Australia…1 Hour In…ASX Down 30 Points

By Scott Phillips | More Articles by Scott Phillips

– Infigen (+0.3%); see FY21 revenue and earnings materially lower than FY20.

– Magellan (-1.3%); proposes to restructure its Retail Funds. Will consolidate Magellan Global Fund, Magellan Global Equities Fund and Magellan Global Trust into a single fund with two unit classes.

– Monadelphous (-7.2%); Zenviron (MND own 55%) secures Murra Warra Stage II Wind Farm contract from General Electric.

– News Corp (+2.1%); James Murdoch has resigned from Newscorp board apparently citing the Aussie newspapers business refusal to report on climate change correctly.

– Regis Healthcare (-0.4%); says it has been targeted in a cyber attack by an overseas third party. The incident did not affect service.

– Seek (-2.6%); won’t pay shareholders a final dividend for the 2020 fiscal year, opting instead to preserve cash amid uncertainty in the employment market generated by the coronavirus pandemic.

– Splitit Payments (TH); trading halt. No announcement yet as to why.
Tabcorp (-1.4%); will tumble to a FY loss after it said it will record an impairment of up to $1.1bn due to the impact of the novel coronavirus.

– Travel stocks; all weaker, you now why. CTD -5.3% FLT -4.8% WEB-3.5%

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.

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