-- Prudential Financial (PRU) shares fell 1.4% on Wednesday after Barclays downgraded the stock to underweight from equalweight and cut its price target to $91 per share from $110.
Jefferies also downgraded the stock to hold from buy and cut its price target to $98 per share from $124.
Trading volume stood at over 2.7 million shares compared with a daily average of more than 2.4 million.
Price: $95.26, Change: $-1.20, Percent Change: -1.24%
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.
Temple & Webster (ASX:TPW) said co-founder and Chief Executive Officer (CEO) Mark Coulter will transition to the role of executive chair, with Susie Sugden appointed as the company's next CEO, effective July 1, according to a Thursday Australian bourse filing.Sugden is a former Temple & Webster executive who most recently served as chief executive of Love To Dream, a global sleepwear brand operating in more than 40 countries, the filing added.
South32 (ASX:S32) is poised to generate strong cash flow in the fourth quarter, helped by robust commodity prices and inventory sales, despite operational disruptions due to adverse weather conditions, Jefferies said in a note on Wednesday.The investment firm had previously expected some working capital unwind in the third quarter, but a higher impact is now expected in the June quarter due to strengthening commodity markets.The miner reported a 6% quarter-on-quarter decline in alumina production of 1.2 million tonnes, missing Jefferies' forecast of around 1.3 million tonnes. Its GEMCO sales, which beat market expectations, also came in roughly 2% below Jefferies' estimates.Analysts at the firm see risk in the Hermosa project timing and capital expenditure update ahead of the company's second-half review.Jefferies maintained a buy rating on South 32 and increased the price target to AU$5.25 from AU$5.20.