After the Hayne Royal Commission many advisers decided to steer away from large dealer groups in favour of becoming self-licensed. In the last six months, however, that trend has taken an abrupt turn.
While known for being the flagbearer for financial product providers, the Financial Services Council is now making serious inroads into the financial advice sector.
ASX edges ahead with casino bonanza
ASX on gold, Crown ‘unfit’ for license, GQG falls flat
The S&P/ASX200 (ASX: XJO) finished just 2 points higher on Tuesday, barely continuing the run of positive days.
The tech and consumer sectors were the only real positive contributors, the former gaining over 1%, with the utilities sector the biggest detractor falling by a similar amount.
Shares in Crown Resorts (ASX: CWN) nearly topped the market for the session, gaining 8.7% after the recommendations from the Victorian Royal Commission were announced.
The Commissioner found the company was not suitable to hold its casino license following a litany of anti-money laundering, organised crime and other activities been run through the casino without being identified.
Despite the finding, they commission recommended ‘special adviser’ be installed in the business to assess and support the rebuild of the company over the next two years.
Shares in Suncorp (ASX: SUN) fell 1% after the owner of AAMI and Apia brands flagged the cost of recent storm and earthquake claims could exceed half of the $980 million internal budget after a busy 12-month period; the result highlights the growing difficult facing insurance companies.
Ampol earnings boost, Mineral Resources goes top to bottom, Reliance to acquire EZ Flo
Ampol (ASX: ALD) reported a 75% increase in the earnings for the September quarter, hitting $102 million as the global energy crisis sent refining volumes and margins higher.
With the release of restrictions in Victoria and NSW, the company is well positioned to benefit from a return to normal levels of travel, including aviation; shares finished flat.
Highly touted fund manager GQG Partners (ASX: GQG) listed on the ASX today, but despite the fanfare the largest IPO of the year finished broadly flat.
Mineral Resources (ASX: MIN) went from top of the pops to bottom of the pile, falling 7% after delivering weaker than expected iron ore shipments and a 13% fall in lithium production.
Plumbing supplier Reliance Worldwide (ASX: RWC) gained 0.4% after delivering a solid trading update whilst announcing the acquisition of EX-FLO for $325 million.
The ‘complementary’ businesses addition highlights the foresight and understanding of management who continue to make accretive decisions amid their global expansion.
US markets higher, Facebook beats as Apple privacy bites, GE earnings jump
The US markets continued their strong recent run, making it nine of the last ten sessions in positive ground.
Both the Nasdaq and Dow Jones finished 0.1% higher as industrials GE (NYSE: GE) rallied whilst the S&P 500 gained 0.2% despite a fall in Facebook (NYSE: FB) on a weaker outlook.
The company delivered another strong quarter but guided to a more difficult outlook, blaming Apple’s (NYSE: AAPL) new privacy rules for what is likely to be a fall in their advertising revenue.
The move will make it more difficult for advertisers to target their 2.91 billion users, which grew 6% for the quarter.
Revenue came in 10% below the US$34 billion expected, however earnings close to tripled from last years’ low base.
The company announced it will split out non-advertising revenue, in particular its virtual reality business, as it doubles down on being the key platform for the youth of the world.
Shares in GE rallied strongly, gaining on the back of a reversal of last year’s loss to post a strong profit for the quarter.
This despite revenue continuing to fall, down 0.5%, which has been a common story throughout earnings season.
US property markets continued their tear, with new home sales up 14% in September and prices close to 20% higher year on year.
