Here are the stories from the S&P/ASX 200 (INDEXASX: XJO)(ASX: XJO) and Australian finance circles today. Rask Media has your financial news sorted.
First, here are the data points:
Australian Dollar ($A) (AUDUSD): 73.19 US cents
Dow Jones (DJI): down 0.1%
Oil (WTI): $US51.41 per barrel
Gold: $US1,223 per ounce
Finance News
Making finance headlines today, Afterpay Touch Group Ltd (ASX: APT) investors will still be recovering from a highly volatile week. Earlier this week, the popular payment app company held its annual general meeting (AGM) and the finance watchdog (ASIC) released its review into the buy now, pay later sector.
After a 10-month review, ASIC recommended extending its product intervention powers as the most appropriate way to regulate the buy now, pay later industry, including Afterpay. Read more here.
At its AGM today, the Australian distributor of Coca-Cola products, Coca-Cola Amatil Ltd (ASX: CCL), released an update on its 2018 financial year.
“As anticipated, FY18 is being impacted by our accelerated reinvestment of approximately $40 million of cost savings in Australia,” CEO Alison Watkins said.
In the SPC canned food division, Watkins said the business will record a full year loss of around $10 million. “We are also expecting one-off costs in 2018 of approximately $50 million, primarily from our cost optimisation programs,” Watkins added.
Further afield, Watkins added that 2019 will be yet another transitional year as it seeks to invest heavily in Australia and Indonesia.
Propertylink Group (ASX: PLG), an Australian office and industrial real estate group, is hosting its AGM today. As Rask Media reported here, Propertylink finds itself in the middle of an unusual takeover battle.
Commenting on the first quarter of 2019, Propertylink CEO Stuart Dawes said independent property valuers had increased their valuation of its properties by $30.9 million or around 3.9%. Propertylink expects to deliver distributable earnings of 7.6 to 7.7 cents per security.
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Disclaimer: Any information contained in this article is limited to general financial/investment advice only. The information has not taken into account your specific needs, goals or objectives, so please consider consulting a licenced and trusted adviser before acting on the information. Please read The Rask Group’s Financial Services Guide (FSG) for more information. This article is authorised by Owen Raszkiewicz of The Rask Group, which is a corporate authorised representative No. 1264179 of Strawman Pty Ltd (ACN: 610 908 211) (AFSL: 501 223).
