Stokes takes a sweet stake of Capilano honey; Aussie banks pocket the highest profit: Midday Roundup

Stokes takes a sweet stake of Capilano honey; Aussie banks pocket the highest profit: Midday Roundup

Media mogul Kerry Stokes has swooped on Aussie company Capilano Honey, picking up a 12.5% stake in the honey manufacturer.

Capilano is one of the largest honey packers in the world, successfully exporting its honey products around the world.

Stokes’ Seven Group Holdings, and his associated private companies Australian Capital Equity and Wroxby, acquired the stake last week after distributor Icon Brands sold down its 20.7% stake in the company.

The move illustrates the company’s new external outlook, after it recently amended its supply policy so that its beekeepers were no longer compelled to own shares in the company.

One of Capilano’s largest beekeeper shareholders sold a big line of stock earlier this month, as broker Canaccord Genuity handled a block trade on behalf of Icon brands, leading the way for Stokes to register last week, according Fairfax Media.

Capilano Honey started as small family business in Queensland 1953, listing on the ASX in 2012. Last year the company reported a $9.4 million jump in turnover, from $43.2 million to $33.8 million.

The company commands roughly 50% of the domestic honey market, according to Fairfax.

Aussie banks pocket the highest profit

Australia’s banks are the most profitable in the world, according to the latest annual report from the Bank of International Settlements.

The big four last year pocketed $27 billion in profit, up 9.5% on the previous year.

Australian banks lead the world in terms of pre-tax profits (as a percentage of total assets) at 1.28%, with the US coming in a close second at 1.24%. Australia also showed the third best net-interest margin, the fifth best loan loss provisions and the third lowest operating costs.

Australia’s insurance sector also stood out as the best performing in the world.

Shares down on open

Aussie shares are down this morning, ahead of a busy week of data releases.

“The partial economic data we have seen so far for the Australian economy during the month of May has been on the “soft to moderate” side,” said Ric Spooner chief market analyst of CMC Markets.

“This week will provide a clearer picture. Data on private sector credit and new home sales is due today and will be followed by the balance of trade, building approvals and retail sales, amongst others later in the week.”

The S&P/ASX200 benchmark was down 18.2 points, or 0.3% to 5426.9 points at 11:46pm AEDT. On Friday, the Dow Jones closed 5.71 points higher, rising 0.03% to 16,851.8 points.

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