Futures contracts for the S&P/ASX 200 (INDEXASX: XJO)(ASX: XJO) index are pointing to a positive open on Wednesday morning with Metcash Limited (ASX: MTS) in focus.
Here’s the key headline data:
Australian Dollar ($A) (AUDUSD): 76.20 US cents
Dow Jones (DJI): down 0.1%
Oil (WTI): $US65.56 per barrel
Gold: $US1,301 per ounce
Australian Investing News
Making news in Australia, Metcash, the supplier of IGA supermarkets and owner of Mitre 10, today announced a $352 million impairment. The $2.7 billion Macquarie Park-based business said a majority of the write-down is to goodwill and intangibles on its balance sheet.
Metcash’s announcement follows a decision by one of its major customers not to guarantee the renewal of its contract. Metcash shares were subsequently sold down.
Also making headlines, Sandfire Resources NL (ASX: SFR) provided an exploration update on its Doolgunna project in Western Australia. Sandfire said, “While the high-grade intersections returned from these AC holes are narrow, the overall tenor and grade of the mineralisation encountered is encouraging and supports continued exploration along this corridor.”
Magellan Financial Group Ltd (ASX: MFG) posted its May 2018 funds under management (FUM) update revealing a $1 billion increase in total FUM from the month prior.
Finally, property business GPT Group (ASX: GPT) announced it has withdrawn the potential sale of Wollongong Central and reaffirmed its 2018 guidance for a 3% increase in funds from operations (FFO).
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