Welcome to Thursday. Here are the five things I'm looking at today on the Australian sharemarket.
- The S&P/ ASX 200 Index (Index: ^AXJO) (ASX: XJO) has opened higher following gains on US markets overnight. The NASDAQ gained 0.8%, while the Dow Jones and S&P 500 each added more than 0.3%. But the ASX 200 has reversed course and is currently trading flat.
- Myer Holdings Limited (ASX: MYR) has seen its shares sink more than 7% to $2.29 after the department store retailer announced a 22.6% fall in net profit to $98.5 million for the 2014 financial year. The dividend also fell from 18 cents last year to 14.5 cents this year.
While growth in same-store sales was low, costs have increased dramatically and Myer says it was unable to pass on cost increases to customers due to strong competition.The company says costs will continue to increase this financial year. - AngloGold Ashanti Limited (Chess) (ASX: AGG), a multi-exchange-listed gold miner, has announced a restructure of its business, which could see it de-list from the ASX. Shares in Anglo have dropped 16.2% to $3.10 in early trading. The company also plans to raise US$2.1 billion in equity to recapitalise its business.
Who said gold miners were good businesses?
- Tweet of the Day.
Big banks may need $41b more capital, UBS says https://t.co/H7AiUY02nb via @FinancialReview
christopher joye (@cjoye) September 11, 2014
Surprising that an ex-bank CEO, David Murray and head of the financial service inquiry may come down hard on Australia's big banks. - Stock of the Day – brought to you by Andrew Mudie is Australian Leisure & Entrtmt Pty Ltd (ASX: LEP). Otherwise known as the ALE Property Group, the company owns a large number of hotels, bottle shops and pubs leased to retailer Woolworths Limited (ASX: WOW). For investors who like their dividends – you might want to read more here.
