Australia…1 hour in… ASX200 up 56

By Scott Phillips | More Articles by Scott Phillips

ASX200 up 56 points (0.8%) to 7137.


  • A2Milk (-11.5%); has lowered its annual earnings forecast for the fourth time since September as the pandemic continues to crush sales via Chinese surrogate shoppers.  Now expecting profit margin of 11-12% for FY21, down from the 24%-26% it forecast at its third earnings downgrade on Feb 25.
  • AMP (+0.5%); have announced a $200m on-market share buyback starting today.
  • ANZ (-1.2%); ex div 70c.  Trading down 34c.
  • Cleanaway (+1.1%); appoints Mark Schubert as CEO.    He was previously at Origin Energy.
  • Crown (+7%) / Star Entertainment (+8%);  Blackstone has raised its bid for Crown by 50c from $11.85 to $12.35.    THEN, Star have submitted a conditional, non-binding, indicative proposal to merge Crown at a nil-premium share exchange of 2.68 SGR shares per Crown shares.   This equates to approx. $14+ per share.   CWN trading @ $12.98.
  • Crown Resorts (+7%); named Lend Lease CEO Steve McCann as new CEO.
  • Incitec Pivot (-8.2%); said there have been further disruptions at its Waggaman ammonia plant in the US that will likely cost it up to $33m in net profit.
  • Janus Henderson (-0.3%); ex div 48.74c.  Trading down 15c.
  • Pendal (TH); said 1H Net Profit $89.9m, up 64% yoy and has agreed to buy US-based fund manager Thompson, Siegel & Walmsley for US$320m and will partly fund the deal via a $190m placement.
  • Seek (-0.6%); ex div 20c.  Trading down 19c.
  • Woolworths (+2.4%); aims to demerge drinks and hospitality business Endeavour Group into a separately listed company before returning up to $2bn to its shareholders.

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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