Stocks of the Hour: Telstra, nib Holdings, SEEK & ME Bank

Company News

by Michael Luu

Australia’s largest holder of telecommunications market share Telstra Corporation (ASX:TLS) has been served a $1.5 million penalty for depriving around 42,000 landline customers of the option to change service providers without losing ownership of their current phone number last year.

Shares in Telstra Corporation (ASX:TLS) are trading 0.9 per cent higher at $3.52

Financial giant Commonwealth Bank (ASX:CBA) has finalised the transaction for online healthcare directory Whitecoat from health care fund nib Holdings (ASX:NHF). The project developed into Australia’s biggest information database of healthcare providers, showcasing over 325,000 listings of medical services and reaching over 15 million subscribers. The website has also tapped into the New Zealand market. The sale is estimated to lift nib Holdings total earnings before tax to $9 million.

Shares in nib Holdings are trading 0.1 per cent lower at $6.25

Recruitment platform SEEK (ASX:SEK) has decided to reward investors with a windfall dividend, utilising the funds generated from its sell down of Chinese counterpart Zhaopin. The employment website also upgraded FY21 revenue guidance by $40 million.

Shares in SEEK (ASX:SEK) are trading 2 per cent higher at $31.35

The Banking Code Compliance Committee (BCCC) has highlighted ME Bank (Members Equity Bank) as a violator of the banking code of conduct. ME Bank disabled the accessibility of redraw accounts to a substantial number of clients last year, abruptly cutting them off from extra funds they have paid in excess of their required payments for their mortgage. While the banking institution was within legal rights to introduce these changes, the BCCC found that ME Bank failed to deliver sufficient notice to customers about the changes prior to their execution.

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