Tag Archives: Investment Banking & Investment Services (TRBC level 3)

Australian stocks finished lower, marking the best month in five | Instant News

* Gold stocks led losses on the benchmark Aussie

* Coast Energy decreased by 24%

* ASX gives the best month of the year five

* NZX50 increased 0.13%

April 30 (Reuters) – Australian stocks finished lower on Friday, with Beach Energy’s trading updates weighing on sentiment, even as the index marked its best month in five months.

The S & P / ASX 200 index fell 0.8% to 7,025.8 points, retreating from the previous session’s 14-month peaks.

Beach Energy Ltd led the losses as it plunged 24% after cutting its reserve forecast and revenue outlook following a review of production cuts at the Western Flank field in South Australia.

Monthly manufacturing data from China shows a slow recovery and slowing demand in the world’s second-largest economy and what that means for Australia, said its main trading partner, James Tao, market analyst at CommSec.

“Traders only engaged in some profit taking at the end of the month and that dragged down the market today and the negative trading announcements from the index giants did not help the problem any further,” he added.

Gold stocks fell 2.2%, with the nation’s biggest producer Newcrest Mining slumping up to 2.6% as bullion fell as higher US Treasury yields dampened its appeal.

The energy subindex slid 1.7%, hit by Beach Energy and falling oil prices on fears of a broader lockdown in major oil consumers India and Brazil.

Heavyweights Woodside Petroleum Ltd and Viva Energy Group each fell 1.8%.

Among individual stocks, US-based ResMed Inc slumped after a tax dispute caused sleep apnea specialists to book quarterly losses.

New Zealand’s benchmark S & P / NZX 50 index rose 0.13% to 12,731.1. ($ 1 = 1.2858 Australian dollars) (Reported by Riya Sharma in Bengaluru; Edited by Shounak Dasgupta)


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UPDATE CDP 4-Italy offers Enel deals for extra 10% off Open Fiber | Instant News

* Enel is expected to hold a board meeting on the deal on Saturday

* CDP is set to take control of the company’s broadband infrastructure

* Deal seen as a potential upgrade for network projects with TIM (Adds Open Fiber statement, details)

MILAN, April 30 (Reuters) – Cassa Depositi e Prestiti (CDP) said on Friday it had agreed to bid Enel for 10% of Open Fiber in a move that would increase the Italian state lender’s stake in the broadband infrastructure company. . 60%.

This move comes as Enel, Italy’s largest utility company, prepares to sell its stake in Open Fiber. Macquarie’s Australian fund has offered up to 2.65 billion euros ($ 3.20 billion) for all or part of Enel’s 50% stake.

Enel is expected to hold a board meeting on Saturday to discuss the deal, said three sources with knowledge of the matter. Open Fiber on Friday said it was giving the necessary permits to the entrance to Macquarie in the capital.

CDP also said it had agreed to a binding term sheet with Macquarie outlining Open Fiber governance before the fund became a shareholder in the fiber-optic business.

With a controlling stake in Open Fiber, CDP has the potential to mitigate an old, disputed plan to combine Open Fiber network assets with the network assets of the former Italian telecom monopoly Telecom Italia to create a unified network operator.

Bets on the single broadband network project following the CDP announcement lifted the stake in Telecom Italia by 4%, making it the biggest winner on Milan’s blue-chip index.

CDP is the second largest shareholder in Telecom Italia, behind French media company Vivendi.

A single network will avoid duplicating investments in fiber launches as Italy seeks to close its digital divide with the rest of Europe, a priority of Prime Minister Giuseppe Conte’s previous government.

However, several ministers in the new government led by Mario Draghi cast doubt on the plan due to regulatory issues, saying alternative options were also being considered.

CDP said it was committed to bringing in “new resources” before the deal closed to help accelerate development of broadband networks.

Under the proposed scheme, CDP and Enel will each inject cash into Open Fiber to boost its finances, three sources told Reuters. One source said each partner is likely to deposit around 150 million euros.

State-controlled Enel declined to comment and added it would make the statement only after analyzing official documents.

$ 1 = 0.8278 euros Report by Stephen Jewkes, Elvira Pollina and Giuseppe Fonte, additional reporting by Giancarlo Navach, written by Agnieszka Flak; editing by Simon Cameron-Moore, Kirsten Donovan


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UPDATE CDP 1-Italy offers Enel deals for 10% Open Fiber | Instant News

(Added details, resources about cash calls)

MILAN, April 30 (Reuters) – Cassa Depositi e Prestiti (CDP) has agreed to bid Enel for 10% of Open Fiber in a move that will increase the Italian state lender’s stake in the broadband infrastructure company to 60%.

CDP, which like utility Enel currently owns 50% of Open Fiber, also said it was committed to bringing in “new resources” before the close of the deal to help accelerate broadband network development.

CDP and Enel will each inject cash into Open Fiber to boost its finances, three sources with knowledge of the matter told Reuters.

One source added that each partner is likely to deposit around 150 million euros.

Enel did not immediately comment on the cash injection.

CDP said in a statement that it had allowed the signing of a binding term sheet with Macquarie on the governance of Open Fiber when the fund, which is in talks to buy Enel’s remaining stake in the broadband group, becomes a shareholder.

Enel has been in talks to sell up to 50% of Open Fiber to Macquarie for 2.65 billion euros ($ 3.21 billion) since last year.

But CDP wants to buy a portion of Enel’s stake to take control of the broadband operator as part of a broader plan to combine it with incumbent Telecom Italia (TIM) ‘s landline assets.

Controlled by the Ministry of Finance, CDP is TIM’s second largest shareholder after French media company Vivendi.

$ 1 = 0.8256 euros Report by Stephen Jewkes, Elvira Pollina and Giuseppe Fonte, written by Agnieszka Flak; editing by Jacqueline Wong and Jason Neely


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Beach Energy dragged Australian stocks lower, Mesoblast capped losses | Instant News

April 30 (Reuters) – Australian stocks tumbled on Friday, dragged down by plunging Beach Energy shares after saying reserves in the country’s oil fields were drying up, with falling gold stocks also weighing on the benchmark index.

The S & P / ASX 200 index fell 0.6% to 7,042.1 at 0018 GMT, away from a 14-month high reached on Thursday.

Beach Energy Ltd was the top loser percentage with a drop of more than 20%. An oil and gas producer lowered its annual production forecast and said it would review its reserves at Western Flank once production slumped there.

The coast also dragged the energy sub-index 1.3% lower despite oil prices rising overnight.

Keeping losses under control was the share of Mesoblasts that earned the top percentage, as they jumped nearly 9% after trial data showed the company’s drugs reduced deaths in COVID-19 patients under the age of 65.

Beach Energy and Mesoblast stocks are the most traded by volume.

Gold stocks fell 2% after bullion fell overnight on higher US Treasury yields. The biggest drop was for West African Resources Ltd, down 4.6%, followed by Ora Banda Mining Ltd, down 4.3%

Financial stocks fell 0.4%. The Australian and New Zealand Banking Group lost 0.3% after warning of gains that hit the first half of its exposure to the 1MBD Malaysia scandal.

Tech stocks fell 0.9% and miners lost 1.3%.

In other markets, Japan’s Nikkei was down 0.5% at 28920.3, while the S&P 500 E-mini futures were down 8.25 points, or 0.2%.

In New Zealand, the benchmark S & P / NZX 50 was down 0.08% to 12,704.7. (Reporting by Arundhati Dutta in Bengaluru; editing by Uttaresh.V)


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UPDATE 1-Cemig Brasil plans IPO of gas distribution, sale of Alianca shares | Instant News

(New throughout, adding information across company divestment plans, stock reactions)

SAO PAULO, April 28 (Reuters) – Brazilian power company Cemig is planning an initial public offering of a gas distribution unit and a wave of divestments, executives said on Wednesday, and the company’s shares rose more than 4% after the news.

During an online investor event, executives said they planned to sell about 9 billion reais ($ 1.66 billion) in assets by 2025, including company stakes in the large hydroelectric dams of Belo Monte and Santo Antonio.

As part of the divestment, the company, officially Cia Energetica de Minas Gerais SA, also plans to sell its stake in Alianca Energia, a joint power plant venture with Brazilian mining company Vale SA, executives said.

Cemig is the public electricity company of Minas Gerais, Brazil’s second most populous state.

The shares of the Sao Paulo-listed company rose 4.4% in midday trade, the second-biggest winner on Brazil’s benchmark Bovespa equity index.

Earlier in the event, Minas Gerais Governor Romeu Zema reiterated his intention to privatize the company, saying he wanted it finished by the end of his term in 2022.

“I want the company to be privatized during my tenure,” said Zema. “Maybe not to sell it outright, but to receive an injection of (private) capital and thereby weaken the state, which always intervenes inappropriately, thus losing controlling stake and stopping hurting Cemig.” (Reporting by Luciano Costa; Written by Gram Slattery; Editing by Louise Heavens and David Gregorio)


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