Asia
Australian Shares Flat; oOh!media Confirms Non-Binding Indicative Offer From Bain Capital
Australian shares were flat with a negative bias on Tuesday as investors weighed in on the cessation of strikes between Israel and Iran after an exchange over the weekend.The S&P/ASX 200 Index was little changed to close at 8,604.20.Brent crude oil futures fell to trade at around $93 per barrel after indications of de-escalation between Israel and Iran.On Wall Street, the Nasdaq fell over 4% on Friday, but rebounded 0.9% overnight. Stronger economic activity and job growth in the US led investors to expect the Federal Reserve to delay its rate cuts.On the domestic front, Australia's consumer confidence fell further into pessimistic territory in June as cost-of-living pressures, weakening household finances, and softer housing expectations continued to weigh on sentiment. The Westpac-Melbourne Institute Consumer Sentiment Index fell 2.9% to 80.6 in June from 83 in May.Business confidence in Australia lifted off a low base, rising 10 points to negative 14 index points in May. However, it is still weak, and margin pressures are likely to remain a factor for businesses in the months ahead, according to the NAB Monthly Business Survey. Sentiment remains negative across all industries despite the increase, and overall conditions continue to track below average through the year.The total value of residential dwellings in Australia rose 2.5% in the March quarter, settling at AU$12.773 trillion. The mean price of residential buildings rose AU$22,300 to AU$1.1 million in the quarter.In company news, oOh!media (ASX:OML) confirmed that it has received conditional non-binding indicative offers from Bain Capital and other financial sponsors, consistent with the terms of the I Squared Capital proposal. The company on May 11 said it received an unsolicited, non-binding takeover offer from I Squared Capital to acquire the company for AU$1.45 per share in cash via a scheme of arrangement.James Hardie Industries (ASX:JHX) has been served with a group proceeding in the Supreme Court of Victoria on behalf of investors who acquired securities between May 21, 2025, and Aug. 19, 2025, alleging that it breached regulations in relation to forward-looking statements about its forecast financial performance. It denied the allegations and said it will vigorously defend the case.Coast Entertainment Holdings (ASX:CEH) said Queensland's State Assessment and Referral Agency (SARA) has issued its referral agency response to the Deputy Premier and Minister for State Development, Infrastructure and Planning regarding the company's Dreamworld precinct development application. SARA's response is the penultimate step in the call-in process and is submitted to the Minister for consideration ahead of a final decision.
ASX 200ASX:CEHASX:JHXASX:OML
