Stocks of the Hour: Westpac, Cimic Group & Vocus

Company News

by Melissa Darmawan

Westpac (ASX:WBC) clears the air after announcing to investors that they will not spin off its New Zealand business. This comes after Australia’s oldest bank announced to market that they were considering a demerger in March. New Zealand chief David McLean who announced his retirement in May hands over its reigns to Simon Power, general manager institutional and business banking as acting CEO from tomorrow. Shares in Westpac Banking Corporation (ASX:WBC) are trading 1.1 per cent lower at $25.79.

Cimic Group (ASX:CIM)  have been awarded the Victorian government contract to deliver the North East Link primary package in Melbourne for $4 billion. CIMIC's main partnerships are CPB contractors, Ventia and members of spark consortium as they will build a 3-lane twin tunnel that will glue together Melbourne’s freeway network. Cimic are expecting approximately $4 billion in revenue across the construction and operation phase over the next 30 years. Shares in Cimic Group (ASX:CIM) are trading 0.5 per cent higher at $20.11.

Telco services provider Vocus (ASX:VOC) has received a tick of approval from the NSW Supreme Court for the takeover by a consortium comprising of Macquarie Infrastructure and Aware Super. This followed from Tuesday as the $3.41 billion provider held its scheme meeting where shareholders voted in favour of the takeover proposal. Once paperwork is submitted and approved by ASIC, the telco’s shares will be suspended from the local bourse by close of trade tomorrow. Shares in Vocus Group (ASX:VOC) are trading 0.1 per cent lower at $5.49.

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