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.
Market overcomes rate hike to deliver gain, Appen, Credit Corp sink, mortgages fall
The local market has managed to overcome another 50-basis point rate hike by the Reserve Bank of Australia to post a small gain for the day despite trading lower throughout.
The primary beneficiaries were the consumer sectors, with both staples and retailers up 1.2 and 1.4 per cent, while energy and materials fell by 0.9 and 1.1 per cent as the oil price dipped below US$100 per barrel again.
CSL (ASX: CSL) shares gained 0.7 per cent, supporting the market after management announced they had received full regulatory clearance for the acquisition of Vifor Pharma, of which they hold 97 per cent of the shares.
Debt collector Credit Corp (ASX: CCP) has flagged challenges in reining in bad debts with the company reporting a profit increase of just 9 per cent in FY22, despite 80 per cent growth in the debt ledgers they hold.
They are now forecasting a flat profit result in FY23, which sent shares down more than 5 per cent. Once popular technology platform Live Tiles (ASX: LVT) finally capitulated, falling 35 per cent after management announced their intention to delist.
Appen hit by weaker ad spend, Ramsay negotiates, A2 Milk in trading halt
Shares in Appen (ASX: APX) fell 27 per cent after the company surprised investors with a weaker than expected result.
Revenue fell 7 per cent due to weaker digital advertising spent from larger customers which sent last year’s $12 million profit to a $3.8 million loss for the year.
Shares in Ramsay (ASX: RHC) finished slightly weaker after the company confirmed the termination of their agreement with Bupa after failing to negotiate the terms of a new contract.
Regional Express (ASX: REX) appears to be overcoming the issues facing Qantas and Virgin with shares gaining 6 per cent after management confirmed they intend to purchase another jet following a “bumper start” to the year.
A2 Milk (ASX: A2M) gained more than 7.9 per cent despite the company entering into a trading halt after the company responded to speculation that the US authorities were set to approve their infant formula for distribution in the US.
Rate hikes are clearly having an impact on the market, with mortgages suffering a 4.4 per cent monthly decline.
Market dips, Pelosi visits Taiwan, job openings fall, Uber jumps
Global markets finished weaker overnight led by shares in Caterpillar (NYSE:CAT) which sent the Dow Jones down 1.2 per cent.
Both the S&P500 and Nasdaq outperformed, falling 0.7 and 0.2 per cent as reporting season continued on a positive note.
Shares in Uber Technologies (NYSE: UBER) have defied the tech gloom to add more than 18 per cent after the company reported a doubling of revenue, despite losing another US$2.6 billion due to revaluations of holdings in Grab and Zomato.
Caterpillar was down more than 5 per cent after the company reported strong revenue growth, up 10 per cent, but a weaker than expected profit result as cost increases across the board hit margins.
All eyes were on Nancy Pelosi, however, who risked a geopolitical event after arriving in Taiwan, the highest ranking official to do so in close to 25 years.
Job openings fell for the third straight month down to 10.7 million.
