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ASX 200 (XJO) To Open Lower, 3 ASX Shares To Watch

The ASX 200 (INDEXASX:XJO)(^AXJO) is expected to open lower today, the USA’s S&P 500 Index (.INX) fell by 0.01% on Monday.
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Jaz Harrison

Jaz is a Staff Writer for Rask. She is a keen investor who loves to thoroughly poke holes in an investment idea before it has a chance of making it into her portfolio. Jaz invests for the long-term and doesn't sweat the small stuff. She strongly believes that empowering people with knowledge is the best way for them to take charge of their finances, which is exactly the approach she takes with her own money and investments.
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The ASX 200 (INDEXASX: XJO)(^AXJO) is expected to open lower today, the USA’s S&P 500 Index (.INX) fell by 0.01% on Monday.

Australian Dollar ($A) (AUDUSD): 67.76US cents

Dow Jones (DJI): up 0.06%

Oil (WTI): $US58.40 per barrel

Gold: $US1,523 per ounce

ASX Sharemarket News

In ASX sharemarket news, TOWER Limited (ASX: TWR) has announced that it’s going to buy the Youi New Zealand insurance portfolio and raise capital.

Tower will be acquiring 34,000 in-force policies for a total purchase price of NZ$13 million with Tower policy renewals to be offered as the current Youi NZ policies expire. It represents an 8% increase on Tower’s current NZ gross written premiums (GWP).

Tower CEO Richard Harding said: “The purchase of Youi’s portfolio will assist us to accelerate our growth and we are now firmly positioned as a challenger brand focused on delivering good customer outcomes and value for our shareholders.”

Tower will raise NZ$47.2 million in the capital raising.

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It has been revealed by the Australian Financial Review that Westpac Banking Corp (ASX: WBC) is trying to win more market share by lowering its loan serviceability level from 5.75% to 5.35%.

This helps some potential borrowers get a loan whereas before they wouldn’t be able to. Westpac said it probably won’t change loan volume, but it will offset the impact of household expenditure measure (HEM) data.

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Summerset Group Holdings Ltd (ASX: SNZ) has announced that that it has purchased land for its Australian village.

It’s an eight-hectare property located in Cranbourne North, in the south-east of Melbourn, and it’s located next to shopping centres, a golf course, public transport and near to public reserves with walking tracks.

Summerset CEO Julian Cook said: “We have made clear our plans for Melbourne for some time now and believe this market is an attractive growth opportunity for us.”

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