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  • 23rd Feb 03:08 AM PST

  • 23rd Feb 02:40 AM PST

  • 23rd Feb 02:35 AM PST

  • 23rd Feb 02:28 AM PST

  • 23rd Feb 02:21 AM PST

    Why construction firm Probuild might go into administration

    Image source: © Khunaspix | Megapixl.com

    Probuild, 88% owned by Johannesburg-listed Wilson Bayly Holmes-Ovcon (WBHO), is likely to go into administration as the company is in massive debt after making immense losses in projects around the country. On Wednesday, the workers were told to pack their equipment, pack up and leave the site.

    WBHO attempted to sell the business to a third party but did not get approvals from the Australian Foreign Investment Review Board in 2021. WBHO decided to downsize the business by withdrawing operations from WA and Queensland markets by the end of FY22, in order to reduce the exposure from high-risk projects. The company shifted its focus to smaller projects to stabiles the business. Still, Probuild reposted massive loss due to Covid-19.

    Official statement by the company is expected tomorrow.

  • 23rd Feb 01:49 AM PST

  • 22nd Feb 11:55 PM PST

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  • 22nd Feb 07:13 PM PST

    Oil hovers near US$100/bbl as the US announces Russian sanctions

    Source: Copyright © 2022 Kalkine Media®

    Crude oil prices hovered near US$100/bbl on Tuesday to reach the highest level since 2014 after the tension between Russia and Ukraine escalates. The country has ordered troops into two autonomous regions in eastern Ukraine.

    However, the Brent crude trimmed its gains at the later trading sessions after the Western government announced sanctions intended to stop the beginning of a full-scale invasion.

    May delivery Brent Crude oil futures last traded at US$93.97 per barrel up 0.63%, whereas April delivery WTI crude oil futures traded 0.18% up at US$92.08 per barrel as of 23 February 2022 at 12:58 PM AEDT.

    On Monday, Russian forces killed a group of five saboteurs who breached Russia’s southwest border from Ukraine. However, Ukraine called it a piece of fake news.

    The US and Britain announced sanctions targeting Russian banks while Europe blacklisted more politicians. Germany, on the other hand, stopped the US$11 billion Nord Stream 2 project.

  • 22nd Feb 06:49 PM PST

  • 22nd Feb 06:32 PM PST

  • 22nd Feb 04:48 PM PST

    ASX 200 opens in green; Paladin Energy, Cochlear lead gains

    The Australian share market edged higher on Wednesday, despite Wall Street endling noticeable lower on Tuesday as US President Joe Biden joined European countries in announcing a series of sanctions on Russia after it deployed troops into two separatist regions of Ukraine. The ASX 200 was trading 0.36% up at around 7,167.4 in the first 15 minutes of trading.

    On Wall Street, the Dow Jones Industrial Average fell 1.42% to 33,596.62, while the S&P 500 was down 1.01% to 4,304.77. The NASDAQ Composite ended the session 1.23% lower at 13,381.53.

    As of 11:00 AM AEDT, the ASX 200 was trading 0.25% or 17.6 points up at 7,178.9, while the ASX All Ordinaries index was up 0.31% or 23.1 points to 7,445.3. The A-VIX fell by 3.49% to 16.89.

    On the gaining front, Paladin Energy Limited (ASX:PDN) and Cochlear Limited (ASX:COH) were the top gainers, rising 7.95% and 7%, respectively. On the other hand, Domino’s Pizza Enterprises Limited (ASX:DMP) and Ramelius Resources Limited (ASX:RMS) were the top losers, falling 12.58% and 9.03%, respectively.

  • 22nd Feb 04:05 PM PST

    Why Woolworths’ (ASX:WOW) share price would be on watch today

    The Woolworths Group Ltd (ASX:WOW) share price would be closely watched on Wednesday after the retail giant released its half year results. While Woolies’ continuing operation sales rose 8% to AU$$31.9 billion, the net profit slipped 6.5% to AU$795 million for the period ended 2 January 2022. The earnings before interest and tax (EBIT) fell 11% to AU$1.38 billion.

    On Tuesday, Woolworths’ shares closed flat at AU$35.20. The stock is down 8.5% year-to-date (YTD). In the past one year, the stock has risen over 6%.

    Due to weak profit, the retail group slashed its interim dividend. The company said that the given half year period was one of the most challenging periods it had experienced, on account of COVID-19-related costs and BIG W store closures.

    The ASX-listed retailer’s board cut its dividend to 39 cents in the first half of the year, down from the 40 cents per share declared a year ago, excluding Endeavour Group.

    The company also said that the Australian food sales grew on a strong note in the first few weeks of the new fiscal due to Omicron. However, Big W store sales remained weak.

  • 22nd Feb 04:05 PM PST

    ASX 200 to fall after US, Europe announce sanctions against Russia

    The ASX 200 is expected to fall once again on Wednesday as Wall Street fell sharply after US and Europe announced a series of sanctions against Russia following its movement of troops into two separatist regions of Ukraine.

    According to the latest SPI futures, the ASX 200 is expected to open the day 15 points or 0.2% lower. The benchmark fell 1% on Tuesday.

    On the other hand, Rio Tinto, Woolworths, Pilbara Minerals, Spark, Meridian, Ramelius and Mount Gibson are a few ASX-listed firms which are scheduled to announce their earnings today.

    On Wall Street, the Dow Jones fell 1.42%, the S&P 500 tumbled 1.01%, and the NASDAQ ended 1.23% lower.

    The European Union also agreed on new sanctions against Russia, while German Chancellor Olaf Scholz halted the new Nord Stream 2 gas pipeline from Russia and Britain acted against Russian banks.