The S&P/ASX 200 (INDEXASX: XJO)(^AXJO) is expected to open higher today, the USA’s S&P 500 Index (.INX) went up 0.69% on Friday.
Australian Dollar ($A) (AUDUSD): 71.16US cents
Dow Jones (DJI): up 0.43%
Oil (WTI): $US55.80 per barrel
Gold: $US1,295 per ounce
ASX Sharemarket News
In ASX sharemarket news, Telstra Corporation Ltd (ASX: TLS) shares could come under pressure this morning after the Australian Financial Review reported last week that it had lost the contract to be the service provider of a major supermarket operator.
It hasn’t been a good last few weeks for Telstra shareholders with the company reporting a near 30% fall in the net profit and the dividend in the half year report. After that, we learned the CEO sold some of his shares to pay a tax bill.
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The supermarket business that Telstra lost the deal from, Coles Group Limited (ASX: COL). will pay the NBN to build a large network to every Coles supermarket, Coles Express and bottle shop around the country. After the network is complete it will be Optus that is responsible for delivering the data and other services.
The AFR speculated that the telecommunications contract for Coles could be worth around $100 million.
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Metcash Limited (ASX: MTS) shares could come under scrutiny this morning after the hardware retailer and supermarket supplier released a strategy update, which included a trading update.
Metcash announced a number of items in its update, including a daily fresh trial with 7-Eleven in WA and BP in Victoria.
In the trading update year to date food sales are marginally higher than the prior corresponding period, although the decline of wholesale sales excluding tobacco is broadly in line with that reported in the first half. Hardware sales are softening due to slowing construction activity.
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