Australia…One Hour In…ASX Down 100 Points

By Scott Phillips | More Articles by Scott Phillips

ASX200 down 100 points (1.7%) to 5956.

– ANZ (-2.9%); FY result. A profit hit was flagged to the market yesterday; FY profit fell 40% due to Covid one offs to $3.58bn. Div 35c vs 80c last year.
– Fortescue (-1%); 1Q result. Shipped a record 44m tons of iron ore in 1Q, +5% yoy. All guidance remains unchanged.
– GPT (-1.5%); conditions remain subdued but says it is in a strong financial position. Guidance remains withdrawn.
– IGO (-1.9%); maintains its gold production guidance.
– JB HiFi (-4.7%); AGM today. Total sales in 1Q for Aust was +27% yoy. Sales at Good Guys +31% but NZ sales -2%.
– Myer (-6.2%); Chairman Garry Hounsell to retire.
– Newcrest (-3.3%); 1Q gold output fell 12% due to planned shutdowns but said 2Q will see an improvement. Remains on track to meet FY21 production guidance.
– Orocobre (-1.7%); Q production fell 24% due to C-19 related operational restrictions. Said that lithium prices had likely bottomed out.
– REA (+0.1%); is increasing its stake in Indian real estate advertiser Elara in a cash-and-scrip deal worth up to $70m. REA Group is 62% owned by News Corp.
– Reliance (-2.2%); AGM today. 1Q sales grew by 14% yoy but the plumbing supplies firm said it still cannot provide FY guidance amid uncertainty over demand and US government stimulus.
– Seek (-9%); on news that a negative report has been released by Blue Orca. I have not seen the report.

….and from CNN. More than 65.5m votes have already been cast around the US (with 5 days to go), surpassing the 58.3m total pre-election votes cast in 2016. That’s almost half of the total presidential votes cast four years ago.

….also interesting to note that the top Google search in the US this week is “how do I change my vote”………..source; Trump tweeted it……..

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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