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Market Wrap

Markets started their final day of the week well, opening up at what would end up being the highs of the day. Sadly it was all downhill from there as the market gave it all back over the morning, before range trading in the afternoon. We closed out a quiet week up 13 points today, and up 73 on the week.

Transurban Group (A$7.27, unch) announces that a Transurban-led consortium with equity interests 62.5% Transurban, 25% AustralianSuper and 12.5% Tawreed, a wholly-owned subsidiary of the Abu Dhabi Investment Authority, has reached agreement to acquire Queensland Motorways for $7.057 billion, inclusive of stamp duty and excluding transaction costs. Transurban will operate the network on behalf of the owners.

 

Press stories of interest

BHP Billiton: iron ore boss Jimmy Wilson has dismissed suggestions that the era of multi-billion-dollar greenfields iron projects in the Pilbara has come to an end, even as the mining giant focuses on extracting efficiencies rather than building new mines. Mr Wilson also refused to be drawn into forecasting the iron ore price amid fears it could tumble in response to patchy Chinese economic data. He said few ¬people had any idea about the outlook for Australia’s most valuable export commodity, reports The Australian.

Graincorp: Joe Hockey has risked inflam¬ing debate about the $3.4 billion takeover bid for GrainCorp, saying he blocked US grains giant Archer Daniels Midland because it was “not of good character’’. In comments to a dinner for the Spectator magazine in Sydney, the Treasurer also hinted that more reasons to oppose the bid would become public and said ADM would have to “show they can be a good corporate citizen’’, reports The Australian.

Newcrest: incoming chief executive Sandeep Biswas has secured a pay deal that gives him extreme leverage to the turnaround story he is planning for the gold producer. Turning around Newcrest’s fortunes in the lower gold price environment hinges on extracting greater value from the Lihir goldmine in PNG. Mr Biswas’s pay deal means that theoretically at least, the former Rio Tinto executive could pull in $10.3 million a year, which would make him one of the highest paid chief executives in the country, reports The Australian.

Market Wrap - 9 April 2014

Posted by BBY on 9 April 2014

Henry Jennings' Market Wrap

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Market Wrap - 8 April 2014

Posted by BBY on 8 April 2014

Henry Jennings’ Market Wrap

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Market Wrap - 7 April 2014

Posted by BBY on 7 April 2014

Henry Jennings’ Market Wrap

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Market Wrap - 4 April 2014

Posted by BBY on 4 April 2014

Market Wrap

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