Australia…1 Hour In…ASX Down 58 Points

By Scott Phillips | More Articles by Scott Phillips

Market getting whacked after news emerged just after 10 am that China had banned Australian meat exports. The Aussie dollar has fallen half a cent in quick time. Details a bit sketchy at the moment……

– Altium (-5%); unlikely to hit its previous guidance due to the virus.

– Amcor (+0.5%); said it now sees FY 2020 adj EPS growth of 11-12% vs prior view 7%-10%. Remains on track to reach guidance.

– CSR (+10%); FY net profit $125.3m, up 61% on last year and has seen no significant drop in activity. As expected, suspended the dividend and buy back.

– Kogan (+6%); 1Q saw sales up 100%, profit up 150%.

– Premier Inv (+2%); will reopen all local stores from May 15. Online sales have surges 99% during lockdown with jimmy jammies shop Peter Alexander online sales breaking weekly records – up 295% vs last year (hello to everyone reading this who are still in their jammies…)

– Regional Express (TH); trading halt pending an announcement.

Facebook’s 1Q revenue :

Q1 2020: $17.7bn
Q1 2019: $15.1bn
Q1 2018: $11.9bn
Q1 2017: $8.0bn
Q1 2016: $5.4bn
Q1 2015: $3.5bn
Q1 2014: $2.5bn
Q1 2013: $1.5bn
Q1 2012: $1.1bn
Q1 2011: $731m
Q1 2010: $345m

Scott Phillips

About Scott Phillips

Scott has over 35 years experience in Australian equities, starting as a “chalkie” and trader on the Stock Exchange Trading Floor and spending the last 25 years advising and trading for International Institutions. He has been an Executive Director at JPMorgan and Nomura, a Governor of the Australian Stock Exchange and was recently awarded a Lifetime Achievment award by the Australian Stockbrokers Association. Now at Ascot Securities, Scott focuses on advising Family Offices, offshore Soveriegn Funds as well as a growing book of domestic Professional Investors.

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