Live ASX News Today
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3rd May 07:22 PM AEST
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3rd May 07:07 PM AEST
Crude oil slips on dampen demand in China
Image source: © 2022 Kalkine Media®
Crude oil prices slipped on Tuesday in the second day of thin trading in Asia amid rising COVID-19 cases in China and prospects for a supply hit from a possible European oil embargo on Russia. Though both the crude oil contracts rose more than 40 cents on Monday and extended their gains modestly during the early trading session on Tuesday.
Earlier, crude oil prices tumbled after China revealed its factory activity data on Saturday stating that the country’s economy contracted for a second month to its lowest since February 2020 because of COVID-19 lockdowns.
The prices of both crude oil benchmarks rose more than 3% in the last week when China’s central bank said that it will pump the country's monetary policy to support the economy which would eventually boost oil demand.
On Monday, Brent Crude oil settled at US$107.58/bbl, and WTI crude oil settled at US$105.17/bbl.
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3rd May 07:04 PM AEST
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3rd May 04:17 PM AEST
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3rd May 04:11 PM AEST
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3rd May 02:25 PM AEST
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3rd May 01:14 PM AEST
Aussie Broadband (ASX:ABB) shares rise on earnings guidance update
Image source – © Maciek905 | Megapixl.com
The shares of ASX listed telecom service provider Aussie Broadband Limited (ASX:ABB) are rising today following the earnings guidance update.
Aussie shares traded 1% higher at AU$4.04 per share at 12:03 PM AEST.
ABB believes that after acquiring Over the Wire, the combination of ABB and OTW will be EPS accretive on a pre and post synergy pro forma statutory FY21 basis.
The company expects targeted annual cost synergies of between AU$8-AU$12 million within three years.
Meanwhile, the ABB has already started Integrating OTW business and has achieved early synergy wins, moving significantly of its voice traffic onto the OTW tier 1 voice network. This further resulted in around AU$3m annualised EBITDA synergies already actioned.
As per ABB, OTW will likely deliver an EBIDTA of around AU$11 before transaction costs this financial year for the 3.5 months that ABB has owned OTW.
With OTW’s contribution, the company expects the full-year EBITDA to be in the range of AU$38 million to AU$39 million.
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3rd May 01:03 PM AEST
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3rd May 12:53 PM AEST
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3rd May 12:31 PM AEST
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3rd May 11:51 AM AEST
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3rd May 11:28 AM AEST
Fineos (ASX:FCL) confirms revenue guidance
Image source – © Iqoncept | Megapixl.com
The shares of Fineos Corporation Holdings Plc (ASX:FCL) are gaining attention today as the company reaffirmed its FY22 guidance.
Meanwhile, the stock traded 1.834% lower at AU$2.140 per share at 10:17 AM AEST.
In an ASX update, the company announced that it has reaffirmed its guidance from the interim result and expects to achieve a total revenue for FY22 at the lower end of the guidance range EUR$125-EUR$130 million.
It targets a positive free cash flow position in FY24.
Further, the company has also reaffirmed its subscription revenue guidance and expects a continued growth in the second half expected to deliver an annualised growth rate of approximately 30%.
Moreover, the company anticipates an annualised revenue rate (ARR) of EUR$53.1 million by 3Q22.
FINEOS’s move to rely more extensively on SI partners for product implementations reflects FCL’s outlook for services revenue. With a pipeline of cross-selling and up-sell opportunities with existing and new clients, the company anticipates further growth opportunities.
Apart from this, the company expects to capitalise on the market opportunity in FY23 with continued investment in R&D.
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3rd May 10:55 AM AEST
ASX 200 slid at open as investors brace for RBA rate hike
The Australian share market fell at the opening on Tuesday as investors remained cautious ahead of a central bank meeting where the RBA is expected to increase interest rates, for the first time in more than a decade. The benchmark ASX 200 index slid 0.41% or 29.9 points to 7,317.7 in the first 15 minutes of trading, while the ASX All Ordinaries index was down 0.32% to 7,599.3. The A-VIX surged 7.52% to 16.92.
On Monday, the Dow Jones Industrial Average surged 0.26% to 33,061.51, while the S&P 500 gained 0.57% to end at 4,155.39 points. The NASDAQ Composite ended the session 1.63% up at 12,536.02.
Coming to the top ASX 200 losers, Cleanaway Waste Management Limited (ASX:CWY) and Gold Road Resources Limited (ASX:GOR) were the biggest drag on the benchmark index, falling 4.28% and 1.67%, respectively. On the other hand, Life360 Inc (ASX:360) and Domain Holdings Australia Limited (ASX:DHG) were trying to support the market, gaining 3.06% and 2.04%, respectively.
On the sectoral front, six out of the 11 sectors were trading in the green with the utilities sector gaining the most, a 0.11% rise. On the losing front, the industrial sector was down 0.12%. Rest all sectors were trading almost flat, with a minuscule gain of loss.
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3rd May 09:51 AM AEST
Australian shares to fall ahead of RBA meet
The Australian share market is likely to extend its losses to Tuesday despite Wall Street rebounding in the overnight trade. According to the latest SPI futures, the ASX 200 is expected to open 25 points or 0.35% lower. The benchmark index fell 1.2% to 7,347 points.
Santos, TPG Telecom, and Nickel Mines are scheduled to hold their annual general meetings (AGMs) today. Woolworths and SSR Mining are slated to release their earnings update.
Meanwhile, all eyes would be on the Reserve Bank of Australia (RBA) as it would be holding an important cash rate meeting this afternoon. As per a Reuters poll, the RBA will raise rates for the first time in more than a decade on Tuesday and join a long list of central banks now expected to tighten policy at a much faster pace than previously thought.
Global stocks
Wall Street ended a volatile trading day higher on Monday and benchmark US Treasury yields breached the 3% mark as investors braced for a widely anticipated US Federal Reserve interest rate hike.
A report from the Institute for Supply Management showed US factory activity losing steam, its purchasing managers' index (PMI) coming in well below consensus. This followed a PMI report from China showing factory activity contracting for the second straight month as widespread COVID-19 shutdowns disrupted production and supply chains.