MENU

5 things to watch on the ASX on Wednesday

On Tuesday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) posted its second decline in a row with a disappointing 0.7% drop to 6,041.9 points.

Will Wednesday be an improvement for the benchmark index? Here are five things that could shape the day’s trade:

ASX futures are pointing lower.

According to the latest SPI futures, the Australian share market is expected to open the day 4 points or 0.1% lower following a weak night of trade on Wall Street. The Dow Jones Industrial Average finished 0.7% lower, the S&P 500 was down 0.3%, and the NASDAQ was off 0.2%.

Royal Commission continues.

Westpac Banking Corp (ASX: WBC) took to the stands again on Tuesday. The Commission grilled the bank of its small business lending practices, finding its record keeping to be substandard. Australia and New Zealand Banking Group (ASX: ANZ) joined the party late on and will return to the stand this morning for further questioning.

Santos rejects Harbour Energy offer.

The Santos Ltd (ASX: STO) share price will be on watch on Wednesday after the energy producer rejected the US$5.21 per share (A$6.86 per share) takeover offer from Harbour Energy and terminated discussions. According to the release, the company’s independent directors and managing director unanimously resolved to reject the proposal on the basis that that it does not represent the full value of the company and is not in the best interests of shareholders.

Sirtex receives a firm offer.

Regenerative medicine company Sirtex Medical Limited (ASX: SRX) also released an announcement after the market closed on Tuesday. It confirmed that CDH Genetech has made a binding offer of $33.60 cash per share, less any dividend declared by the board of up to $0.30 per share. This could be a great deal for shareholders. Sirtex also provided a trading update which revealed that dose sales have not met internal expectations. After being flat in the first half, worldwide dose sales for the period so far in the second half were down 10.6% on the prior corresponding period.

Dividends being paid.

Eligible shareholders of Speedcast International Ltd (ASX: SDA), Pro-Pac Packaging Limited (ASX: PPG), and Tox Free Solutions Limited (ASX: TOX) are due to receive their latest dividends today. Tox Free shareholders will be particularly happy as they are set to receive a special 58 cents per share fully franked dividend. That’s the equivalent of a 17% yield for the soon to be delisted waste management company.

OUR #1 dividend pick to grow your wealth over the new financial year is revealed for FREE here!

Financial year 2018 is here and The Motley Fool’s dividend detective Andrew Page has revealed his must buy dividend share to grow your wealth in 2018.

You might not know this market leader's name, but it's rapidly expanding into a highly profitable niche market here in Australia. Even better, the shares boast a strong, fully franked dividend that should balloon in the years to come. In other words, we're looking at the holy grail of incredible long-term growth potential AND income you can watch accruing in your account in real time!

Simply click here to grab your FREE copy of this up-to-the-minute research report on our #1 dividend share recommendation now.

Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia has recommended Tox Free Solutions Ltd. 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 Scott Phillips.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.