Here are the headlines from the S&P/ASX 200 (INDEXASX: XJO)(ASX: XJO) and Australian finance circles on Thursday morning.
But first, here are the data points:
Australian Dollar ($A) (AUDUSD): 74.32 US cents
Dow Jones (DJI): down 0.2%
Oil (WTI): $US66.78 per barrel
Gold: $US1,221 per ounce
Australian Investing News
Making finance news today, the Royal Commission will continue to take aim at the Superannuation sector after Commissioner Hayne gave National Australia Bank Ltd. (ASX: NAB) its grilling yesterday.
On the topic of ‘fees for no servce’, Kenneth Hayne asked Nicole Smith, the former chair of NAB’s Superannuation provider NULIS, “Did you think yourself that taking money to which there was no entitlement raised a question of the criminal law?” Smith replied, “I didn’t”.
As with the banking and financial advice sectors before it, the long-awaited Royal Commission has been shining the light on conflicted remuneration models and poor standards of service inside Super, the most important retirement vehicle for most Australians.
Also making headlines, AGL Energy Ltd (ASX: AGL) filed its full year financial results showing a profit of $1.02 billion, up 28% on the prior year, and full year dividends of 117 cents per share.
AGL CEO Andy Vesey said, “AGL’s financial result for FY18 reflects the benefits of our multibillion-dollar investments in our electricity generation portfolio over recent years, which alongside disciplined execution of our strategic plans, has resulted in strong returns for shareholders during the recent period of higher wholesale electricity prices.”
The insurer and banking heavyweight Suncorp Group Ltd (ASX: SUN) released its report for 2018 revealing an 11% drop in revenue to $15.4 billion and a net profit of $1.06 billion, down 1.5%. Suncorp will pay a final dividend of 40 cents per share plus a ‘special’ dividend of 8 cents per share. Both dividends are fully franked.
Orora Ltd (ASX: ORA) reported a 5% increase in revenue for its 2018 financial year. Orora’s net profit rose 15% to $214 million and the company said it plans to pay a final dividend of 6.5 cents.
Another interesting report comes from builder Mirvac Group (ASX: MGR) which reported a 7% decline in revenue and profit per share. A final dividend of 6 cents per share (unfranked) takes the total dividends for 2018 to 11 cents per share.
Finally, gold mining company Newcrest Mining Ltd (ASX: NCM) announced to the market that it will incur between $260 million and $270 million in non-cash charges after its accountants lowered their value of its Telfer and Namosi mines. Newcrest said it will release its 2018 financial results on August 22nd.
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