The Australian sharemarket is lifting for a second day, with the ASX 200 up 0.22 per cent to 7,521.2. While iron ore producers, energy stocks and banks are down, gains from most other sectors are keeping the index positive. On the final trading day of August, the local market remains on track to extend its winning streak to an 11th month for the first time in close to 80 years.
The final day of the month also marks the end of the profit reporting season, with hundreds of companies sharing their earnings with investors in August. Today, Harvey Norman (HVN), Mesoblast (MSB), Bubs Australia (BUB), PointsBet (PBH), Regis Resources (RRL) and Regis Healthcare (REG) have all released their results.
Harvey Norman (HVN) posted a 63 per cent gain in profit (before property revaluations) to $743.12m and a 15.3 per cent lift in sales. The retailer’s sales have improved across all markets internationally, boosted by strong demand for its products during the pandemic. HVN declared a smaller dividend of 15 cents, a drop on the 20c paid out earlier this year and the 18c final dividend distributed 12 months earlier. HVN warned that current lockdowns are impacting sales.
Bubs Australia (BUB) is down 6 per cent after its FY21 results were impacted significantly by COVID-19 disruption over the year. The closure of international borders resulted in a drop in sales and profits, particularly from Chinese shoppers.
PointsBet (PBH) is down by ~2 per cent after the release of its FY21 earnings. While revenues surged by 159 per cent to $194.7m and it expanded its customer base, losses ballooned due to a near five-fold increase in sales and marketing spending.
Regis Resources (RRL) and Regis Healthcare (REG) are both higher on their results.
Webjet (WEB) is up 2 per cent after the online travel groupsaid it expects to be cashflow positive in 1H22 thanks partly to stronger demand in the US and across Europe.
A number of property stocks are paying out distributions to shareholders today, including GPT, MGR, SGP, CHC, VCX and SCP.
2.2bn shares have changed hands today worth $2.5bn. 671 stocks are up, 585 down and 422 are unchanged.
Published by CommSeC