Australia…One Hour In…ASX Down 56 Points

By Scott Phillips | More Articles by Scott Phillips

ASX200 down 56 points (0.9%) to 6069

– Altium (+2.5%); FY profit fell 42% as the virus hit demand for its circuit board software.

– Bendigo (-5%); FY profit fell nearly 50% to $192m. Defers dividend and is unable to provide meaningful guidance due to C19.

– BlueScope (-0.6%); reported a 91% fall in FY profit. C19. Unable to provide guidance.

– GWA (-11%); FY profit $71.8m, down 8% YoY, and below estimates of $76m. Sees very challenging trading in FY21.

– IAG (-1.4%); raising $300m through Debt issue.

– JB Hi-Fi (+5.4%); FY profit grew 21% reflecting increased sales as consumers spent more time at home due to coronavirus restrictions. Div 90c, +76%.

– Lend Lease (-1%); reported an FY loss of $310m vs $467m profit last year as it absorbed costs tied to the exit of its engineering business and the impact of C19. No div. Said conditions deteriorated significantly in 2H.

– Lynas (TH); FY loss $19.4m vs $80m profit YoY. Announced capital raising $425m.

– Magellan (-3.3%); ex div 122c. Trading down 216c.

– Platinum Asset Mgt (-1.8%); Kerr Neilson will step down as analyst.

– StarPharma (+3.9%); has signed a new research partnership with Chinese Pharmaceutical company Tianjin Chase Sun Pharmaceutical Co to develop several nanoparticle formulations for an anti-infective drug.

The number of international travellers entering Australia has screeched to a halt. (Why are there any at all?)

– A measly 5400 foreign visitors entered the country in June, a quarter of them Kiwis.

– Almost 16,000 Australians returned from overseas during the month, 98% lower than June last year.

– Less than 60 international students arrived in Australia in June, compared to the 45,980 in the same month the previous year.

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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