Australia…One Hour In…ASX Up 36 Points

By Scott Phillips | More Articles by Scott Phillips

ASX200 up 36 points (0.6%) to 6043.

– Commonwealth Bank (+0.4%); has reported additional remediation provisions of $300m.

– Dexus (+0.9%); to sell 6 Industrial assets, to add $35m in pre-tax profit,

– Fortescue (+2.3%); beat guidance for annual iron-ore shipments in the last Q and forecast another strong year, even as costs creep up and it spends more on growth projects.

– IOOF (-3%); expects FY20 underlying net profit after tax of about A$128-A$130m which is below market estimates.

– Macquarie (+1.7%); says contribution from its group businesses is slightly lower in the June Q vs pcp due to the impact of coronavirus. In line with consensus…..

– NRW Holdings (TH); trading halt pending project update.

– Orocobre (+3%); 4Q result. Market obviously likes it…..

– Pilbara Minerals (+7%); secures new US$110m finance facility.

– Regional Express (+0.9%); will be allowed to continue to coordinate flight schedules with Qantas and Virgin Australia on 10 regional routes in response to the Covid-19 pandemic, under an ACCC proposed authorization.

– Rio (+0.1%); reported Q result post market yesterday. Doesn’t seem to be too much change to major broker research views.

– Sandfire (-5%); forecast soft production outlook and higher cost guidance for FY 2021.

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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