– A2Milk (-0.8%); named Australian businessman David Bortolussi as its new CEO after a six-month global search. Mr Bortolussi held senior roles at Fosters, PwC and McKinsey and Co.
– Banks; ANZ +1.7% CBA +1.4% NAB +2% WBC +2% CBA report tomorrow, NAB on Friday. Is all the bad news and fear about dividends priced in?
– Challenger (-1.8%); FY profit missed lowest estimate after a $750m collapse in the value of its investments. Scraps dividend.
– Cimic (+4.4%); awarded $128m in Qld and WA contracts.
– Fletcher Building (+0.6%); said business activity was “solid” in July but the outlook remains uncertain. The co is forecasting a 25% reduction in construction in NZ for FY21 though the strength of the economy’s bounce back from a severe pandemic lockdown has surprised analysts.
– James Hardie (+5.3%); said 1Q profit fell by 89%, but gave solid FY21 guidance and said it had gained significant market share in North America in spite of the pandemic. Dividend remains suspended.
– Mesoblast (-20%); the FDA has released a report. I am having trouble accessing it. It obviously aint good……….
– Sydney Airport (TH); lost $52m in 1H vs $200m profit pcp. Announced a $2bn capital raising.
– Travel stocks; CTD +3.8% FLT +5.5% WEB +4.8% Can anybody tell me why? Who is travelling?
…and from CNBC Twitter. “Just three decades ago, Hong Kong accounted for 27% of China’s economy. Now, it represents only 3%.”