4 of the biggest news pieces from the ASX200 this week

These were 4 of the biggest news items from the ASX 200 this week.

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The ASX 200 (Index: ^AXJO) (ASX: XJO) was eventful again this week. Here are four big stories you may have missed that affected businesses in the ASX 200 index:

Commonwealth Bank of Australia's (ASX: CBA) CommInsure criminal proceedings

CBA's insurance division is facing criminal proceedings by the Director of Public Prosecutions (DPP) with 87 alleged contraventions of the anti-hawking provisions.

According to CBA, the alleged contraventions relate to telephone sales of Simple Life insurance products by CMLA in the period from 7 October 2014 to 16 December 2014, a practice that ceased at the end of 2014.

This is probably some of the matters that were being investigated arising from the royal commission. 

Magellan Financial Group Ltd's (ASX: MFG) large new trust

The investment fund manager has been raising money for its new listed investment trust called the Magellan High Conviction Trust.

This week Magellan said that it raised $862 million from investors. The estimated costs of the offer that will be paid by it, inclusive of loyalty units and IPO foundation units, are approximately $55 million.

National Australia Bank Ltd (ASX: NAB) royal commission costs

It was a hard week to be a shareholder of NAB after the large bank announced a very large remediation cost this week.

The bank announced additional charges of $1,180 million after tax ($1,683 million before tax) relating to increased provisions for customer-related remediation and a change to the application of its software capitalisation policy, charges of $832 million after tax ($1,189 million before tax) relate to additional customer-related remediation.

Will this hit the final FY19 dividend? We'll have to wait and see. 

Mayne Pharma Group Ltd (ASX: MYX) agreement

Mayne Pharma has signed a 20-year exclusive supply and license agreement with Mithra Pharmaceuticals to commercialise a novel oral contraceptive in the United States.

The peak net sales potential could exceed US$200 million per annum, so it could be very lucrative for Mayne Pharma. 

However, the deal could cost Mayne almost 10% of its shares as well as cash. Despite that, the Mayne share price is still up around 10%.  

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of National Australia Bank Limited. 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.

More on Share Market News

A neon sign says 'Top Ten'.
Share Gainers

Here are the top 10 ASX 200 shares today

Investors regained some confidence on the stock market today.

Read more »

A couple sit in front of a laptop reading ASX shares news articles and learning about ASX 200 bargain buys
Share Market News

ASX 200 lifts as RBA keeps interest rates steady

ASX 200 investors were buoyed by the RBA’s interest rate decision.

Read more »

A young women pumps her fists in excitement after seeing some good news on her laptop.
Share Gainers

Why Baby Bunting, Bellevue Gold, Cettire, and New Hope shares are rising today

These ASX shares are having a good session. But why are investors buying their shares?

Read more »

A young woman holds an open book over her head with a round mouthed expression as if to say oops as she looks at her computer screen in a home office setting with a plant on the desk and shelves of books in the background.
Share Fallers

Why Aussie Broadband, Liontown, Metals Acquisition, and Seek shares are falling

These ASX shares are having a poor session. But why?

Read more »

woman holding her baby and looking at her phone happy at the rising share price
Broker Notes

3 ASX All Ords shares that brokers tip will grow 30% to 40% this year

The experts say these three ASX All Ords stocks have great growth ahead of them.

Read more »

A man stands with his arms crossed in an X shape.
Mergers & Acquisitions

Boral share price falls after rejecting Seven Group takeover

The offer 'undervalues' Boral according to its committee.

Read more »

A businessman hugs his computer and smiles.
Opinions

3 Australian shares to buy and hold forever in your ASX portfolio

I think these three ASX shares can outlive us all.

Read more »

Smiling man with phone in wheelchair watching stocks and trends on computer
Share Market News

5 things to watch on the ASX 200 on Tuesday

A positive session is expected for the ASX 200 on Tuesday.

Read more »