We are now 54 points off the low of the day (yes, halved the early deficit) as US futures have rallied from being down to now being slightly up.
– Bapcor (-1.2%); says Autobarn sales up 8% YoY and up 45% in May/June. Expects demand to moderate in 2021 due to uncertainty.
– CSL (+1.6%); has agreed to pay US$450m to acquire from uniQure exclusive global license rights to AMT-061, for the treatment of hemophilia B.
– IDP Education (-3.3%); Education Aust has sold 5.1% stake in IDP Education. Says it won’t sell anymore within 6 months.
– Qantas (TH); launches a $1.9bn capital raising @ $3.65 vs last sale $4.19. $1.4bn in equity and a $500m SPP. Will ground 100 planes for up to 12 months. Its A380 fleet will be grounded for at least 3 years. Will continue to stand down 15,000 employees but says half of these may be back by year-end. Takes an impairment charge of $1.25bn to $1.4bn. Co says it must position itself for several years of lower revenue. The domestic schedule will return to 70% sometime this year. International flights may start in July next year. Alan Joyce to remain CEO until at least 2203. Lots of headlines, sorry if I missed any.
– Travel stocks; Corporate Travel -3.7% Flight Centre -7% Webjet -5.6%
– Woolworths (+0.5%); said its line of own-brand nappies, Little One’s, will now be made in Australia. The factory in Eastern Creek will make 185m nappies a year (or 10 every second). Anyone thinking of having a baby?!