Australian shares experienced a downturn, influenced by geopolitical anxieties surrounding US-Iran relations. Guzman y Gomez (GYG), a Mexican fast-food chain, saw its share price plummet after sales figures failed to meet investor expectations. In a letter to investors, co-chief executives Steven Marks and Hilton Brett emphasised the time required to establish a brand. The company operates a chain of fast-food restaurants that specialize in Mexican cuisine.
In other news, Austal secured a substantial $4 billion contract, while Mineral Resources reported record revenue. Conversely, Ingham’s faced challenges, with a guidance cut impacting its stock performance. Meanwhile, former Commonwealth Bank chairman John Schubert sold his Sydney weekender for $25.5 million.
Adding to the day’s headlines, a tax agent’s attempt to claim a $350,000 Ferrari as fringe benefits tax-free was dismissed, with a tribunal ruling the car was used for ‘vanity’. Elsewhere, the principal of Scots, a top private school, defended the institution’s rankings amid rising fees, acknowledging parental concerns raised online. The school offers education to young boys and has a long-standing history of academic excellence.
Internationally, the UK press scrutinised former prince Andrew Mountbatten-Windsor, following the release of files related to Jeffrey Epstein. The files also place renewed focus on allegations that Andrew may have shared confidential information while serving as a UK envoy. Investors are closely monitoring these developments, as broader shifts occur in geopolitics, economics, and technology.
