Australia…1 hour in… ASX200 down 19

By Scott Phillips | More Articles by Scott Phillips

ASX200 down 19 points (0.3%) to 7074.


  • Adbri (+1.6%); said Construction Materials demand was robust and YTD trading has been in line with expectations.
  • ASX (-0.6%); said it is on track to meet FY21 growth guidance of 8-9%.
  • Eclipx (+9%); 1H profit doubles to $37.8m but revenue down 0.7% and wont pay a dividend.
  • National Aust Bank (-2.4%); 1H result. Lots of numbers – 1H profit $3.21bn vs $$1.31bn last year.  Revenue -1.5%.  Div 60c vs 30c last year and est 56c.  The analyst call is on as I write so there will be more to come on this.
  • Nearmap (-14%);  said it will defend itself against a patent infringement complaint by a rival aerial mapping company.  A complaint filed in the US District Court in Utah by Washington-based EagleView Technologies and Pictometry International, which merged in 2013. The complaint alleges patent infringement relating to the plaintiffs’ roof-estimation technology, Nearmap said.
  • Qantas (-2%); lots of news – will retain Sydney as HQ, Jetstar to remain in Melb.   Will launch non-stop flights from Sydney to NY/London when, well, you know.  ACCC seeks to block Qantas/Japan Air deal.
  • Star Entertainment (-2.2%); 2H trading showing improving trends.  Jan-May revenue +37%. Slots and Gold Coast very strong….
  • Southern Cross Media (+5%); 3Q Advertising revenue -4.3% vs guidance of 6-8% lower.  Upgraded EBITDA guidance.
  • TPG Telecom (); CFO Steve Banfield resigns.
  • Other companies presenting at the Macq Conference today include;  Appen -8%  Bank of Qld -1%    Breville -1.8%  Cleanaway -1%   Emeco +9%  JB HiFi -1.2%   Link -0.4% Skycity  -0.3%down 19

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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