Australia…One Hour In…ASX Up 37 Points

By Scott Phillips | More Articles by Scott Phillips

– Adairs (+8.8%); see Nick Scali.

– AMP (+0.3%); Australia chief executive Alex Wade has resigned with immediate effect, a week after the co-announced its 1H profits had halved.

– BHP (+3.6%); several brokers touting potential Capital Management plans for the Big Australian.

– Harvey Norman (+5.6%); see Nick Scali.

– Metcash (+0.7%); names Alistair Bell from GrainCorp as CFO.

– Nick Scali (+17%); expects 2H21 profits to jump 50-60% following a surge in orders for sofas and dining suites as Australian consumers emerged from lockdown. Orders in July were up 70% after similar growth in May and June.

– Pointsbet (+1%); announced its wholly owned subsidiary PointsBet New Jersey has entered into an ‘primary skin’ agreement with Twin River Management Group to provide online iGaming/online casino in the State of NJ.

– Resmed (-4%); announced 4Q results. The numbers look ok but it seems they are below analysts estimates. More news to come…….

– RIO (+1%); ex div 216.47c. Trading up 98c.

– Scentre Group (-2.2%); said its portfolio value will take a 10% hit due to C19.

– Telstra (+0.4%); Chairman John Mullen has said “elderly Australians at a higher risk of C19 should bear the brunt of lockdowns while allowing younger people to get back to work and salvage a tanking economy”.

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.

View more articles by Scott Phillips →