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Pinnacle boss bullish as shares hit record high
Feb 4, 2021 â 1.47pm
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Net profit (m) 30.34 up 119.5pc from year-earlier 13.82
Dividend 11.7c, up from year-earlier 6.9c, payable on March 19Â
Pinnacle Investment Management founder and managing director Ian Macoun thinks sharemarkets could soar over the next two years as macro-economic settings leave investors with few alternatives to shares.
On Wednesday after-market, Pinnacle reported net profit up 120 per cent to $13.8 million for the December half, with its interim dividend up 70 per cent to 11.7¢ a share on earnings of 16.7¢ a share.
Pinnacle managing director Ian Macoun, left, with Andrew Findlay, managing director of Pinnacle affiliate Antipodes. Â
ASX to rise, S&P 500 resets its closing high
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Australian shares are set to rise at the open, bolstered by broad gains in Europe and New York, where both the S&P 500 and Nasdaq reset their closing highs. Local investors will be paying particular attention to the RBA this morning.
Governor Phil Lowe will give testimony to the House of Representatives Standing Committee on Economics in Canberra, beginning at 9.30am AEDT. The bank will release its latest Statement on Monetary Policy at 11.30am AEDT.
ASX futures were up 69 points or 1 per cent to 6766 near 8am AEDT. The currency slipped below US76¢.