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Investment firm surges after Brexit

THE market finished the week at 5518, down 30 points from the previous week’s close of 5548. The All Ordinaries finished down 0.2points or 0.003 per cent.
Nanjing Night Net

One of the best performing businesses was BT Investment, up 10 per cent over the week.

The fund manager surged following better than expected quarterly results, which showed the group hadnot been impacted to the extent feared from the UK’s Brexit vote. Cashunder management increased by $4.3 billion. The firm generates a large portion of its profits from its UK operations and closed the week at $9.81.

CSL has provided its chairman’s address to the companyAGM. For the year ended June 30, the companyreported net profit after tax of US$1.242 billionor in constant currency, US$1.357 billion. The company’s reported total revenue reached US$6.129 billion.

Investment in research and development is critical for future growth and the company invested US$614 millionacross the group in 2016. CSL climbed following the news and ended the week at $105.65. Origin Energy announced the successful extension of $4.51 billion of bank debt maturing in December 2018 to a new five-year maturity of October 2021. The existing limit of the bank’s debt remains unchanged at $7.4 billion, comprising $2.9 billionmaturing in December 2019 and $4.51 billionmaturing in October 2021. The company holds $6.6 billionof committed and undrawn debt. Origin ended the week on $5.54.

Iluka Resources tumbled almost six per centfollowing a broker downgrade. The downgrade follows Iluka’s announcement last Thursday that its mineral sands production fell 9.6 per centin the September quarter. Ilukafinished the week at $5.52.

The gold price finished at $1259.40 per ounce, the WTI oil price traded at $50.90 a barrel, and the Australian dollar was worth US $0.76088. The Dow Jones finished up 39.44 points to end the week at 18,138.38. This result caused the Share Price Index to finish down threepoints to end the week at 5414, which should lead to a neutral start to trading.

This story Administrator ready to work first appeared on Nanjing Night Net.

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