Australia…One Hour In…ASX Down 7 Points

By Scott Phillips | More Articles by Scott Phillips

ASX200 down 7 points (0.1%) to 6680.

– Bega (TH); in trading halt after agreeing to buy Lion Dairy & Drinks for $534m. Will do a capital raising of $401m.
– McGrath (+9.5%); AGM today. Seeing strong residential property market. Has $22m in cash, no debt.
– Lynas (+3.8%); said demand appears to be returning to pre-Covid levels.
– Origin (+1%); raised guidance for its integrated gas business in FY21 , while reaffirming earnings forecasts for its energy markets division.
– Qube (-0.3%); expects 1H result below last year.
Stockland (+2.8%); names Sachin Gupta as new CEO. Previously at Lend Lease.
– Wisetech (+0.5%); reiterated its FY21 revenue and earnings guidance while warning the longer-term impacts of the coronavirus pandemic remain unpredictable.

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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