The S&P/ASX 200 (INDEXASX: XJO)(^AXJO) is expected to open higher today, the USA’s S&P 500 Index (.INX) was down 0.53% on Monday.
Here are the data points:
Australian Dollar ($A) (AUDUSD): 71.98 US cents
Dow Jones (DJI): down 0.36%
Oil (WTI): $US50.78 per barrel
Gold: $US1,296 per ounce
ASX Sharemarket News
In ASX sharemarket news, the Australian Financial Review is reporting that big four bank Australia and New Zealand Banking Group (ASX: ANZ) has invested $40 million to become the second largest shareholder of online-only mortgage broking business Lendi.
ANZ is looking to ensure it has a stake in the loan broking business which could become a key player after the Royal Commission runs its course.
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Financial technology business Hub24 Ltd (ASX: HUB) has updated the market about its December 2018 quarter. It achieved net inflows of $1.5 billion, or $750 million excluding a large transition, which was the highest quarter to date.
Hub24’s funds under administration (FUA) reached $10 billion during the quarter despite challenging financial market. The FUA was growth of 45.6% compared to December 2017. It is now in second place overall for quarterly net flows.
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Praemium Ltd (ASX: PPS) shares could also be worth watching today with the financial technology business also reporting its quarterly December 2018 update.
It achieved quarterly gross inflows of $768 million, the highest on record. Australian gross inflows were $585 million and international gross inflows were $183 million. The 2018 annual gross inflow was $2.8 billion, up 10% compared to the 2017 calendar year.
Praemium CEO Michael Ohanessian was positive about what 2019 would bring, “In the new year we will reach a key milestone with the imminent release of our signature development program – a next generation Unified Managed Accounts (UMA) solution”.
The negative publicity from the Royal Commission surrounding the large institutions is driving a lot of financial advisers to independent providers which have lower fees.
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