1 December 2020
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5 things you need to know today

Switzer Daily
26 August 2020

1. Victorian premier Daniel Andrews' request to extend a state of emergency by 12 months is unlikely to pass Victoria's upper house in its current form. Treasurer Josh Frydenberg commented on the requested extension yesterday: "At the end of the day we will do everything to support Victorians get to the other side of this crisis, but the Victorian government has a lot of questions to answer".

2. Seven Group announced its profit had dropped 42.4% to $115.8 million for the year ended June 30. Revenue for the company was up 11.7% to $4.6 billion.

3. Adbri reported a 13.9% drop to its half-year profit to $47.6 million, while revenue fell 7.3% to $700.7 million.

4. There were record highs for the S&P 500 and Nasdaq on Tuesday in the US, rising 0.36% to 3,443.62 and 0.76% to 11,466.47, respectively. The Dow Jones closed down 0.21% to 28,248.44.

5. The 30-company lineup of the Dow Jones is set to change on August 30 due to Apple's planned four-to-one stock split, which would have seen the technology sector weighting reduced in the index. Software company Salesforce will replace ExxonMobil, biotechnology company Amgen will replace Pfizer and Honeywell International will replace Ratheon Technologies.

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