ASX Market Report
|All Ordinaries||5503||-58||-1.04||$A vs $US||0.7401||-0.0019||-0.25|
|S&P/ASX 200||5444||-56||-1.02||$A vs GBP||0.5865||-0.0027||-0.46|
|10-year Bond Rate||2.84||0.09||3.09||$A vs YEN||84.44||-0.11||-0.13|
|$A vs EUR||0.6929||-0.0029||-0.42|
|$A vs $NZ||1.0434||-0.0023||-0.22|
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|ASX Code||Company Name||Impact||Recommendation|
|MPL||Medibank Private Limited (MPL)|
Friday 2 December - The Australian market experienced a dismal day. Heavy losses from resource stocks and the big banks wiped out all of yesterday's gains, while Bellamy's turned out to be the worst performer, dropping more than 43 per cent after a disappointing update. All sectors ended this session with red figures, with health care posting the biggest falls. The Australian dollar depreciated against most major currencies.
The All Ordinaries slumped 57.80 points (-1.04%) to 5,502.60 while the S&P/ASX 200 fell 56.20 points (-1.02%) to 5,444.00.
Link Administration Holdings (LNK)
Link Administration Holdings noted that on 10 November 2016, the Company announced that it had submitted a proposal to acquire Pillar from the State of NSW (Binding Proposal). Following consideration by the State of NSW, the Company has been informed on 2 December 2016 (pursuant to a media release issued by the State of NSW), that the Binding Proposal was unsuccessful. Although disappointed with the result, the Company continues to remain active in considering and assessing a range of other opportunities and is focused on improving the business, increasing efficiencies, enhancing services and creating shareholder value. LNK lost 23 cents (-3.07%) to $7.25.
Alumina noted that Alcoa Corporation has announced that on 1 December 2016, the Portland aluminium smelter in Australia experienced a power outage and as a result has halted production on one of two potlines. AWAC has a 55% interest in the smelter. The other potline is operating but may experience a significant amount of instability in the shortterm. The financial impact of this matter is unknown at this time and the Company will provide an update if the financial impact is determined to be material, at such time a reasonable estimate can be made. AWC fell 5 cents (-3.31%) to $1.61.
The NZX fell 27.89 points (-0.40%) to 6,904.85 while the Nikkei lost 91.77 (-0.50%) points at the time of writing to be last quoted at 18,421.35.
The Australian dollar was last quoted at 74.01 US cents.
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