PRE-MARKET AUSTRALIAN STOCKS NEWS: Telstra (TLS AT) unveiled sweeping price increases for its mobile plans for the second time in 10 months
Challenger (CGF AT) - Co. withdrew its bid for Pepper Money (PPM AT) and received regulatory approval for a AUD 150mln share buy-back. (The Motley Fool)
Rio Tinto (RIO AT) - Australian federal and state governments announce AUD 2bln bailout for Rio Tinto's Boyne aluminium smelter. (ABC NEWS)
Telstra (TLS AT) - Co. unveiled sweeping price increases for its mobile plans for the second time in 10 months, pushing costs for some customers up by as much as 17% over the past year. (AFR)
Tuas (TUA AT) - Co. H1 (SGD) net SGD 8.2mln (prev. SGD 3.0mln Y/Y), EBITDA SGD 42.1mln (prev. SGD 33.1mln Y/Y), rev. SGD 91.9mln (prev. SGD 73.2mln Y/Y), dividend none. (Dow Jones Newsplus)
Broker Ratings/Price Target
Telstra (TLS AT) price target raised 1.9% to AUD 5.30/shr by UBS
Other News
Australian superannuation funds see value in equities and credit as oil supply fears linger. (AFR)
Telstra's announcement of substantial price increases for its mobile plans indicates a significant shift in its pricing strategy, with some plans seeing hikes of up to 17% in the past year. This move, coming shortly after a previous increase, may signal confidence in its customer base's willingness to absorb higher costs, potentially leading to improved revenue projections in the medium term. However, persistent price sensitivity could also raise concerns about customer retention in a competitive landscape, influencing market sentiment towards its stock performance.