Walt Disney buying up Twenty-First Century Fox assets

Walt Disney is close to finalising the purchase of the film and television businesses from Twenty-First Century Fox. According to reports, Walt Disney is expected to acquire a number of assets, including the Twentieth Century Fox movie and TV studio, cable networks and the international operations. Walt Disney will also buy the group’s stake in the Hulu streaming service. These assets are valued at around $29 per share. Twenty-First Century Fox’s remaining assets, which are mainly focused on news and sport, will be offered to existing shareholders in a new company which should be valued at just more than $11 per share.

In currencies, the rand performed extremely well yesterday, with the local currency dropping below R13.50/$ in late afternoon trade. During the session, data released by Stats SA showed that November’s inflation figure had declined to 4.6% year-on-year, slightly lower than the 4.8% recorded previously and beating expectations of a drop to 4.7%. In contrast, retail sales increased by only 3.2% year-on-year in October, much lower than the figure reported in September. After a previous close of R13.675/$ on Tuesday, the local currency was at R13.529/$ at 17:00. The rand moved to trade at just below R13.47/$ this morning, despite the Fed’s decision to raise interest rates.

In Asia, markets are mixed, as investors digested the US Federal Reserve’s decision to increase interest rates as well as a slightly hawkish statement by Janet Yellen. The Australian ASX featured as the top performer, up 0.15%, with the index set to extend its recent run of gains. The Hang Seng has fallen 0.02% while the Japanese Nikkei shed 0,24%. The Shanghai Composite declined 0.2% moving to 3,296.31 index points at the break.

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