Aussie shares have recovered from a slow start, with the ASX 200 lifting by 0.4 per cent to 7,027 thanks to gains across most sectors. This followed the market opening lower for a third straight day and remains a little softer over the week as market participants pause from the recent rally. Putting this in context, the ASX 200 rose for the prior four weeks, is having its best month of the year and is most of the way through its eighth straight month of gains.
This week is a busy one for quarterly updates on the ASX. Gold miner Evolution (EVN) narrowed its expectations for gold production this year to between 695-710,000 ounces (previously 670-730,000 ounces). EVN also signalled that costs would be lower than originally thought this year.
Brambles (BXB) is up 1.25 per cent after recording an 8 per cent lift in revenue over the past nine months. The pallet and crate maker has reaffirmed its revenue and profit forecasts for the year thanks partly to a lift in US pallet demand and new customer wins in Europe. BXB owns over 300 million pallets and crates globally.
Oz Minerals (OZL) reported a ~30 per cent lift in copper production over the first quarter, however warned that mining costs will likely be higher than expected over the year.
Santos (STO) first quarter output slipped by 2 per cent on the prior quarter (up 39 per cent on a year earlier). Revenue rose by 5 per cent on the prior quarter to US$964m. STO shares remain lower with other energy stocks following a 2.1 per cent slide in oil prices overnight. US crude oil inventories surprisingly rose over the past week and slipped a day earlier on fears that rising global coronavirus cases could impact travel demand.
AMP said it is continuing to make progress on its transformation strategy. Assets Under Management in its Australian Wealth Management business increased by $1.6b to $125.7bn during the first quarter. AMP shares are down 4.7 per cent.
Redbubble (RBL) is down 17 per cent after providing a trading update. While the print on demand company has flagged its ambitious growth expectations in coming years, it warned that a side effect will be smaller profit margins as expansion costs lift. RBL shares rose five-fold in 2020.
Invocare (IVC), Austal (ASB), Adbri (ABC) and Lovisa (LOV) are all set to pay eligible investors dividends on Thursday.
2.6bn shares have changed hands so far today worth $3bn, with 758 higher, 498 lower and 399 unchanged.
Published by CommSec