Evening Report – The Bull
The Australian stock market started the week in positive territory, with the ASX 200 adding 31.8 points or 0.45%, to 7064.3. Nine of 11 sectors were up today, with real estate stocks rising the most. Mining stocks rose 1.8% earlier in the session, but ended with a 0.8% gain. The energy sector fell 0.8% after oil prices fell on Friday.
In economic news, China released weaker than expected data for its industrial production, retail sales and capital investment. The People’s Bank of China also unexpectedly cut the one-year medium-term lending facility rate by 10 basis points to 2.75% today.
Shares of JB Hi-Fi (JBH) ended down 1%. The electronics retailer announced its results for fiscal year 22, having already published an unaudited version in July. JBH reported a 3.5% year-on-year improvement in total sales to $9.2 billion and noted total sales growth of 9.7% for its Australian division so far in FY23 JBH raised its final dividend by 43% to 153 cents per share.
Shares of Nearmap (NEA) soared 25%. He told investors he had received a takeover bid from Chicago-based private equity group Thoma Bravo LP for $2.10 per share, a 39% premium to the closing price. from NEA on Friday. NEA also expects its annual contract value to be at the “high end of its guidance range.”
Shares of Beach Energy (BPT) fell 11% and had their worst day since August 2021. In its annual report, BPT recorded a 15% decline in oil production in fiscal year 22-21. .8 million boe. In FY23, BPT recorded about the same amount of oil production and expects an increase of about 6% in its unit operating costs. Its final dividend of 1 cent per share remained stable during the year.
Westpac (WBC) fell 1%, its worst day in about 2 weeks. It comes after the bank released its third quarter update this morning. Bendigo & Adelaide Bank (BEN) also lost 8.4% after announcing the publication of its results. BEN reported a 9.4% increase in after-tax profit to $500.4 million and a 21 basis point drop in its net interest margin to 1.74%. Its final dividend of 26.5 cents per share remained stable over the year.
BlueScope Steel (BSL) climbed 3.9%. In its annual results released this morning, BSL more than doubled its profit to $2.81 billion, partly on the back of “higher regional steel prices”. The steel producer also increased its buyout “to enable purchases of up to an additional $500 million over the next 12 months.”
Carsales.com.au (CAR) released its FY22 results this morning. CAR’s revenue, earnings and EBITDA improved during the year. It also increased its final dividend by 9%, to 24.5 cents per share.
3.8 billion shares were traded, worth $5.6 billion. 779 stocks rose, 639 fell and 379 ended unchanged.
BHP (BHP) and Temple & Webster (TPW) are expected to release their results tomorrow.
Edited by CommSec