Welcome to Monday. Here are the five things I'm looking at today on the Australian sharemarket.
- The S&P/ ASX 200(Index: ^AXJO) (ASX: XJO) has opened 0.6% higher, despite falls on Wall Street on Friday.The Dow Jones Industrial Average lost 0.5% and the broader S&P 500 fell 0.3% while the tech-heavy NASDAQ also recorded a drop of 0.5%.
Crude oil prices were up over the weekend, with Brent oil gaining 4% to US$62.58 per barrel while iron ore was up slightly at US$62.56 per tonne.
The Australian dollar is steady against the US dollar and is currently buying 78.1 US cents.
- Department store Myer Holdings Ltd's (ASX: MYR) CEO Bernie Brookes is stepping down from the role and will be replaced by current Chief Information and Supply Chain Officer Richard Umbers. Umbers only joined Myer last year and is expected to reshape its business more aggressively, following completion of the current strategic review.It's no secret that department stores, including Myer and rival David Jones, have been struggling to remain relevant in today's online, digital and shopping mall world.
- Andrew Forrest, chairman, founder and majority shareholder in Fortescue Metals Group Limited (ASX: FMG) says it's time to invest in resources and wants to create a new venture that will buy up abandoned and undeveloped mining projects across Australia.Mr Forrest said in a statement, "We are taking a counter-cyclical and long term view with the aim of creating jobs across the country."
It's not certain which commodities Mr Forrest plans to pursue, but iron ore, copper and coal projects could be at the forefront, given their huge price falls.
- Tweet of the Day
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- Stock of the Day– brought to you by Tim McArthur – Freedom Foods Group Ltd (ASX: FNP). Profits fell in the last reporting period but is the stock now a buy? Find out here.
