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Welcome to Kalkine Media’s daily update of the latest events in the AU financial markets, the economy and major corporate moves -
A2 Milk has upgraded its full-year outlook amid a surge of shoppers stockpiling products during the COVID-19 crisis.
The New Zealand-based dairy producer is among the many food retailers to benefit from the panic-buying of essential items as consumers faced lockdown measures to halt the spread of the coronavirus. Despite uncertainty from COVID-19, revenue for FY20 is expected to be in the range of $A1.61 billion to $A1.65 billion. The company's share price hit an all-time high of $19.23 last week and has climbed about 30 percent in 2020 compared to a 23 percent drop for the wider market.
A rush to stockpile groceries and office supplies ahead of looming COVID-19 lockdown measures pushed retail turnover up by a monthly record of 8.2 percent in March. Shoppers frantically buying food staples and electronics drove March retail turnover up by $2.2 billion to $30.04 billion, according to preliminary seasonally adjusted figures released on Wednesday.
Ramsay Health Care will try and raise $1.4 billion to boost its balance sheet after elective surgery stopped in many countries due to the coronavirus pandemic. Ramsay on Wednesday said it aims to raise $1.2 billion through an underwritten institutional placement and $200 million through a share purchase plan.
Netflix has more than has doubled its own projections for new customers as quarantined audiences binged on series such as Tiger King, but the company predicted a weaker second half of the year if stay-at-home orders to fight the coronavirus are lifted.The world's largest streaming service gained 15.8 million paying customers from January through March, bringing its global total to 182.9 million.
