The S&P/ASX 200 (ASX: XJO) is expected to trade down today with the Sydney Futures Exchange pointing to a negative open, following Wall St overnight.
Making investment headlines today is JANUS/IDR UNRESTR (ASX:JHG) (“Janus Henderson”), Nufarm Limited (ASX:NUF) and Selfwealth Ltd (ASX:SWF).
What’s going on in markets?
As Marcus Padley writes, “The computers have well and truly taken over the asylum. The ‘Buyden’ bounce has turned into the ‘Sellden’ fall. How can anyone make rational decisions based on these movements?” To keep reading Marcus’ update, click here.
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ASX 200 News Today
1. Janus Henderson
Janus Henderson is a global asset management business headquartered in London, UK. It offers a wide range of financial products to individuals, advisors and institutional investors around the world including in the US, UK and Australia.
It currently manages more than US$325 billion of assets, has more than 2,000 employees worldwide and 28 offices across the globe. This morning, the dual-listed financial company announced it will undertake a $US200 million share buyback program across both its US (NYSE) listed share base and its Australian (ASX) Chess Depositary Interests (CDIs).
2. Nufarm Limited
Nufarm is one of the world’s leading developers and manufacturers of seed and crop protection solutions, helping farmers fight disease, weeds and pests to increase crop yields. With the company’s origins dating back over 100 years, Nufarm has built a global crop protection business with operations in North and South America, Europe, New Zealand and Asia.
In an ASX release today, Nufarm said it had received clearance to sell Nufarm Brazil to Sumitomo from the General-Superintendent of the Administrative Council of Economic Defence (CADE).
This approval will trigger a 15-day review period during which time an appeals panel can ask for a second review. The gross purchase price is $1.188 billion, which Nufarm says it will use to pay down debt.
In other news, Nufarm updated its operating profit (EBITDA) outlook for the first half of its 2020 financial year. The company confirmed its previous guidance of EBITDA between $55 million and $65 million. The impacts of the Brazil sale will be reflected in the financials for the second half of FY20.
3. SelfWealth Ltd
SelfWealth is a Melbourne-based financial services business offering a community of users the ability to access share research and trade shares. The $25 million company this morning updated the market on its performance in February 2020.
The company said it added 2,581 new active traders to its platform, 11% growth in overall active traders. SelfWealth said that trades completed by its 26,000 active traders rose to 42,396 during the month of February, up 29% on the previous month.
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