PSC Insurance Group (ASX:PSI) acquisition: Aus shares close 0.1% lower

10Feb

PSC Insurance Group (ASX:PSI) acquisition: Aus shares close 0.1% lower

 

The Australian share market opened weaker this morning, dropped in the first hour of trade and rebounded over the afternoon to close 0.1 per cent lower. The Healthcare sector was the best performer today, with Information Technology leading the losses. Oil continued its 5 week slide.

At the closing bell the S&P/ASX 200 index closed 10 points lower to finish at 7,013.

The US Futures markets are mixed

Dow futures are suggesting a fall of 4 points.
S&P 500 futures are eyeing a steady start.
The Nasdaq futures are eyeing lift of 3 points.
And the ASX200 futures are eyeing a 10 point fall tomorrow morning

Broker

Credit Suisse downgraded construction company Boral (ASX:BLD) from a neutral to an underperform, with a 12 month price target of $4.45. The broker expects a further decline in output from Boral’s US coal fired power station this year and questions the company’s ability to increase volumes by 20 to 25 per cent given margin pressure from other energy alternatives. Shares in Boral (ASX:BLD) closed 10.7 per cent lower at $4.60.

Company news

The Federal Court of Australia has approved the proposed scheme of arrangement between QMS Media (ASX:QMS) and its shareholders. Under the scheme, Shelley BidCo Pty Ltd is to acquire 100% of the shares in QMS. QMS expects to lodge a copy of the court orders approving the scheme with the Australian Securities and
Investments Commission tomorrow, at which time the Scheme will become legally
effective. Shares in QMS Media (ASX:QMS) closed flat at $1.23.

PSC Insurance Group (ASX:PSI) have acquired both the business assets of Ultimate Safety Solutions Australia, and 75 per cent of the share capital of Eden Software Pty Ltd. Ultimate Safety Solutions Australia is a Perth based health, safety, environment and quality consultancy business. PSC Insurance says the acquisition is “highly complementary” to its workers compensation business. The acquisition will be funded via cash resources, with $698,000 paid as an upfront payment and an additional 61,000 payable subject to the performance of the business. Shares in PSC Insurance Group (ASX:PSI) last traded at $3.20.

The GPT Group (ASX:GPT) announced a 39.4 per cent decrease in Net Profit After Tax for the 12 months to 31 December 2019.

Shares in electronics retailer JB Hi Fi (ASX:JBH) rallied today on news of a 6.6 per cent increase in Net Profit After Tax compared to the prior corresponding period.

Construction material company Boral (ASX:BLD) has downgraded its earnings by $24.4 million US dollars following an investigation into financial irregularities in its North American windows business.

Horizon Oil (ASX:HZN) denies that it had actual knowledge of wrongdoing related to an alleged bribery scandal. A story in the Australian Financial Review aroused suspicion over a $15.4 million payment in Papua New Guinea nine years ago to an unknown shell company.

Best and worst performers of the day

The best performing sector was Healthcare adding 0.7 per cent while the worst performing sector was Information Technology, shedding 1.1 per cent.

The best performing stock in the S&P/ASX 200 was JB Hi Fi (ASX:JBH), rising 11.5 per cent to close at $44.71. Shares in Evolution Mining (ASX:EVN) and Avita Medical (ASX:AVH) followed higher.

The worst performing stock in the S&P/ASX 200 was Boral (ASX:BLD) following its earnings downgrade. It dropped 10.7 per cent to close at $4.60 Shares in Service Stream (ASX:SSM) and Adelaide Brighton (ASX:ABC) followed lower.

Asian markets

Lower: Japan’s Nikkei has lost 0.6 per cent, Hong Kong’s Hang Seng has shed 0.8 per cent and the Shanghai Composite has lost 0.3 per cent.

Commodities and the dollar

Gold is trading at US$1,572 an ounce.
Iron ore price rose 0.5 per cent to US$83.59. Its futures are pointing to a fall of 0.6 per cent.
Light crude is 63 cents lower at US$50.32 barrel.
One Australian dollar is buying 66.98 US cents.
 
Copyright 2020 – Finance News Network


Source: Finance News Network

Share this post

Related Posts

05Feb

Newscorp rallies on results: Aus shares 0.8% higher at noon

05 Feb 2021 - The Aussie market is tracking higher in the first two hours of trade. The ASX has gained 54 points or 0.8 per cent to 6819. The SPI is suggesting a rise of 53 points. All sectors are in the up today and across the week except utilities and materials are also slightly lower.

Read More
20Jan

Fed looks to raise rates despite signs of cooling inflation

20 Jan 2023 - Stocks fell Thursday as investors grew increasingly concerned the Federal Reserve will keep raising rates despite signs of slowing inflation. Overall, overnight’s performance came after initial filings for unemployment insurance fell to their lowest level since late June last week, the Labor Department reported, signalling to investors that the labour market is resilient amid a slowing economy.

Read More
07Feb

RBA expects economic growth to pick up: Aus shares 0.4% lower at noon

07 Feb 2020 - The Australian share market opened slightly lower defying positive leads from Wall Street and is now tracking 0.4 per cent lower at noon, with economic data on the services industry and optimistic projections from Reserve Bank of Australia Governor Philip Lowe doing nothing to turn the tide. Medicinal cannabis company Cann Group (ASX:CAN) has successfully completed its $8 million raising.

Read More
12Jul

Afternoon Update: RBA says further tightening is possible

12 Jul 2023 - The Reserve Bank of New Zealand has maintained interest rates at 5.5 per cent for the second consecutive meeting, citing the need to control inflation and support employment, amid weakening global economic growth and declining inflation pressures.

Read More
15Sep

Coronavirus damage less severe than expected: Aus shares close 0.1% lower

15 Sep 2020 - Aus shares closed 0.1% lower after seesawing throughout the day. The Reserve Bank of Australia released minutes from its September meeting, suggesting that the COVID-19 damage to the economy has not been as severe as previously anticipated and “a recovery was under way in most of Australia”.

Read More
03Feb

Amazon sees record quarter as CEO Jeff Bezos steps down: ASX set to open higher

03 Feb 2021 - The ASX is set to open higher this morning as all three major benchmarks were up on Wall Street. Amazon delivered its largest quarter revenue of all time as the results are in of its first $100 billion quarter after the holiday and pandemic shopping surge. Alphabet revenue grew 2 per cent in the quarter. Fonterra (ASX:FSF) lifts its 2020/21 forecast Farmgate Milk Price range.

Read More
08Mar

Tech stocks hit hard: ASX closed 0.4% higher

08 Mar 2021 - The ASX took a dip in afternoon trade but still managed to close 0.4 per cent higher. At the closing bell the S&P/ASX 200 index closed 29 points higher, finish at 6,740. As for the sectors, materials came out top. Omni Bridgeway (ASX:OBL) has elected to remain solely listed on the ASX.

Read More
02Sep

Wall Street closed, European markets lift: Aus shares to drift lower at open

03 Sep 2019 - The Australian sharemarket looks set to open lower this morning ahead of the Reserve Bank's interest rate decision. US markets were closed on Monday for the Labor day holiday. Abacus Property Group (ASX:ABP) has exchanged contracts for the acquisition of five self storage properties for $57 million with settlement expected by the end of the year.

Read More
11Jul

Big tech leads US markets to fresh highs

11 Jul 2024 - Big tech names surged higher leading the broader market to new record highs ahead of the highly anticipated inflation data due out tomorrow US time.

Read More
28Nov

Westpac (ASX:WBC) appoints new Financial Crime Committee: Aus shares close 0.2% higher

28 Nov 2019 - The Australian share market closed higher, tracking 0.2 per cent up. Service Stream and Telstra led the way as the best performing stocks. Westpac (ASX:WBC) has a newly appointed Financial Crime Committee.

Read More