AMP executive chairman Mike Wilkins is facing one of the biggest challenges of his career as he seeks to contain the reputational damage of the insurance and wealth management giant. Mr Wilkins was already beginning the process of searching for a new chief executive of AMP when he was also appointed executive chairman of the group yesterday following the sudden resignation of chairman Catherine Brenner. A highly respected and experienced insurance executive who has been on the AMP board since September 2016, Mr Wilkins has more than 20 years experience as a CEO for ASX 100 listed companies. Mr Wilkins is known as a cool-headed, safe pair of hands who has won the respect of investors and analysts in companies he has run in the past. But stopping the blood running at AMP as it faces a battering from the royal commission is a job that will take him into uncharted waters.
ANZ Banking Group (ANZ):
ANZ said its profit rose 4.1 per cent to $3.49 billion in the six months ended March 31 from $3.36 billion in the year-earlier period. The result was slightly ahead of consensus forecasts. The Melbourne-based lender said its Tier I capital ratio rose 91 basis points to 11 per cent while its return on equity increased to 11.9 per cent in the latest half year from 11.6 per cent in the year-earlier period. The bank warns it will face "difficult" business conditions for the foreseeable future.
BHP Billiton Limited (BHP):
BHP Billiton has sold its Minerva gas plant near Port Campbell in Victoria to the rapidly expanding Cooper Energy and Japan’s Mitsui for a small, undisclosed sum, in a move Cooper says could provide more gas to tight east coast markets. Cooper, Mitsui and AWE (which is in the process of being completely acquired by Mitsui) have agreed to buy BHP’s (BHP) 90 per cent interest in the Minerva plant, but not the associated declining Minerva field in Victoria’s offshore Otway Basin. Cooper already owns 10 per cent of the plant and field, which it acquired from Santos in 2016 with other assets including an interest in the Sole gas field in the Gippsland Basin. After the deal, Cooper will own 50 per cent of the Minerva plant and Mitsui/AWE will own the rest.
Bubs Australia Ltd (BUB):
ASX-listed baby food company Bubs Australia is stepping up its exposure to the rapidly growing Chinese “mother and baby” market with a deal to supply China’s largest distributor of infant nutrition products. Bubs announced yesterday that it had struck a deal with -QianJiaWanPu (QJWP), which supplies 80,000 stores across China. The deal represents the first move into bricks and mortar stores by Bubs, which was started in Sydney in 2006, specialising in making organic baby food and infant formula from goat milk. Under the deal, announced at a seminar on the Chinese infant formula market in Sydney yesterday, Bubs will supply organic baby food products, cereals and snacks to the Chinese distributor.
Commonwealth Bank of Australia (CBA):
APRA has slammed Commonwealth Bank's board, senior management and culture in a scathing 110 page report that lambasts the bank for its widespread complacency, overconfidence, excessive complexity and insularity. It has forced CBA to carry an additional $1 billion in regulatory capital and enter into an enforceable undertaking to conduct remedial action. A scathing independent investigation into CBA's governance, culture and accountability has found the bank had a "widespread sense of complacency" and a "reactive stance in dealing with risks". It described the nation's largest bank as "insular", saying it had not learned from experiences and mistakes and its "continued financial success dulled the senses of the institution".
DEXUS Property Group (DXS):
Listed office trust Dexus Property Group has affirmed its full-year guidance as it booked a lift in occupancy rates. In its March quarter update, the company (DXS) said it still expects to achieve distribution per security growth of between 4.5 and 5 per cent for fiscal year 2018, after office space occupancy increased to 96.8 per cent in the March quarter, up from 96.5 per cent at the end of the December. Industrial occupancy increased to 97.9 per cent, up from 97.5 per cent in the December quarter. “Positive dynamics have remained constant in all of our core office markets, with strong levels of inquiry continuing to convert to leasing in Perth as tenants choose to upgrade to better quality buildings and centralise into the CBD,” said the company’s office and industrial general manager Kevin George.
Origin Energy Ltd (ORG):
Electricity provider and gas exporter Origin Energy had a bumper nine months on the back of higher production at the Australia Pacific LNG joint venture. For the financial year to date, Origin said its share of the Australian Pacific LNG project produced 14 per cent more compared to the same period last year, thanks to the contribution of a second train. Revenue from the Australian Pacific LNG joint venture was up 48 per cent to $1.48 billion for the nine-month period, due to increased sales volumes of LNG as well as higher realised prices for both domestic gas and LNG.
Rio Tinto Limited (RIO):
ASIC has expanded its legal action against Rio Tinto and former executive directors Tom Albanese and Guy Elliott, saying they engaged in misleading and deceptive behaviour in delaying impairment testing of the disastrous 2011 Riversdale Mining takeover that saw them acquire $4 billion of Mozambique coal assets. The action, announced today, adds to previous Australian Securities and Investments Commission action in the Federal Court against the trio that alleges they failed to tell shareholders the Mozambique assets had less coal resources than pre-purchase due diligence had assumed. The latest action brings the Australian corporate watchdog closer in line with a US Securities and Exchanges Commission fraud case brought against Rio, former chief executive Mr Albanese and former chief financial officer Mr Elliott.
Stockland Corporation Ltd (SGP):
Australia’s biggest residential developer, Stockland, has reaffirmed its full-year guidance, as home buyers continue to snap up its affordable offerings despite the broader housing market starting to cool. The listed property group also reported improved retail sales across its portfolio although performance varied between states, against the backdrop of a challenging retail environment. The group confirmed it was on track for between 5 per cent and 6.5 per cent growth in funds from operations per security for the full year. Stockland chief executive Mark Steinert said the company expected to complete about 6500 residential settlements over the full year, with an operating profit margin of about 17 per cent, due to positive residential market conditions.
Telstra Corporation Ltd (TLS):
Telstra has launched its latest kit to target mobile black spots in regional Australia, with the Telstra Go repeater hitting the market today. Developed as part of Telstra’s investment in mobile coverage for regional customers, the antenna solution is designed to improve mobile coverage or provide coverage where it is not available. The Telstra Go repeater is available in two variants: a stationary version designed for customers seeking a coverage solution in residential and commercial premises, and a portable version -designed for customers who want to boost coverage in their car, truck or boat. Customers can take up the Telstra Go repeater on a monthly repayment plan or purchase the device outright, at $648 for the stationary version or $720 for the portable version.
Vicinity Centres Re Ltd (VCX):
Mall landlord Vicinity Centres has firmed its guidance at the top end of its range as it continues to sell down non-core assets and reports better retail sales growth. The listed retail property group now expects full-year 2018 funds from operations of 18.2 cents per security, at the upper end of its February guidance of 18 to 18.2 cents. Vicinity (VCX) reported total sales growth of 1.4 per cent in March, faster than the 0.5 per cent pace at December last year, on the back of sales growth in specialty stores, mini majors and discount department stores. The giant Chadstone mall was a standout, with sales growth of 24 per cent to $1.99 billion.
Wesfarmers Ltd (WES):
Wesfarmers is facing a clear-out of bosses at its core retail businesses after the Perth-based conglomerate announced the planned retirement of the managing director of Officeworks, Mark Ward. Mr Ward, who will leave Wesfarmers at the end of this calendar year, will join a growing number of senior executives to recently depart, with Bunnings CEO John Gillam leaving last year, the boss of Bunnings UK & Ireland and veteran Bunnings executive Peter Davis stepping down this year and Coles boss John Durkan announcing his intention to leave the supermarket chain later this year. Wesfarmers chief executive Richard Goyder stepped down after the company’s annual general meeting last year, with his chief financial officer Terry Bowen also leaving Wesfarmers. Former West Australian premier Alan Carpenter is also set to depart as Wesfarmers’ head of corporate affairs.
(Source: AIMS)
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