Auckland Grandad Gunned Down in Van

August 20, 2024

Good Morning,

The market reacted savagely to a perceived slowdown in infant formula marketer A2 Milk’s growth outlook, Contact Energy announced a net profit for the year of NZ$235m - up 85% on a year earlier, homicide investigation launched after Auckland grandad gunned down in van, Britons and Americans among missing after yacht sinks off Sicily in storm.

Let's jump in.

Before The Bell

Markets

  • NZ shares stumble as a2 Milk outlook sours (GR)

  • ASX edges up; a2 Milk plunges 19pc; Westpac rallies (AFR)

  • Gold trades near historic US$2,500 mark on Fed rate-cut optimism (RT)

Earnings and Data

  • The market reacted savagely to a perceived slowdown in infant formula marketer A2 Milk’s growth outlook, slashing its share price as much as 21% from the stocks August 16 closing price (NBR)

  • Contact Energy announced a net profit for the year of NZ$235m, up 85% on a year earlier, and revenue up 35% to NZ$2.86bln (NBR)

  • Westpac is the latest bank to reveal that profit margin pressures are fading as the ultra-competitive mortgage wars cool (AFR)

  • Suncorp lifted net profit by 12% to A$1.2 billion for the 2023-24 financial year. It increased its full-year dividend to a fully franked 78¢ per share, up from 60¢ in 2023 (AFR)

News Summary

  • Pakuranga shooting: Homicide investigation launched after Auckland grandad gunned down in van (Herald)

  • Support for coalition Government remains steady in latest poll (Stuff)

  • Man seeks medical assessment after consuming meth-laced lollies (Stuff)

  • Sydney man handed A$1.8m fine after illegally preparing thousands of tax returns (9 News)

  • Fisherman spends night in ICU after freak whale strike off the Gold Coast (9 News)

  • Drug dealer accused of killing debtor in western Sydney home invasion (9 News)

  • Chinese and Philippine ships collide near disputed Sabina Shoal in South China Sea (Guardian)

  • Britons and Americans among missing after yacht sinks off Sicily in storm (Guardian)

Deal Flow

Investments / M&A

  • Couche-Tard Seeks to Buy US$31 Billion Owner of 7-Eleven Stores (BBG)

  • Standard Chartered in talks to run Anglo American’s nickel sale (AFR)

  • Brookfield’s Aveo sells SA portfolio before A$3.5b-plus auction (AFR)

  • Pakistan’s Bank Alfalah Chases More Deals With Samba Buyout Underway (BBG)

Daily Picks

  • Fish trader fined $360k and employee jailed for buying and selling stolen fish (Stuff)

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