ASX closes down 0.2pc on global instability
Equity traders are bracing themselves for further instability and sideways market action amid growing concern among investors that Greece may have to leave the euro zone.
$A moves higher in quiet trade
The Australian dollar has moved higher in a quiet trading session, but remains below parity with its US counterpart.
Gold rises as bargainers start buying
Gold rose 0.5 per cent on Thursday as bargain hunters resurfaced after prices tumbled to another four-and-a-half-month low in the previous session and the euro rebounded, but gains could be limited by fears of a deepening debt crisis in Greece.
BHP turns back on joint venture
BHP Billiton is turning its back on a silver, lead and zinc joint venture project in north Queensland amid doubts over its potential.
Anti-depressants lift Brain Resource
Brain Resource offers an attractive mix of earnings predictability and the capacity for substantial earnings growth. The fact that it is profitable also sets it apart from other players in the health sector.
Mirabela will need to show improvement
Mirabela Nickel’s $120 million equity raising may have shored up its short-term funding issues, but investors still want to see operating improvement.
Latest dividend announcements
| RMD | 9:41:00 AM |
RESMED INITIATES DIVIDEND PLAN AND CEO UPDATE
|
| IMN | 17/05/12 | IMS 2004-5 Rate Reset 17 May 2012 |
| VSC | 17/05/12 |
Profit and Dividend Guidance
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| CLJ | 17/05/12 | CMS 2009-1 Bond Factor 21 May 2012 |
| SYD | 16/05/12 |
Distribution for period ending 30 June 2012
|
| ANZ | 16/05/12 | June 2012 CPS1 and CPS2 Dividend Payments |
| CTK | 16/05/12 | Dividend details - Class A1 and A2 Notes |
| BEN | 16/05/12 | BEN Unsecured Floating Rate Note Interest Payment |
| SBK | 16/05/12 | SBKHB Interest Rate Anouncement |
| SPN | 16/05/12 | 2011/12 Full Year Results and Investor Presentation |
Taking Stock
Lend Lease (LLC)
Lend Lease’s eagerly anticipated investor day failed to offer much of an insight into the company’s earnings prospects for 2012 although the management’s upbeat assessment of its critical $6billion Barangaroo project has boosted market confidence in the development.
AMP (AMP)
Wealth manager AMP faces a tough outlook given its main drivers of revenue and earnings are the volumes and direction of markets.
Broker Watch
SP AusNet (SPN)
Merrill Lynch has increased its price target on SP AusNet to $1.15 from $1.10 a share following the company’s result and equity-raising announcement.
Alacer Gold Corp (AQG)
Morgan Stanley has lowered its price target on Alacer Gold Corporation to $9.80 from $10.40 a share following management’s higher cost guidance but kept its “overweight” recommendation.
Columnists
IAG hits snooze on UK alarm
Insurance Australia Group (IAG) chief Mike Wilkins must have woken up one morning this week and realised there is no hope for a short-term turnaround in the UK economy.
Policymakers can’t just sit on their hands
The euro zone is unravelling at an alarming rate, thanks to political, economic and banking shortcomings.
