Sydney Hub: Markets Live: ASX set for gains amid Cyprus talks

9:50am: Also in local news, Westfield Group, the world's biggest shopping centre operator by assets, said it sold half shares in six malls in Florida to O'Connor Capital Partners for about $US700 million ($670 million).

Westfield agreed to sell a 49.9 per cent interest in the shopping centres at book value, valuing the joint venture with the New York based real estate investment and development company at about $US1.3 billion, the Sydney-based company said in a statement to the Australian stock exchange.

Westfield will continue to manage, develop and lease the properties, it said.

9:49am: Leighton shares will be in the spotlight again today after losing 6.9 per cent.

At a hastily convened board meeting on Sunday night, Leighton installed long-serving independent director Bob Humphris as chairman, who will oversee a testy transition of the board following the shock departures of chairman Stephen Johns and directors Ian Macfarlane and Wayne Osborn on Friday.

Mr Johns cited an irreparable "breakdown in relations" and interference from an ACS-controlled Hochtief as his reasons for quitting.

You can read more on this story here.

9:42am: Turning to local news, toy distributor Funtastic has shrugged off a tight retail market to deliver a 68 per cent jump in first half profit.

The $9.3 million net profit for the six months to January 31 included a $3.3 million payout to the company as part of its distribution of Lego toys.

Funtastic announced a fully franked dividend of 0.5 cents per share, the company’s first dividend since 2006. Chief executive Stewart Downs said the first half results demonstrated that Funtastic could deliver strong profits in a challenging retail environment.

‘‘These results also highlight the fact that our Funtastic Brands business has become the growth engine of the group,’’ Mr Downs said in a statement.

9:37am: Locally this week, as minds turn towards the Easter long weekend, we've looking at a faily quiet one on the economics and companies fronts, at least as far as scheduled events go:

Today: Domino’s Pizza Enterprises special meeting

Wednesday: RBA financial stability review released, QBE Ltd annual general meeting, Hills Holdings market update

Thursday: ABS jobs vacancies, ASX24 to cease trading a midnight

9:35am: The Cyprus talks came as the central bank imposed a 100-euros per day withdrawal limit at cash machines for the island's two biggest banks to avert a run on the lenders.

A spokesman for second largest lender Cyprus Popular Bank, which had previously limited withdrawals to 260 euros, said the new measure would remain in place until the bank reopens, scheduled for Tuesday, or until confirmation of continued emergency funding from the European Central Bank.

A government official, who declined to be named, said the restriction also applied to Bank of Cyprus. The official had earlier said the measure applied to all local banks on the island. Other banks have not imposed limits.

9:35am: As we enter the new week, the Cyprus situation remains a case of watch this space. Talks with Eurogroup partners on conditions for resurrecting a Cyprus bailout to avert a looming banking system meltdown finally got under way after a delay of four hours on Sunday, two European Union sources said.

The gathering of finance ministers from the states that share the euro currency with Cyprus came after eight hours of meetings for Cyprus President Nicos Anastasiades with bosses from the ECB, the IMF, the EU and the eurozone.

However, further eurozone governmental sources said the decision to bring in the waiting finance ministers was to bring them up to date with the state of the talks among the heads.

Asked if the development could be taken as a positive sign that a deadlock could be broken, or if leaders were passing down the more difficult details, one of these sources said to "take the second scenario."

Sunday, March 24, 2013

Markets Live: ASX set for gains amid Cyprus talks - Sydney Morning Herald

No comments:

Post a Comment