Australia…1 Hour In…ASX Down 82 Points

By Scott Phillips | More Articles by Scott Phillips

Market a little nervous this morning after President Trump said he is going to hold a news conference tonight to talk about China.

– Appen (-2.6%); maintained previous FY guidance. See’s weaker 1H offset by stronger 2H.

– Austal (+12%); has increased its FY20 guidance.

– Costa Group (-4%); CEO will retire in next 9 months.

– Freedom Foods (-17%); sees FY earnings materially impacted by Covid-19.

– Infratil (+3%); FY earnings up to $605m from $533m but unable to give guidance.

– Westpac (-4.4%); head of institutional banking Lyn Cobley is retiring after more than 30 years in banking. She is the third senior executive to leave the bank this month following the departure of consumer division head David Lindberg and chief technology officer Craig Bright.

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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