US Government to invest US$50 Million in Australia | ASX Market Update

June 22, 2020 09:22 PM AEST | By Team Kalkine Media

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Wholesale distributor Metcash is benefiting from a continuing growth in sales as customers rediscovered neighbourhood supermarkets during the coronavirus pandemic. The IGA supermarket supplier reported sales revenue for the 12 months to April 30 rose 2.9 per cent to $13.03 billion, led by growth in the food and liquor segments. The group benefited from extraordinary demand levels in the food segment in March and April amid panic buying during coronavirus-related restrictions, but said total sales even before this period had increased 0.2 per cent.

Building products manufacturer James Hardie has lifted its guidance for the June quarter after improved housing market activity, particularly in North America. The world's largest fibre cement maker now expects earnings margin at its key North American business to be between 27 to 29 per cent, compared to an earlier estimate of 22 to 27 per cent. Volumes in North America will be between flat to two per cent higher from its previous estimate of down three per cent.

Austal Limited (ASX:ASB) announced that the US Government, Department of Defense (DoD), in support of U.S. Navy Shipbuilding Industrial Base declared a US$50 million Defense Production Act Title III Agreement with Austal USA. The agreement would maintain, protect, & grow U.S.

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