– APA (-0.2%); names Adam Watson as CFO. He was previously at Transurban.
– Ardent Leisure (-2.5%); Dreamworld and Whitewater World to reopen on Sept 16.
– Commonwealth Bank (-0.5%); stock was up early as it was seen as a strong result but giving it all back now. FY cash earnings down 11.3% largely due to higher Covid-19 loan impairment expense. Final div 98c vs $2.31 last year but CBA said it “reflects APRA’s recently updated guidance that banks should retain at least 50% of earnings”, adding that “the payout ratio was 49.95% of 2H statutory earnings”. Or, in laymans terms, they are paying as much as they are allowed….. ANZ +0.7% NAB +1.3% WBC +1%
– Computershare (-2.3%); FY profit fell 44%. Slightly below estimates but the co has lowered guidance twice in the last few months.
– Downer (+0.4%); FY loss $150.3m vs profit $261m last year. No div. No guidance. May resume div payment in FY21.
– Evolution (-7%); Red Lake mine operations suspended due to nearby forest fire. No damage to infrastructure or impact to production is expected.
– Gold; had a big pullback overnight NCM -3% NST -6% SAR -6.7% RRL -6% RSG -6% SBM -6%
– Magellan (+2%); FY profit $438m, +20% yoy, vs estimates $429m. Final dividend per share A$1.22. FY FUM $95.46bn, +26% yoy.
– Seek (-10%); FY loss $111.7m vs profit $180.3m yoy. Said “the pandemic slammed the brakes on job markets, and cannot provide guidance for the year ahead due to the uncertain global economic outlook”.
– SkyCity (-4.5%); to close Auckland Casino as the city enters lockdown.
– Transurban (-1.6%); FY loss $101m vs profit $261m and lower than the lowest analyst estimate loss $48m. Said the loss was due to lockdowns in countries where it owns major toll roads curbed traffic but said they remain in a strong position to pursue opportunities emerging within its core markets, including the proposed M7 widening and M7/M12 interchange in western Sydney.