The S&P/ASX200 opened lower taking clues from the Wall Street which closed in the red overnight. The index is down by 58.30 points to 7 thousand 114.50 at 11:53 am Australian Eastern Standard time after closing at a new 100-day high yesterday. People are also waiting to know the update on dealing with Unemployment benefits and JobSeeker with eye on budget planning for Agricultural and regional communities.
Federal Budget will be announced this evening at 7:30 pm Australian Eastern Standard time by Treasurer Josh Frydenberg. Lets move on to some news from ASX listed stock the Pendal Group.
Even after the placement being oversubscribed, the share price of Pendal is down today and is trading at $ 7.25, down by 1.23 per cent at 11:41 australian eastern standard time. Moving on to the next big news . Woolworths announced its intention to acquire 65 per cent stake in PFG last year, which drove ACCC attention to the said deal. Woolworths in response is trying to prove that trading terms and suppliers shall stay intact for the 2 businesses. the ACCC is seeking feedback from market participants on the proposed deal.