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Telstra shares sink on NBN rollout delay

Telstra shares have sunk after NBN Co said it will temporarily suspend the national broadband network rollout so it can work on improving the quality of the service. The company tasked with building the NBN says it will suspend the rollout of the hybrid coaxial-fibre (HFC) network for six to nine months, from December 11,…

Coca-Cola shares up on buy rating upgrade

Shares in Coca-Cola Amatil have jumped after Citi analysts upgraded the company to a buy rating, forecasting a stabilisation in earnings from its Australian business and growth potential in Indonesia. Citi expects revenue growth from Coca-Cola’s Australia division to return in the 2018 financial year, citing an acceleration in new product launches, water pricing changes…

Auction clearance rate slows: CoreLogic

Australia has just had one of its busiest weeks of the year for homes going to auction but buyers are less enthusiastic, with the number of auctions resulting in sales well down on what is was a year ago. The number of homes that went under the hammer across all capital cities in the week…

Downer shares soar on profit guidance lift

Shares in Downer EDI have jumped after the engineering group lifted its full-year profit because of larger-than-expected cost savings uncovered following its purchase of Spotless. Downer, which owns 87.8 per cent of the property services firm after a lengthy takeover struggle, upgraded its net profit guidance to $195 million from April’s $190 million following a…

Momentum builds for banking inquiry

Malcolm Turnbull is edging closer to an embarrassing defeat as he seeks to head off a commission of inquiry into the banks. Nationals senator Barry O’Sullivan has lodged a notice of motion in the Senate which would enable him to get “top priority” for his bill to set up an inquiry – with similar powers…

International markets roundup

NEW YORK: Technology stocks have led the S&P 500 and Nasdaq to record closing highs, with the S&P ending above 2,600 points for the first time, while Amazon and retail stocks got a boost from signs of a strong start to the holiday shopping season. The benchmark S&P 500 and the blue-chip Dow Jones industrials…

IG Research – The long and the short of it

News from the weekend has been fairly limited, although Bitcoin has seen another frenzy of buying as the fear of missing out trade bites even harder, with price now sitting at 9338 and up 13%.Seemingly, in the period between Wednesday and Friday Coinbase have detailed they saw 100,000 new user accounts, taking their total to…

Brexit without EU trade deal ‘not end of world’: WTO chief

The head of the World Trade Organization (WTO) said Sunday it would not be ‘the end of the world’ if Britain failed to reach a post-Brexit trade deal with the EU, but there would be costs.Roberto Azevedo told the Sunday Telegraph newspaper that although Britain would be better off with an agreement, the impact of…

Bitcoin, an ‘Uber’ currency, not without risk

Bitcoin, which this week soared to a new record high of more than $8,000, is the monetary equivalent of Uber, since it bypasses central bank regulation and could be attractive for financially fragile countries, economists say.Nevertheless, it is precisely the lack of oversight that opens up the users of cryptocurrencies such as bitcoin to risks…

China’s tech giants reach global elite with gamers, shoppers

Powered by Chinese smartphone users splurging billions on mobile games and online shopping, China’s tech giants Tencent and Alibaba are racing up the elite league of the world’s most valuable companies.Hong Kong-listed Tencent, famous for its games and WeChat messaging service, became the first Asian firm to break into the $500 billion league last week…