market

Wattyl (WYL), the Australia based paint and other surface coating supplier and manufacturer which supplies its products to the domestic, commercial and industrial market is going to be taken over by US based Valspar as the Wattyl board has suggested the investors to accept its bid which worth as much as $142 million. However, the Australian paint supplier has managed to improve the bid by as much as $32 million through a month long negotiation.

Australia based Elders (ELD), the company which focuses on core rural and automotive operations saw its market capitalisation reducing to half based on the news of an impending loss for the year to September 30. Malcolm Jackman, the chief executive of the company has announced yesterday that the company may post a loss within the range of $8 million and $14 million for the year where less than a month ago he informed the investors that the turnaround of the company was right on track.

The shares of Virgin Blue (VBA) fell by as much as 29 percent today as the company reduced its profit forecast by as much as 75 percent as the leisure travel went down at a significant rate. Richard Branson, who holds 26 percent ownership of the company today declared that the pre-tax profit is going to remain within the range of $20 million to $40 million in comparison with the latest guidance of $80 million.

Manufacturer specialist James Hardie Industries N.V. (JHX), a company that operates in number countries across the globe including Australia, New Zealand and the United States has posted a net loss for the full-year after the asbestos liabilities ballooned. In a statement, the leading manufacturing company included that its loss of $US84.9 million for the 12 months ended during March where a year earlier it posted a $US136.3 million worth of net profit.

Australia based project management and construction company Leighton Holdings (LEI) shares has dropped more than 7 percent on Monday after the company declared that it expected the full-year earnings of $600 million (minimum) and net profit worth of $400 million for nine months (till March 31st). It is to be mentioned that the numbers were almost double that of the last nine months- during a time when the Australian construction giant posted a $220 million worth of net profit.

The chief executive of Skilled Group (SKE) is going to step down from the position after accepting the responsibilities of the poor result posted by the company which declared that the yearly earnings would be less that the market expectations.

Australia based coal mining company New Hope (NHC) is expecting to see an increase in the contract prices of coal as the company boosts its sales on the back of uprising demand. Rob Neale, the Chief Executive of the company stated that price for thermal coal was increasing, something that can be considered as an indication that the contract price may rise. However, he didn’t make any remarks regarding the speculations that the price may move up to $US100 per tonne.

The executive chairman of Seven Network (SEV) Kerry Stokes is looking forward to achieve further strength in the corporate sector through the $3 billion worth of merger of his mining and media operations. However, Mr. Stokes will be required to convince the market that the merger is going protect the best interest of the investors.

Wesfarmers (WES), an Australia based company that concentrates in the resource, retail, chemical and insurance business has posted a 1 percent first-half profit growth after the company’s Target divisions and Kmart went for offsetting $662 million fall in the earnings of its coal business. According to the Wesfarmers chief executive Richard Goyder, the result displayed a clear benefit of having a diversified business plan.

Australia based Crane Group Limited (CRG), a company that concentrates in the manufacture and distribution of copper tube, copper alloy rod, aluminium extrusions, bar extrusions and plumbing supplies have reduced its full-year outlook on Monday after it was reveled that the first-half earnings of the company was almost halved with key water projects in Australia drying up.