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Asia

Australian Shares Climb; Ampol Secures ACCC Nod for Proposed Acquisition of Fuel, Convenience Retailer

Australian shares rose on Wednesday even as hostilities flared in the Middle East, as hopes of a peace agreement being reached between the US and Iran waned.The S&P/ASX 200 Index was up 0.7%, or 61.30 points, to close at 8,785.70.The US said Iranian missile attacks on ​Bahrain, Kuwait, and other regional targets were either thwarted or failed.Brent crude oil futures were trading above $97 per barrel.On the domestic front, Australia's gross domestic product (GDP) grew 0.3% in the March quarter on a seasonally adjusted, chain volume basis, after a 0.9% growth in the December 2025 quarter, according to the Australian Bureau of Statistics. The GDP rose 2.5% compared with a year earlier.Australia's seasonally adjusted S&P Global Services purchasing managers' index (PMI) business activity index fell below the 50 no-change mark in May, posting 48.7 from 50.7 in April, according to a report by S&P Global.The Australian Industry Index remained weak in May, largely due to the energy crisis, with the index down 1 point to -26.5 in seasonally adjusted terms, according to a report released by the Australian Industry Group.In company news, Ampol's (ASX:ALD) proposed acquisition of fuel and convenience retailer EG Australia received approval from the Australian Competition and Consumer Commission (ACCC). The approval is conditional on the company giving an executed court-enforceable undertaking to the ACCC to divest 41 sites to Metro Petroleum.Superloop (ASX:SLC) upgraded its fiscal year 2026 guidance for underlying earnings before interest, taxes, depreciation, and amortization to AU$118 million to AU$122 million from a prior forecast of AU$112 million to AU$120 million.Lastly, Cygnus Metals (ASX:CY5) agreed to be acquired by Central Asia Metals in an all-scrip deal that values each Cygnus share at AU$0.176. Under a definitive scheme implementation deed, Cygnus shareholders will receive 0.06 new Central Asia Metals shares for each Cygnus share held.

ASX 200ASX:ALDASX:CY5ASX:SLC
Asia

ASX Preview: Australian Shares Set to Rise as Oil Advances, Gold Falls on Strong US Labor Data; Northern Star Resources Increases Estimated Mineral Resources, Ore Reserves

Australian shares are poised to rise on Wednesday, tracking higher oil prices after crude climbed to a one-week high amid volatile trading as markets weighed uncertain Iran-US negotiations and ongoing tensions around the Strait of Hormuz.Market sentiment was also influenced by a softer gold price as stronger-than-expected US labor data reinforced expectations that the Federal Reserve will keep interest rates elevated for longer.Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average rose 0.1%, 0.03%, and 0.5%, respectively.In the macroeconomy, the Australian national accounts report is due at 11:30 am Sydney time.In corporate news, Northern Star Resources (ASX:NST) said its estimated mineral resources increased 26% to 88.9 million ounces as of March 31, while its estimated ore reserves jumped 27% to 28.4 million ounces.Ampol's (ASX:ALD) proposed acquisition of fuel and convenience retailer EG Australia received approval from the Australian Competition and Consumer Commission.Australia's benchmark index edged down 5 points to close at 8,724.40 on Tuesday.

ASX 200ASX:ALDASX:NST
Asia

Ampol Secures ACCC Nod for Proposed Acquisition of Fuel, Convenience Retailer

Ampol's (ASX:ALD) proposed acquisition of fuel and convenience retailer EG Australia received approval from the Australian Competition and Consumer Commission (ACCC), according to a Wednesday filing with the Australian bourse.The approval is conditional on the company giving an executed court-enforceable undertaking to the ACCC to divest 41 sites to Metro Petroleum and is subject to the expiry of the statutory 14-day review period, the filing said.The acquisition is expected to be completed on June 30, per the filing.

ASX:ALD
Asia

Ampol Acquisition Target EG Australia's Profitability Has Held Up Since Deal's Signing, Jefferies Says

Ampol (ASX:ALD) acquisition target EG Australia's profitability has held up since the deal's signing, with strong fuel and shop margin growth offsetting declines in fuel volume and tobacco sales, Jefferies said in a May 28 note.The investment firm sees "significant upside" from the proposed deal due to considerable synergies between the two businesses as well as Ampol's strong credentials in convenience execution, among other factors.EG Australia's first-quarter results showed a roughly 40% year-over-year increase in earnings, while fuel volume declined around 14% annually in the quarter, compared with a retail fuel volume increase of 1.3% for the overall market.The fuel and convenience store operator "may be prioritizing margin at the expense of volume to maximize cash flow ahead of sale," Jefferies said.The equity research firm has a buy rating on Ampol with a price target of AU$37.50.Shares of Ampol fell 1% in recent Friday trade.

ASX:ALD
Asia

Ampol Reports 10% Increase in Q1 Refining Production

Ampol (ASX:ALD) reported a first-quarter refining production increase of 10% from the same period a year ago to about 1.4 billion liters, according to a Thursday filing with the Australian bourse.The company said the refiner margin at its Lytton refinery in Brisbane was $25.45 per barrel in the first quarter, up from $6.07 a year earlier, and has increased further in the year-to-date with the Middle East conflict driving higher fuel prices globally.The "exceptionally strong" financial performance continued in April at both the Lytton refinery and in the trading and shipping segment, the company said.

ASX:ALD
Asia

Australian Shares Continues to Decline; Santos Reports Lower Q1 Revenue, Higher Production

Australian shares again fell at Thursday's close as oil prices gained on the continued closure of the critical Strait of Hormuz in the Middle East.The S&P/ASX 200 Index declined 0.57%, or by 50.20 points, to close at 8,793.40.Brent crude oil futures gained 1.4% on Thursday to reach $103.3 per barrel. Iran captured two container ships ​seeking to exit the Gulf via the Strait of Hormuz.On Wall Street, the S&P 500 rose 1.1%, and the Nasdaq climbed 1.6% to reach new record ​high points as the earnings season started. The Dow Jones rose 0.7%.On the domestic front, The Flash Australia PMI Composite Output Index rose to 50.1 in April from 46.6 in March, moving above the neutral threshold as renewed growth in services activity offset a faster decline in manufacturing output, according to a survey by S&P Global.Australia's private sector activity stabilized in April after March's decline, as a modest recovery in services was offset by continued weakness in manufacturing amid soft domestic demand, rising cost pressures, and supply chain disruptions linked to Middle East tensions.Job advertisements in Australia in March fell 0.4% month on month, 1.3% quarter on quarter, and 2.9% year on year, according to data published by Seek.In company news, Santos (ASX:STO) reported first-quarter sales revenue of about $1.27 billion, down from $1.29 billion in the year-ago period. Sales volume for the quarter was 24.2 million barrels of oil equivalent (mmboe), up from 23.3 mmboe a year earlier, while total production increased to 22.5 mmboe in the first quarter from 21.9 mmboe a year ago. Its shares rose 3% on market close.Ampol (ASX:ALD) submitted its final remedy package to the Australian Competition and Consumer Commission (ACCC) on Wednesday for its proposed acquisition of EG Australia, offering to increase the number of planned divestments to 41 sites from 37. Its shares closed up over 1%.Lastly, Mirvac Group (ASX:MGR) said residential sales for the fiscal third quarter reached 592 sales, up 12% year on year. The company said year-to-date settlements reached 1,076, up 15% year on year, with about 96% of the fiscal 2026 target lot settlements secured and margins on track to be within the 18% to 22% target range. Its shares were down over 1% on market close.

ASX 200ASX:ALDASX:MGRASX:STO
Asia

Ampol Submits Final ACCC Remedy Package for EG Australia Acquisition

Ampol (ASX:ALD) submitted its final remedy package to the Australian Competition and Consumer Commission (ACCC) on Wednesday for its proposed acquisition of EG Australia, offering to increase the number of planned divestments to 41 sites from 37, according to a Thursday filing with the Australian bourse.The company plans to sell the sites as a single package and is in advanced discussions with potential buyers, per the filing.The ACCC's phase two decision is expected by June 5, with a possible extension of up to 15 business days, and the transaction is still planned to close in mid-year subject to regulatory and other standard approvals, the filing added.

ASX:ALD
Asia

Ampol Reports Slightly Lower Q1 Sales Volume; Secures Fuel Supplies Through End of May

Ampol (ASX:ALD) reported first-quarter sales volume of about 6.13 billion liters, down slightly from 6.14 billion liters a year earlier, according to a Wednesday filing with the Australian bourse.The company reported refinery production of 1.43 billion liters for the quarter, up 10% from 1.3 billion liters in the year-ago period, per the filing.Ampol said it has secured fuel supplies through to at least the end of May and crude into July, adding that it was well-placed for crude and product supply before the start of the conflict in the Middle East.

ASX:ALD