The ASX 200 (INDEXASX: XJO)(^AXJO) is expected to open lower today, the USA’s S&P 500 Index (.INX) fell by 0.95% on Tuesday.
Australian Dollar ($A) (AUDUSD): 69.58US cents
Dow Jones (DJI): down 0.67%
Oil (WTI): $US58.77 per barrel
Gold: $US1,418 per ounce
ASX Sharemarket News
In ASX sharemarket news, construction business Fletcher Building Limited (ASX: FBU) has given an investor presentation to the market this morning.
Fletcher Building has announced it’s going to do an on market share buy-back of up to NZ$300 million with some of the proceeds from its NZ$1.2 billion Formica sale. The company will also repay around NZ$600 million of debt. Around $250 million of cash outflows is needed to complete legacy projects.
The New Zealand company also confirmed its FY19 guidance for EBIT (click here to learn what EBIT means) before significant items of NZ$620 million to NZ$650 million. The company’s dividend policy remains unchanged, it is targeting a payout ratio of 50% to 75% of net profit before significant items.
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IT businesses ARQ Group Ltd (ASX: ARQ) has given a transformation update and a full year outlook.
The company has consolidated ten brands into two, ARQ Group for the premium end of services and Netregistry for the small business market. ARQ is also flattening and broadening its organisational structure to streamline decision making, two senior roles have left the business.
ARQ Group is forecasting ‘underlying’ EBITDA (click here to learn what EBITDA means) in the range of $22 million to $25.5 million, with the Core Operations business expected to deliver underlying EBITDA of $15.5 million to $18.5 million.
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Construction business CSR Limited (ASX: CSR) is holding its annual general meeting (AGM) today.
The business reminded investors of its significant property portfolio in Western Sydney totalling 455 hectares with a number of these sites already zoned or in the process of being rezoned over the next five years.
For FY20 the company said the first two months is similar to the last quarter of FY19.
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