ASX Market Report
|All Ordinaries||5448||-26||-0.47||$A vs $US||0.7234||0.0043||0.59|
|S&P/ASX 200||5379||-29||-0.54||$A vs GBP||0.4946||0.0032||0.64|
|10-year Bond Rate||2.31||0.03||1.32||$A vs YEN||80.45||0.72||0.90|
|$A vs EUR||0.6499||0.0049||0.76|
|$A vs $NZ||1.0771||0.0052||0.48|
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|ASX Code||Company Name||Impact||Recommendation|
|CSL||CSL Limited (CSL)|
|MYX||Mayne Pharma Group Limited (MYX)|
|SXL||Southern Cross Media Group Limited (SXL)|
|SKI||Spark Infrastructure Group (SKI)|
Tuesday 31 May - The Australian market experienced losses on the final trading day of May. Local stocks had a sharp fall after open, clawed back some ground before lunch time, but fell again before the closing bell. The big banks and energy suppliers weighed heavily on the ASX, while Wesfarmers and Woolworths gave up all of yesterday's gains. Most sectors performed negatively, with only consumer discretionary and information technology edging higher. The Australian dollar appreciated against most major currencies.
The All Ordinaries fell 25.80 points (-0.47%) to 5,447.80 while the S&P/ASX 200 dropped 29.40 points (-0.54%) to 5,378.60.
FlexiGroup Provided FY16 Cash NPAT Update and Strategy Briefing. The Company is focusing on core (high ROE) business units of Cards, Certegy and Leasing discontinuing non-core (low ROE) business units of Blink, Think Office Technology and Flexi Enterprise and divesting or writing off associated assets.The Company is launching new payments business and has commenced signing partners already. The FY16 dividend will be 50-60% of Cash NPAT, not Statutory NPAT, so the asset write-off will not affect the dividend payment. FY16 Cash NPAT guidance 97.0m with 8% YoY Growth. FXL slumped 15 cents (-6.79%) to $2.06.
National Australia Bank (NAB)
National Australia Bank provided prospectus for offer of its Capital Notes 2. Each Capital Note 2 will have an Issue Price of $100 and an expected Margin in the range of 4.95% to 5.10%pa over the 90-day bank bill rate. The Offer is expected to raise $750m with the ability to raise more or less. The Prospectus does not contain the Margin or the Application Form. A replacement Prospectus containing the Margin and an Application Form will be lodged with ASIC and the ASX once the Margin is determined. Record Date for Offer was 26 may 2016 whereas Offer Closes on 30 June 2016. The net proceeds of the Offer will be used for general corporate purposes. APRA has provided confirmation that Capital Notes 2 once issued will qualify as Additional Tier 1 Capital for the purposes of its regulatory capital requirements. NAB lost 10 cents (-0.37%) to $27.15.
The NZX added 19.77 points (0.28%) to 7,039.41 while the Nikkei rose 166.96 points (0.98%) at the time of writing to be last quoted at 17,234.98.
The Australian dollar was last quoted at 72.34 US cents.
Companies commencing Ex-Dividend Trading Today (ASX 300):
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