Australia…One Hour In…ASX Up 25

By Scott Phillips | More Articles by Scott Phillips

ASX200 up 25 points (0.4%) to 6116.

– Evolution (+4.6%); several broker upgrades today.

– Flight Centre (-2.8%); press speculation it is about to raise capital.

– Iluka (-0.2%); scrapped its interim dividend after its 1H profit declined by 18%, as its production fell and prices of mineral sands used in everything from paints to bathroom tiles moved in different directions.

– Mesoblast (+42%); a panel of FDA advisers voted that Mesoblast provided sufficient evidence that remestemcel-L is effective as a treatment for pediatric patients with steroid-refractory acute graft-versus-host disease. Other Healthcare names rallying as well COH +1.5% CSL +1.3% RMD +2.4% SHL +1.1%

– National Aust Bank (+1.2%); posted 3Q profit of $1.5bn vs $1.7bn a year ago. Warned the outlook remains highly uncertain after volatile markets and low interest rates. Numbers and comments not a surprise – the analyst call is on as I write so more details will come out soon.

– Newcrest (-1.5%); FY profit +15%. Div US17c vs US 14.5c last year. Div rises for 5th year in a row. Guidance was slightly lower than expected. Analyst call on now………..

– Sydney Airport (+1.6%); July passenger traffic down 92%. No surprise…….

– Woolworths (+0.3%); has created a chief medical officer position within the co to shape the retailer’s response to the ongoing coronavirus pandemic.

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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