Bega (ASX:BGA) wins food fight: Aus shares close 0.2% lower
At the closing bell the Aussie market finished 0.2 per cent or 13 points lower to finish at 6,405. Over the week, the market has gained 215 points or 3.4 per cent. Energy gained over 14 per cent this week, boosted by the news of the Covid-19 vaccine. The Communications sector also jumped this week, gaining almost 9 per cent.
Futures markets
Dow futures are suggesting a fall of 24 points.
S&P 500 futures are eyeing are steady.
The Nasdaq futures are eyeing a rise of 35 points.
And the ASX200 futures are eyeing a 29 point fall on Monday morning.
Economic news
Today, the Australian Bureau of Statistics published provisional data on overseas travel for the month of October 2020. Around 24,700 people arrived in Australia during the month, up 47.8 per cent compared to the previous month. This is a 98.8 per cent decrease compared to October of last year. Around 47,000 people departed Australia during October. This is a 5.6 per cent decrease in departures compared to the previous month and a 97.2 per cent decrease compared to October of 2019.
Broker moves
UBS rates Breville Group (ASX:BRG) as a buy, with a price target of $29.90. This comes as Breville prepares to launch a range of new products this half, including an espresso machine, commercial sous vide and air fryer, as well as a specialty coffee marketplace in the US. The broker forecasts compound earnings growth of approximately 18 per cent per annum out to the 2024 financial year due to increased penetration in all areas and the ongoing rollout in Europe. Shares in Breville Group (ASX:BRG) closed 0.2 per cent lower at $26.05.
Company news
If you have ever seen the Kraft peanut butter next to the Bega peanut butter at your local supermarket you’ll know that the packaging is remarkably similar in design. So similar that a dispute over the right to use the iconic yellow label and lid has made it all the way to the High Court. Three years ago Australian owned Bega Cheese (ASX:BGA) paid up big to purchase back the iconic brand from American giant Kraft Heinz. But following the deal, Kraft Heinz continued to use the same yellow styling for its rival peanut butter brand in the Australian market sparking Bega’s outrage. Today the High Court dismissed Kraft Heinz’s application for special leave to appeal the Federal Courts decision. Bega says that today’s proceedings confirm Bega Cheese’s right to use the current packaging of its smooth and crunchy peanut butter products. Shares in Bega Cheese (ASX:BGA) closed 0.6 per cent lower at $5.11.
It looks like IXL Learning is going to have some competition in its takeover bid for digital education platform, 3P Learning (ASX:3PL). A new suitor, Think and Learn Private has lobbed a takeover offer for a cash price of $1.45 per share.
A subsidiary of digital lottery retailer, Jumbo Interactive (ASX:JIN) has today signed an agreement with Lotterywest to provide its online software platform and services for up to the next 10 years.
A subsidiary of Quickstep Holdings (ASX:QHL) has agreed to purchase Boeing Defence Australia’s aerospace maintenance, repair and overhaul capability.
Shares in Fashion jeweller, Lovisa Holdings (ASX:LOV) rallied today after the news that Lovisa has acquired the European retail store network of German wholesaler beeline, adding more than 80 stores to the network across 6 European countries.
Wall Street
Wrapped up our four trading days this week mixed: The Dow Jones added 2.6 per cent, The S&P 500 added 0.8 per cent and the tech heavy Nasdaq lost 1.6 per cent.
Copyright 2020 – Finance News Network
Source: Finance News Network
