The S&P/ASX 200 (Index^ AXJO) (ASX: XJO) will look to build on yesterday’s rally with the futures market pointing to a 12-point rise at the opening bell.
Here’s a quick recap:
- FTSE 100 (UK): up 0.34%
- DAX (Germany): down 0.15%
- CAC 40 (France): down 0.03%
- Dow Jones (USA): up 0.43%
- NASDAQ (USA): up 0.82%
Iron ore giant Rio Tinto Limited (ASX: RIO) announced it has launched a new debt reduction program, designed to buy back up to $2.5 billion in bonds. Most of the bonds it plans to repurchase expire in 2019 and 2020 with the remainder expiring between 2021 and 2025.
Rio Tinto’s fellow iron ore producer Fortescue Metals Group Limited (ASX: FMG) could also be on the market’s radar following a report in The Australian Financial Review. The report indicated that Chinese steel mills will favour higher grade ore which could force producers of lower grade ore (such as Fortescue) to offer steeper discounts on their product.
OFX Group Ltd (ASX: OFX), formerly OzForex, announced a 2% increase in revenue for the year ended 31 March 2017, although its underlying net profit declined 18% for the period. Its final dividend is also 2.9 cents per share, down from the final 3.1 cents per share paid last year.
The APN Outdoor Group Ltd (ASX: APO) share price fell sharply on Monday, likely representing a delayed reaction to news that its merger with fellow outdoor-advertising group oOh!Media Ltd (ASX: OML) would not progress.
And Surfstitch Group Ltd (ASX: SRF) and Murray River Organics Ltd (ASX: MRG) will both look to bounce back today. The pair plunged 23% and 42%, respectively, on Monday with both companies releasing very disappointing updates to the market.
Before getting started on your day, be sure to check out these two articles:
- Why the Murray River Organics Ltd share price has been CRUSHED
- Should you join these investors jumping back into resources shares?
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Motley Fool contributor Ryan Newman has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.