The ASX 200 (INDEXASX: XJO)(^AXJO) is expected to open lower today, the USA’s S&P 500 Index (.INX) fell by 0.53% on Friday.
Australian Dollar ($A) (AUDUSD): 67.60US cents
Dow Jones (DJI): down 0.26%
Oil (WTI): $US55.91 per barrel
Gold: $US1,497 per ounce
ASX Sharemarket News
In ASX sharemarket news, Nufarm Limited (ASX: NUF) reported its full annual result for the 12 months to 31 July 2019.
Nufarm’s revenue grew by 13.6% to $3.75 billion and regular net profit after tax decreased by 9.5% to $89 million. Net profit after material items improved to $38.3 million from a $15.6 million loss a year ago.
The company also announced that it has entered into an agreement to sell its South American crop protection and seed treatment operations to Sumitomo Chemical Company for $1.12 billion.
It’s also Sumitomo’s preferred commercialisation partner for fungicides Pavecto and Indiflin in Germany, Poland and the UK.
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The share price of Gentrack Group Ltd (ASX: GTK) could come under pressure today after downgrading its FY19 expectations for EBITDA (click here to learn what EBITDA means) due to increased bad and doubtful debt provisions in the UK utilities market which has deteriorated over the last quarter.
EBITDA is now expected to be in a range of NZ$25 million to NZ$26 million, down from guidance of NZ$27 million to NZ$28 million.
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Blackmores Limited (ASX: BKL) is making an appearance in the media this morning after the recent takeover of Bellamy’s Australia Ltd (ASX: BAL) shows how important China is to some of these companies and how vulnerable they are.
The Australian Financial Review quoted Marcus Blackmore saying that a Chinese takeover offer is “top of the mind all the time” and that he’s looking for a joint venture partner in China.
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