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Market recovers yesterday’s losses
The local sharemarket has made a positive start, helped by gains on US and European markets overnight. Investors on Wall Street cheered reports that US-China trade talks are progressing in a constructive manner. The ASX 200 (XJO) is up 15 points or 0.3% to 6,079.
Earnings news dominates today. Magellan Financial Group (MFG) shares have jumped 9.0% to $31.83 after the fund manager increased its dividend by two-thirds as it reported a 62% lift in first-half profit to $176.3 million.
South32 (S32) has raised its mid-year payout and said it will hand out another special dividend as it reported a 17% rise in first-half profit to US$635 million, thanks to firmer commodity prices. S32 shares are up 4.2% to $3.825.
Newcrest Mining (NCM) has more than doubled its first half profit to US$237 million, helped by cost cutting. NCM’s earnings margin increased to 42.7%, up 18% on a year earlier. NCM shares are down 2.3% to $24.76.
Woodside Petroleum (WPL) shares have risen 2.7% to $35.81 after the oil producer recorded a 28% lift in annual net profit to US$1.36 billion, thanks to increased sales volumes and stronger prices. Revenue rose by 32% to US$5.24 billion.
AMP (AMP) on the other hand is down 4.1% to $2.335 after the fund manager reported a 97% plunge in full year profit to $28 million, missing its own guidance. AMP also sharply cut its final dividend to 4.0 cents, down from 14.5 cents a year earlier.
Telstra (TLS) is also being hit hard, down 0.8% to $3.185 after posting a 28% drop in first half profit to $1.2 billion. The telco also cut its interim dividend to 8.0 cents, from 11 cents a year ago as the NBN rollout continues to impact its balance sheet.
Goodman Group (GMG) has upgraded its FY19 earnings guidance, after reporting a 71% rise in first half net profit to $929.2 million thanks to increased demand warehouses and logistics operations near major cities. Goodman now expects 9.5% growth in operating earnings to 51.1 cents per security, up from its prior forecast for 50.0 cents. GMG shares are up 3.8% to $12.46.
Treasury Wine Estates (TWE) has lifted its interim dividend to 18 cents – up from 15 cents a year earlier – after reporting a 15.1% rise in first-half profit to $201.1 million. TWE is up 2.7% to $17.24.
Cleanaway Waste (CWY) has jumped 10.5% to $2.15 after reporting a 35% jump in first half net profit to $60.8 million. It’s declared an interim dividend of 1.65 cents per share, up 50% on 1H18. Published by CommSec