Overseas Market Report – U.S. Stocks Finish Mixed
U.S. stocks pared early losses to end mixed on Monday, with the Dow logging its highest close of the year despite a drop in oil prices.
Crude oil futures fell after Iran said it wasn't ready to agree to an oil output freeze.
At close the Dow was up 0.1%, the S&P 500 was down 0.1%, while the NASDAQ was flat.
For Australian ADRs listed on the NYSE, BHP Billiton slipped 36 cents (-1.32%) to $26.86, ResMed dropped 127 cents (-2.10%) to $59.09, Telstra Corporation rose 42 cents (2.15%) to $19.95, Spark New Zealand lost 32 cents (-2.61%) to $11.93 and Westpac declined 41 cents (-1.64%) to $24.63.
At 8:00 AM (AEDT), the 10-year Treasury note yield was 1.96% and the 5-year yield was 1.48%.
Shares of Starwood Hotels (HOT) were up 7.5% after the firm received an unsolicited offer from Chinese insurer Anbang. Anbang's offer of US$76 a share is more than the US$72 per share that Marriott (MAR) agreed to pay for the firm last year. The board continues to recommend the Marriott deal, but it is reviewing the new offer. Starwood would be on the hook for a US$400-million termination fee if it chose another suitor, making the offer amounts roughly similar.
European shares were higher Monday.
The French CAC 40, FTSE 100 and Germany's DAX were up 0.3%, 0.6% and 1.6%, respectively.
Asian markets rallied despite disappointing data.
The Shanghai Composite was up 1.8%, the Nikkei 225 rose 1.7%, while the Hang Seng gained 1.2%. India's Sensex lifted 0.4%.
Australian Market Report- Local Markets Are Expected To Open Higher
Ahead of the local open, SPI futures were 4 points higher at 5,177.
Monday 14 March – close. Local stocks had a good start to the week, following Friday night's gains on global equity markets. The local sharemarket gave up some of its early gains in afternoon trade, but remained in positive territory, with the Index heavyweight Telstra and the big banks leading the way. There were mixed results from the sectors; energy posted the biggest profits while consumer staples lagged behind the rest. The Australian dollar depreciated against most major currencies.
The All Ordinaries rose 17.60 points to 5,242.40 while the S&P/ASX 200 climbed 19.10 points to 5,185.50.
In This Issue
Flight Centre (FLT)
Flight Centre Travel Group announced that it had continued its global expansion by acquiring Business Travel Development (BTD), a small privately-owned corporate travel agency based in the Netherlands. These acquisitions have extended its company-owned presence to 14 countries. BTD turned over EUR10.3m during its FY2015. The acquired business has a lengthy association with the Company and was previously the FCM Travel Solutions corporate travel network's licensee in the Netherlands. The Company has created the global FCM network in 2005 and has since expanded it to more than 90 countries, through equity-owned businesses and independent licensees. Following the acquisition, its UK business, which is headed by Chris Galanty will oversee the FCM Netherlands operation. FLT added 99 cents to $44.84.
Telstra Corporation (TLS)
Telstra Corporation noted that the Company and San Miguel Corporation have been unable to reach commercial arrangements on a possible equity investment in a wireless JV in the Philippines and negotiations have therefore ceased. The Company has offered to continue technical network design and construction consultancy support to San Miguel Corporation. The Company in 2015 confirmed it had been negotiating a possible JV with San Miguel Corporation and envisaged investing up to US$1bn. TLS lifted 12 cents to $5.28.
Recent Contacts & Presentations
Troy Resources (TRY), Medusa Mining (MML), Red 5 (RED), OBJ (OBJ), Sino Gas & Energy Holdings (SEH), Ausdrill (ASL), Danakali (DNK), Matrix (MCE), OBJ Limited (OBJ), Tox Free Solutions (TOX), Energia Minerals (EMX), Berkeley Energia (BKY) , Finders Resources (FND), 4DS Memory Ltd (4DS) , Bionomics Ltd (BNO), Resolute Mining (RSG), Avanco Resources (AVB), Rift Valley Resources (RVY), Kilbaran Resources (KNL), Pantoro (PNR)
