oOh!media (ASX:OML) shares fell as CEO plans to step down: ASX closed 0.5% higher

Market Reports

by Rachael Jones

It has been a positive day of trade for the Australian share market the local bourse managed to close 0.5 per cent higher. oOh!media (ASX:OML) shares dropped today after announcing Managing Director & CEO Brendon Cook will step down this year. Treasury Wines Estates (ASX:TWE) shares fell over 20 per cent after reducing their guidance for the 2019-20 financial year mainly due to underperformance in the US markets but also the drought and fires at home have challenged the 2020 Australian vintage. Meanwhile, Virgin Money UK (ASX:VUK) and Iluka Resources (ASX:ILU saw their shares rise today. As for the sectors today Infotech led the day and Consumer Staples fell lower.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 37 points higher to finish at 7,032.

Futures market

Dow futures are suggesting a rise of 77 points.
S&P 500 futures are eyeing a rise of 9 points.
The Nasdaq futures are eyeing a lift of 33 points.
And the ASX200 futures are eyeing a 29 point rise for tomorrow morning.

Economic News

The Consumer Price Index (CPI) rose 0.7 per cent in the December 2019 quarter, according to the latest Australian Bureau of Statistics (ABS) figures. This follows a rise of 0.5 per cent in the September 2019 quarter.

Company news

American investment firm Starwood Capital Group is set to make a $485 million all-cash offer for Australian Unity Office Fund (ASX:AOF). A Starwood Capital fund, SOF-XI Legs Holdings, said it will pay an all-cash off-market takeover offer for all outstanding units in AOF for $2.98 per unit. Shares in Australian Unity Office Fund (ASX:AOF) closed 2.8 per cent higher at $2.99.

Corporate Travel Management (ASX:CTD) has told the market it’s too early to say how damaging the coronavirus will be for business activity in China and specific implications for CTD’s overall revenue and profit.

Oz Minerals (ASX:OZL) released their fourth quarter report showing Prominent Hill achieved copper guidance for the fifth consecutive year.

Webjet (ASX:WEB) issued a statement to "clarify inaccuracies" from an analyst report as to how Webjet acquires traffic and the impact of Google Flights on that traffic acquisition. The company says its bookings were made up of 33 per cent through direct channels and another 27 per cent from paid brand searches.

Best and worst performers of the day

The best-performing sector is Infotech adding 1.7 per cent, while the worst performing sector is Consumer Staples at 2.6 per cent.

The best performing stock in the S&P/ASX 200 is Virgin Money UK (ASX:VUK) rising 9.4 per cent to $3.50, followed by shares in Iluka Resources (ASX:ILU) and Credit Corp (ASX:CCP).

The worst performing stock in the S&P/ASX 200 is Treasury Wine Estates (ASX:TWE), dropping 26 per cent to $12.34, followed by shares in Ooh!Media (ASX:OML) and Northern Star Resources (ASX:NST).

Commodities and the dollar

Gold is trading at US$1,566 an ounce.
Light crude is US$0.50 up at US$53.98 a barrel.
One Australian dollar is buying 67.68 US cents.

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.