The ASX 200 (INDEXASX: XJO)(^AXJO) is expected to open lower today, the USA’s S&P 500 Index (.INX) went up by 0.21% on Thursday.
Australian Dollar ($A) (AUDUSD): 71.17US cents
Dow Jones (DJI): up 0.30%
Oil (WTI): $US62.18 per barrel
Gold: $US1,292 per ounce
ASX Sharemarket News
In ASX sharemarket news, ASX and NZX retirement village operator Summerset Group Holdings Ltd (ASX: SNZ) has reported its first quarter sales metrics for the three months to 31 March 2019.
Summerset achieved 137 sales of homes, comprising 71 new sales and 66 resales. These sales are consistent with sales levels seen in the first quarter of 2018.
Summerset CEO Julian Cook said: “We are seeing some increased settlement times due to the slowing property market in Auckland and Christchurch, however we continue to see good interest in villages.”
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Woolworths Group Ltd (ASX: WOW) and Coles Group Ltd (ASX: COL) is in the news this morning because they are refusing to sanction price increases for popular products due to rising commodity costs.
According to the AFR, Nestle has stopped supplying Uncle Tobys oats to Woolworths because it wouldn’t pass on a 6% price increase last month.
A similar supply problem is affecting Woolworths and Coles due to Mars Petcare, which supplies Whiskas, Pedigree, My Dog and Din, due to non-implemented price increases.
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The AFR quoted a Nestle spokesman as saying: “We have a supply issue with Woolworths which we’re both working hard to resolve to make sure that they are available there soon.”
Some of the reasons that Nestle wants to increase prices include the fact that wheat and barley prices have doubled, milk production is down and milk prices are rising, largely because of the ongoing drought.
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