AU Morning Wrap: Westpac dividend up; iron ore weakens

Moomoo News AU wrote a column · May 9, 2022 08:09

G'day, mooers! Check out the latest news on today's stock market!
• Wall Street extended losses as jobs data back higher rates
• Australian shares opened lower on Monday; ASX 200 dropped 0.82 per cent
• Stocks to watch: Magellan Financial, AUB Group, TPG Telecom, Westpac
- moomoo News AU

AU Morning Wrap: Westpac dividend up; iron ore weakens

Wall Street Summary
US stocks added to Thursday's heavy losses as long-term interest rates climbed to their highest since 2018. Nine of eleven sectors declined as evidence of wages pressure overshadowed stronger-than-expected employment figures.

The $S&P 500 Index (.SPX.US)$ retreated 24 points or 0.57 per cent in choppy trade. The $Dow Jones Industrial Average (.DJI.US)$ gave up 99 points or 0.3 per cent. The $Nasdaq Composite Index (.IXIC.US)$ dropped 173 points or 1.4 per cent to a two-year low.

AU Market Watch
Australia's S&P/ASX 200 is set open down after Wall Street weakened as investors mull the impact of potential interest rates rises. ASX futures are down 0.7%.

Australian shares opened lower this morning. The $S&P/ASX 200 (.XJO.AU)$ lost 0.82 per cent to 7147 as of 10:11 am.

Stocks to Watch
$Magellan Financial Group Ltd (MFG.AU)$: Magellan Financial has entered into an agreement to sell its 11.6 per cent interest in Guzman y Gomez (GYG) for cash consideration of $140 million.

$AUB Group Ltd (AUB.AU)$: AUB Group has entered into a binding agreement with sellers Odyssey Investment Partners to purchase London-based insurance broker Tysers for $880 million.

$TPG Telecom Ltd (TPG.AU)$: TPG Telecom has entered into a binding agreement to sell 100 per cent of its passive mobile tower and rooftop infrastructure to OMERS Infrastructure Management for an enterprise value of $950 million.

$Westpac Banking Corp (WBC.AU)$: Westpac has reported cash earnings of $3.1 billion for the first half of 2022, up 71 per cent on the prior half, but down 12 per cent on the prior corresponding period.

Ex-dividend Companies: $ANZ Group Holdings Ltd (ANZ.AU)$, $NAOS Absolute Opportunities Co Ltd (NAC.AU)$, $NAOS Small Cap Opportunities Co Ltd (NSC.AU)$

Dividends Paid Companies: $Gryphon Capital Income Trust (GCI.AU)$, $Metrics Income Opportunities Trust (MOT.AU)$, $Metrics Master Income Trust (MXT.AU)$

Commodities
• Iron ore futures fell to US$138.4 a tonne last Friday.
• Oil prices remain tenacious as Ukraine-Russia conflicts and the EU embargo risks help keep prices elevated.
• Gold is still trying to stabilise amid the bond market selloff (which pushes yields up).

Source: Dow Jones Newswires, Market Index

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