Global markets were mixed overnight as investors await US earnings season to kick into gear.
In Jeremy's latest podcast episode he discusses PaySauce. PaySauce (PYS) has quietly reverse listed in December and is finding its feet as a public company. In the second part of the episode he discusses Kathmandu and interesting news that McDonalds are buying a 9.9% share in NZX listed company Plexure.
Listen to the episode by clicking HERE.
Stock in Focus: Bank of Queensland (BOQ:ASX)
Bank of Queensland (BOQ) shares were hit hard yesterday after the bank reported a poor first-half result. It reported its cash earnings were down, interest margin was tighter, and cost-to-income ratio was up.
In response, BOQ cut its payout after an eight per cent slide in first-half cash earnings to $167 million, with the lender admitting its performance had missed expectations despite wider industry disruption. BOQ management also flagged that the challenges will get steeper as it grapples with issues facing its retail bank and headwinds from the royal commission.
We currently have a HOLD recommendation on BOQ.
Australia & New Zealand Market Movers
The Australian share market fell on Thursday (ASX 200 index -0.40%) as the major miners gave back some recent gains and the big banks had a weak trading session following a weak result from Bank of Queensland. In stock news, Amcor shares rose after the company's buyout of US packaging group Bemis Company was given the green light by Brazil's competition regulator without forcing any asset sales.
The New Zealand market snapped its losing streak yesterday (NZX 50 index +0.60%) with retirement stocks clawing back some of their recent losses since Summerset Group's observation that a slowing property market had dented unit sales. Aged-care operator Oceania Healthcare – which is outside the benchmark index – provided an update to investors on its development plans, which seeks to deliver an average of 250 new residences every year.
3 Things Markets Will be Watching this Week
- This week marks the start of the US first-quarter reporting season.
- The European central bank makes an interest rate decision Wednesday night (AU/NZ time).
- The Reserve Bank of Australia’s semi-annual Financial Stability Review is released on Friday.
Have a Great Day,
