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5 things you need to know today

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Published on: Tuesday, May 16, 2017

  • The second largest shareholder of Fairfax Media has reportedly called on the publisher’s board of directors to reject a revised, all-cash $2.76 billion takeover bid from TPG Capital and Ontario Teachers’ Pension Plan. According to the AFR, the chief investment officer at Legg Mason Martin Currie Australia, Reece Birtles, says the new $1.20 per share offer “materially undervalues the prospects for Fairfax given the growth in Domain, the digital transformation of mastheads and the strategic value with changed media laws”. In contrast to TPG’s original bid at 95c per share, which was for Fairfax’s Domain business and its key newspapers, the new bid is for the entire company.
  • The oil price rose to its highest level in more than three weeks on Monday, cracking through the $US52 a barrel mark. Oil rallied 2% after energy ministers from Saudi Arabia and Russia – the world’s largest producers – said supply cuts should last until March 2018. That’s longer than the optional six-month extension specified in the deal. After reaching $US52.63, Brent crude rose 1.9% to $US51.82 a barrel, while US Nymex rose $US1.01 to $US48.85. AAP lists Fortescue Metals Group and Woodside Petroleum as some of the “stocks to watch” on the Australian share market today.   
  • 42% of Australians are too lazy to question an unexpectedly expensive bill with their provider, according to research by finder.com.au. The research found that 42% or 7.6 million Aussies would not confront their provider directly when faced with an expensive bill for items like phone bills and insurance. “…One in five consumers (21%) would simply deal with an excessive bill by saving money and making sure the next bill wasn’t so high”. One in nine (11%) go online immediately away and compare their options. Baby boomers are the most likely to question a high bill (72%) compared to 49% of Gen Y.
  • The S&P 500 and the Nasdaq hit record highs yesterday on the back of stronger oil prices driving the resource sector, and a boost to technology stocks from the global cyber attack. The Dow Jones rose 85 points or 0.4%, the S&P 500 rose 11 points or 0.5%, and the Nasdaq rose 28 points or 0.5%. View the latest prices in the table below.
  • At 0700 AEST on Tuesday, the share price futures index was up 17 points, or 0.29 per cent, at 5,835. 


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