Welcome to Thursday. Here are the five things I'm looking at today on the Australian sharemarket.
- The S&P/ ASX 200(Index: ^AXJO) (ASX: XJO) has opened up 0.4% despite Wall Street slipping last night.The Dow Jones Industrial Average fell 0.2% as did the broader S&P 500 while the tech-heavy NASDAQ also lost 0.2%..
Brent crude oil prices gained overnight, rising 2.8% to US$57.95 per barrel while iron ore slipped for the seventh day in a row losing 0.9% to US$57.61 per tonne.
The Australian dollar was crunched yesterday and is currently buying 75.9 US cents.
- The sinking iron ore price has claimed another victim. This time giant commodities trader and resources company Glencore has abandoned its Askaf iron ore project, through 88% owned and ASX-listed Sphere Minerals Limited (ASX: SPH). Sphere announced yesterday that it see "no prospect for profitable development of the Askaf project", and will take a US$192.5 million impairment charge, writing down its Askaf valuation to zero.Arrium Limited (ASX: ARI) has been forced to place one of its iron ore mines on care and maintenance already, and further mine closures are likely – it's only a matter of time.
- The struggle for control over the beleaguered TV broadcaster Ten Network Holdings Ltd (ASX: TEN) continues. This time Discovery Communications and partner Foxtel are reported to have lobbed a lower offer for the free-to-air network. Discovery is believed to have offered 23 cents per share previously.At the same time, major shareholder and billionaire Bruce Gordon has also offered to inject up to $100 million into Ten – but has asked for two board seats in return. Mr Gordon holds 14.9% of Ten.
- Tweet of the Day
To be clear. Accessing super for anything other than retirement is an awful idea
Scott Phillips (@TMFGilla) March 11, 2015Not that we are biased, but our superannuation system was designed to fund our retirements – not buy houses or anything else.
- Stock of the Day– brought to you by myself – Nanosonics Ltd (ASX: NAN). The maker of a unique ultrasound probe disinfection, Trophon EPR, has upset retail shareholders, after a capital raising that doesn't treat all shareholders equally. It's a black mark against the company.
