BLD
Boral (ASX:BLD) has completed a capital raising in which it will use funds to execute a restructuring plan designed to streamline its operations and expand its building materials business. Boral said in a statement that 92 percent of eligible institutional shareholders opted to take up their entitlements at $4.10 a share under the offer, raising $274m.
Boral (BLD), one of the leading building and construction material manufacturer and wholesaler with key operations located in Australia, Asia and the United States has remodeled its key businesses and identified a number of non-core assets for sale. The company is currently seeking to raise as much as $490 million in an attempt to boost up its growth and strengthen up the balance sheet.
Australia based global manufacturer and wholesaler of building and construction materials Boral (BLD), a company that operates in Australia, United Sates and Asia is considering to take necessary steps in an attempt to reduce its costs after posting a 9 percent fall in the first half net profit to $68 million. In addition to that, Mark Selway, the newly appointed chief of the company admitted that the figures can get even worse in the second half. According to Mr.
Nexus Energy (NXS), a company which operates in the oil and gas exploration and production industry with a market capitalisation of $293.1 million was the best performer of the 42nd week in the Australian Stock Exchange with a gain of 23.4 percent closing the week at 40 cents.
Here is an update on the different sectors of Australian market from market analyst Macquarie Research Equities.
Record Oil - The Impact of Black Gold
Here is a strategy update on the Budget Impact on Equities provided by Australian market analyst UBS.
Strategy – Budget Impact on Equities
Last week the Australian government handed down their 2006-07 federal budget. Macquarie Research Equities (MRE) notes that "The centre piece of the Budget was the personal income tax cuts which were more widespread and extensive than the financial markets had been anticipating. This will inevitably provoke fears that interest rates may have to rise in order to offset the fiscal stimulus.
The key initiatives announced in the Budget that have notable implications for the Australian listed market are as follows:
- Reductions in the tax rates on personal income as well as increases to the thresholds for each tax rate;
- Accelerating the depreciation allowance for eligible business investment;
- Abolition of the Reasonable Benefit Limit (RBL) and age based contribution limits, and the elimination of tax of benefits paid to retires from taxed superannuation funds."
Here are some Australian listed stocks that MRE believes that will benefit from the budget:
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Top 150 Public Companies Listed on the Australian Stockmarket as at 29/05/2009
- BHP Billiton
- Westpac Banking Corporation (WBC)
- Commonwealth Bank of Australia (CBA)
- National Australia Bank (NAB)
- Telstra (TLS)
- ANZ
- News Corporation (NWS)
- Woolworths Limited(WOW)
- Woodside Petroleum Limited (WPL)
- Rio Tinto
- Westfield Group (WDC)
- Westfarmers Limited (WES)
- QBE Insurance
- CSL
- Newcrest Mining Limited (NCM)
- Origin Energy Limited (ORG)
- Santos Limited (STO)
- AMP Limited (AMP)
- Macquarie Group (MQG)
- Foster’s Group Limited (FGL)