Australia…One Hour In…ASX Down 55 Points

By Scott Phillips | More Articles by Scott Phillips

ASX200 down 55 points (0.9%) to 5867.

– Afterpay (-4%); CFO Luke Bortoli is departing.

– Brickworks (-1%); FY profit $146.3m, down 38% yoy. Said it had been hit by C19 but that its Aust/ North American building products businesses had performed strongly despite a challenging backdrop.

– Coca Cola (-0.6%); is reducing the number of credit ratings it maintains from two to one, and has ended its commercial relationship with S&P Global Ratings. Will stay with Moody’s.

– Kathmandu (+6.5%); speculation they will resume dividend payments next year.

– Qantas (-0.2%); is selling fully loaded bar carts taken from its 747’s for $1,474.40. It has 80 mini bottles of wine, 2 champagne bottles, 4 sets of pyjamas and a rug…..and as we know they are no longer sponsoring the Wallabies. Maybe an opening for Twiggy Forrest to come in. The Fortescue Wallabies? Or even The Ascot Securities Wallabies? I might finally get picked……

– Service Stream (+2.5%); seeing broker upgrades post the recent NBN announcements.

– Washington H Soul (+1.5%); FY profit $170m, down 15% yoy. Analyst presentation on as I write and I have not seen any commentary as yet……

– Westpac (-1.6%); will pay a record $1.3bn fine to settle Australia’s biggest breach of anti-money laundering laws. It had set aside $900m for a potential penalty. (CBA was fined $700m in 2018).

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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