In this section we look at all the important announcements affecting companies this week.

  • CBA has axed its executive bonuses and directors’ pay following the money laundering scandal that hit media headlines last week. CBA’s senior executives will not be paid short-term incentives for financial year 2017 and will cost CEO Ian Narev roughly 20% of his total pay.
  • ZipMoney (ZIP) shares have rallied this week after the buy now pay later company announced a $40m deal with Westpac to explore ZipMoney’s products and services across its payments network.
  • Trade Me Group (TME) shares tumbled by close to 10% this week after two brokers, Deutsche Bank and Macquarie, downgraded the stock to a sell. Deutsche says the competitive environment for TME’s marketplace had deteriorated.
  • CBA – The country’s largest bank posted a profit which was in-line with expectations. It also announced the potential sale of its insurance business. To read more click here.
  • Magellan Financial Group (MFG) – Intends to IPO a new ASX-listed investment trust, the Magellan Global Trust. It will invest in a focussed portfolio of high quality global companies and intends to target a 4% cash distribution yield. Hamish Douglass and Stefan Marcionetti will act as the portfolio managers. The Offer will comprise a priority offer and a broker firm/general public offer. The priority offer is to be made to approximately 250,000 to 300,000 underlying Magellan shareholders and investors in Magellan retail strategies. Early estimates are that the IPO could raise up to $9bn.
  • BHP – Is looking to develop the first stage of the world’s largest nickel sulphate facility Nickel West to make an entry into the lithium battery world. Tesla’s Elon Musk once said lithium batteries should be called nickel-graphite batteries because because primarily the cathode is nickel and the anode side is graphite with silicon oxide… there’s a little bit of lithium in there, but it’s like the salt on the salad. To meet the nickel demand the facility will convert powder into nickel sulphate.
  • Bellamy’s (BAL) – In a surprise twist, the Chinese regulator has withdrawn the ban of the Camperdown Powder facility which removes the complication that emerged from its purchase in June. It’s a massive relief for the company and removes any uncertainty over the Bellamy’s Chinese business.
  • Orora (ORA) – Delivered a solid profit result. To read our review click here.
  • Pepper Group (PEP) – Shares have gone on a roll after the non-bank mortgage lender accepted a $657m takeover bid from private equity firm KKR. The board has recommended shareholders vote in favour of the deal.
  • ResApp (RAP) – Shares have rocketed by almost 50% after top line results were achieved from its SMARTCOUGH-C study. RAP is a leading digital health company developing smartphone applications for the diagnosis and management of respiratory disease.
  • Aristocrat Leisure (ALL) – Has purchased Israeli social gaming company Plarium for US$500m. The company makes digital strategy games such as the highly popular Vikings: War of Clans. This deal transforms ALL into a technology gaming business and not just a manufacturing company.
  • Origin Energy (ORG) – Has written down its APLNG Gas export project which may push impairments for the FY above the $3bn mark. The total write down this time was for $1.2bn which it will take in the 2H. ORG is due to post its result on August 16.
  • Virgin Australia (VAH) – The local airline says the domestic aviation market is set to rebound due to an uptick in demand for corporate travel and capacity cuts. The airline is still struggling after announcing yet another FY loss as it tries to rebuild its balance sheet following years of investing.
  • Nick Scali (NCK) – Shares were hammered this week after the furniture retailer issued a warning on its outlook. The retailer said this year will be challenging due to a slowdown in housing sales. Furniture sales are influenced by consumer confidence, rising rates and the level of home renovations. Given housing sales are expected to slow down, it will have a knock on effect to furniture sales.