Australia…One Hour In…ASX Up 90 Points

By Scott Phillips | More Articles by Scott Phillips

ASX200 up 90 points (1.4%) to 6389.

– AUB (+0.1%); AGM today. Upgraded guidance.
– Beach (+13%); reports a new gas discovery in Victorian Otway Basin.
– Bluescope (+1%); has raised its 1H earnings guidance following the sale of an industrial warehouse in the US.
– Domain (-2.6%); AGM today. Said FY revenue down about 7% due to Victorian lockdown.
– Fletcher Building (+15%); said its earnings recovered in the first four months of the financial year, driven by cost cuts and robust demand for new homes in New Zealand.
– Gold; smashed overnight. EVN -11% NCM -5.7% NST -11% SAR -11%
– IAG (+4%); have you seen the chart !!!
– Incitec Pivot (-4%); annual profit fell by 19% after the explosives and fertilizer manufacturer was weighed down by impairments and redundancy costs. Ditched its dividend.
– James Hardie (-4.5%); 1H profit fell 49% yoy but reaffirmed previous guidance and expects to resume dividends in FY21.
– Oil; rallied hard overnight. BPT +13% OSH +14% STO +10% WPL +6%
– Sims (+3.6%); AGM today. Says balance sheet is strong and can benefit from Government Infrastructure stimulus.
– Suncorp (+6.8%); said its banking unit saw the total lending portfolio contract by $336m over the 1Q. However, this was partly offset by a 1% increase in business lending.
– Travel stocks; Corporate Travel +12% Flight Centre +9% Qantas +11% Webjet +11%

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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