Here are the news headlines from the S&P/ASX 200 (INDEXASX: XJO)(ASX: XJO) on Friday. In focus: Gentrack Group Ltd (ASX: GTK) reaffirms guidance and the Atlas Iron Ltd (ASX: AGO) board tips the Hancock deal.
Here’s the key headline data:
Australian Dollar ($A) (AUDUSD): 73.34 US cents
Dow Jones (DJI): up 0.4%
Oil (WTI): $US73.34 per barrel
Gold: $US1,249 per ounce
Australian Investing News
Making news in Australia, Kiwi energy utility and airport software business Gentrack Group Ltd (ASX: GTK) reaffirmed its FY18 operating profit guidance of NZ$30 million to $NZ32 million. Gentrack also confirmed its long-term EBITDA target and said its BlipTrack subsidiary has secured a deal with the Port Authority of New York.
Following the recently announced takeover of the UK’s Evolve Analytics, Gentrack is planning to raise cash from investors by issuing shares. Gentrack will be hoping the company’s share price remains high before the raising.
Also making headlines Atlas Iron Limited (ASX: AGO), the embattled West Australian iron ore miner revealed its board has recommended the takeover offer from Gina Rinehart’s Hancock Prospecting.
Another big iron ore miner, Fortescue Metals Group Limited (ASX: FMG), is believed to be circling Atlas after it acquired a near 20% stake in the company (a potential blocking stake). Mineral Resources Ltd (ASX: MIN) had also lodged a bid for Atlas in April.
Finally, Sims Metal Management Ltd (ASX: SGM) announced it will acquire Fletcher Building Limited’s (ASX: FBU) 50% share of NZ metal recycling business Sims Pacific Metals for NZ$42 million, excluding adjustments to working capital.
“This transaction gives us 100 per cent ownership of a highly regarded and strongly performing business which we know well,” Sims Metal Management CEO Alistair Field said. “The acquisition is consistent with a key strategy of disciplined growth through complementary acquisitions in our core markets.”
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