Australian Markets

Australian Markets News - Daily news about the companies listed on the Australian Sharemarket (ASX). Check the stock market news before starting your day trading!

Aegis Acquires Mitchell Communications Group


Big media sector news for this week was when Australian advertising company and media buyer, Mitchell Communication Group (ASX:MCU) has been sold to British Aegis Group in a $363 million acquisition deal.

Mitchell Communications Takeover

Insurer, IAG Profits Down


IAG (ASX:IAG), owner of NRMA and RACV, has issued a statement that it expects to report a drop in annual profit for the 2010 fiscal year. A day after competitor, QBE Insurance announced profit forecasts downgrades, Insurance Australia Group have released poor financial figures on what most analysts were already expecting.

IAG Financial Forecasts and Numbers

QBE Insurance Profit Forecast Down


Australian insurance company, QBE Insurance (ASX:QBE) has issued a warning to the share market that its profit forecast is 40 percent lower than last year. As a consequence, company shares have fallen.

Profit Forecast Hit by Investment Losses

QBE Insurance has informed the market that heavy investment losses offset the 20 percent growth in insurance premiums and a 7 percent increase of insurance profit to US$820 million.

Possible Demerger Orica: Dulux


Orica (ORI) shareholders will vote on the demerger of DuluxGroup this morning. The stock holders are expected to vote in favour of spinning off the paint business on 8 July 2010. They will be allocated shares in DuluxGroup on a one-for-one basis. Dulux Group is likely to list on the Australian stock market this Monday, 12 July if the demerger goes ahead.

Mirvac Gold Coast project: Gainsborough Greens


Mirvac (MGR) has launched a $1 billion residential project on the Gold Coast which will be the Group's largest residential project in Queensland. Gainsborough Greens is a 490-hectare master-planned residential community on the Gold Coast is one of seven projects due to start this year.

SingTel Profits From Optus Result


Optus has delivered a $676 million net profit for the year to March 31 to its parent company SingTel (SGT). Net profit was up 15.9 percent which total revenue growing 7.5 percent to $8.9 billion. SingTel's own net profit was S$3.9 billion (A$3.1 billion), 13.3 percent stronger. A higher Aussie dollar increased revenue by 5 percent.

Commonwealth Bank Chief: Funding costs to Stay High


Commonwealth Bank CEO Ralph Norris, speaking at yesterday's American Chamber of Commerce in Australia luncheon in Sydney, has said that funding costs were to remain high. "All of the banks have a significant portfolio of debt that has been borrowed at lower rates, prior to the start of the crisis, which has continued to roll over at higher rates.

Virgin Blue, Air New Zealand Trans-Tasman Alliance Talks


Air New Zealand (AIZ) and Virgin Blue (VBA) are in talks over a possible Trans-Tasman alliance. The potential cooperative alliance will help reduce costs for both airline carriers for a route which has been marginal or loss making.

Seven-WesTrac Deal Approved


The Federal court has now approved the Seven-Westrac deal. Justice Peter Jacobson was satisfied with the merger and gave three reasons for his ruling:

  • He noted that "There's nothing to suggest that the unrelated shareholders or the [preference share] TELYS3 holders voted otherwise than in good faith. Or they cast their vote for any improper purpose. The test of reasonableness appears to be satisfied."
  • He said the test of "reasonableness" was satisfied

Consolidated Media Share Buyback


Consolidated Media Holdings (CMJ) has announced tat it will seek shareholder approval to buyback shares of the company. The share buyback look to acquiring up to 73.8 million shares, or about 11.9 per cent of its current shares on issue (620.7 million shares on issue). James Packer currently holds a 45.3 per cent stake in ConsMedia and Seven Network has a 22.1 per cent stake. The company has $225 million of surplus cash for the share buyback.

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