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Published on: Tuesday, December 06, 2016

  • Wall Street and European shares rose on Monday, despite the Italian Prime Minister Matteo Renzi’s heavy referendum defeat. The Dow Jones rose 0.2%, while the S&P 500 rose 0.6% and the NASDAQ gained 1%. The broad-pan European STOXX 600 index rose by 0.6%, the German Dax rose 1.6% and the UK FTSE rose 0.2%. The only major country index to fall was Italy’s – down by 0.2%. The Italian Prime Minister offered to resign in the wake of the no vote. 
  • A rival bid looms for Duet Group, with a counter-bid from China’s State Grid and Singapore Power considered likely after a $7.3 billion cash bid from Cheung Kong Infrastructure. The energy network operator was understood to have notified at least one other potential suitor after receiving a bid over the weekend, according to The Australian. There’s now speculation that China’s state-owned State Grid and partner Singapore Power are circling the asset. Duet Group shares closed at $2.74 yesterday.
  • Origin Energy has announced its intention to divest by IPO its conventional upstream business with New Company (NewCo), to be ASX listed. “NewCo will include Origin’s interests in the Otway Gas Project, BassGas Project, Kupe Gas Project, and the Perth, Cooper, Bonaparte and Canterbury basins,” said a statement to the ASX. Origin Energy will retain its energy markets business and its interest in the Australia Pacific liquefied natural gas project, Ironbark and the Browse and Beetaloo basins. The decision to divest is part of Origin’s strategy to focus the business and reduce debt.
  • The New Zealand Prime Minister John Key announced his resignation yesterday after eight years in the top job. The New Zealand Prime Minister said he had “nothing left in the tank” and backed his deputy Bill English for the position. The National Party caucus will hold a meeting on December 12 to vote on the new party leader and Prime Minister. Key cited family reasons for stepping down. Prime Minister Malcolm Turnbull said “[Key] will be a great loss to New Zealand and a great loss to the world”.
  • At 0645 AEDT on Tuesday, the share price index was up 44 points, or 0.82 per cent, at 5,441.

 


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