The ASX 200 (INDEXASX: XJO)(^AXJO) is expected to open lower today, the USA’s S&P 500 Index (.INX) went down by 0.28% on Wednesday.
Australian Dollar ($A) (AUDUSD): 68.81US cents
Dow Jones (DJI): down 0.39%
Oil (WTI): $US61.35 per barrel
Gold: $US1,274 per ounce
ASX Sharemarket News
In ASX sharemarket news, Fonterra Shareholders’ Fund (ASX: FSF) has provided an update to the market about its strategy, milk price and earnings.
In the third quarter the milk company said that revenue was up 1% to $15 billion, its gross profit margin was $2.2 billion which was down 3%. Normalised EBIT (click here to learn what EBIT means) was down 9% to $522 million.
Fonterra has revised the forecast profit per share (EPS) to a range of 10 cents to 15 cents, from 15 cents to 25 cents with a farmgate milk price range of $6.30 to $6.40 per kgMS.
Fonterra CEO Miles Hurrell said: “Farmers and unit holders can expect to see some fluctuation in our earnings over the next couple of years and there will be one-off transactions and adjustments (some positive, some negative) as we reset the business and deliver on our new strategy.”
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Sydney Airport Holdings Pty Ltd (ASX: SYD) has announced that it has successfully delivered a loan linked to sustainability.
Under the agreement, bank debt facility margins will marginally decrease or increase depending on Sydney Airport’s sustainability performance over time, as assessed by Sustainalytics – a specialised investment research and ratings provider dedicated to ESG globally (Environmental, Social and Governance).
Debt maturities over 2021 to 2022 has reduced by 38% with the next major maturity in late 2020.
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Bargain store retailer Reject Shop Ltd (ASX: TRS) has downgraded its profit guidance.
Total sales in the second half to date are down 1% with comparable sales down 2.9%.
Due to the fact that the Reject Shop trades on such thin profit margins, net profit guidance has been downgraded to a full year net loss of between $1 million to $2 million. Previously it was guidance for net profit of $3.1 million to $4.1 million. The CEO Ross Sudano is going to leave the business.
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