Here are the news headlines from the S&P/ASX 200 (INDEXASX: XJO)(ASX: XJO) on Tuesday. A2 Milk Company Ltd (ASX: A2M) inks a longer deal with Synlait Milk Ltd (ASX: SM1) and Reece Ltd (ASX: REH) completes its US takeover.
Here’s the key data:
Australian Dollar ($A) (AUDUSD): 73.39 US cents
Dow Jones (DJI): up 0.15%
Oil (WTI): $US73.98 per barrel
Gold: $US1,243 per ounce
Australian Investing News
Making news in Australia, a2 Milk Company Ltd (ASX: A2M) announced a contract extension with one of its key suppliers, Synlait Milk Ltd (ASX: SM1). The refreshed deal will see Synlait increase capacity and maintain its supply agreement for key infant formula products until 2023.
Read more: “a2 Milk Company Ltd (A2M) Boosts Synlait Milk Ltd Deal”
Also making headlines, Corelogic data for the June quarter suggests house prices have declined for the ninth consecutive month. According to Corelogic’s Tim Lawless, slower investment activity and tighter finance conditions have stymied growth despite the recent removal of bank investor lending caps.
Read more: “Australian House Prices Fall (Again)”
Also in property, real estate listings company Domain Holdings Australia Limited (ASX: DHG) announced the appointment of Jason Pellegrino as CEO, effective August 2018. Pellegrino is currently the Managing Director of Google’s Australian and New Zealand teams.
“We are delighted to have Jason join Domain as CEO,” Domain Chairman Nick Falloon said. “His leadership acumen and track record for inspiring and driving performance at Google will greatly assist him to take Domain, and its many talented people, into an exciting next stage of growth.”
Plumbing supplies company Reece Ltd (ASX: REH) announced the successful completion of its $1.9 billion takeover of the USA’s MORSCO Inc, which it announced in May. The deal was funded through a combination of debt and a $600 million share issuance, including $300 million purchased by the Wilson family.
Finally, funeral services business InvoCare Limited (ASX: IVC) announced the purchase of Lester & Son in Albury-Wodonga. CEO Martin Earp said the deal is part of the group’s expansion into regional markets. Lester & Son generates approximately $3.5 million in revenue per year, InvoCare said.
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