It’s been a lacklustre open on the Australian sharemarket (ASX200) rising only 24.6 points or 0.38% to 6464.7 despite a positive night in the US, w hich rose 269 points or 1%. The technology sector is leading the charge this morning w ith the energy sector and consumer staples suffering the biggest losses.
We’re into the last w eek of the reporting season. One of the largest companies to report this w eek is Wesfarmers Ltd (WES), w hich announced a $5.51 billion full year profit, more than four times their result last year. This is their first report post the demerger of Coles Group (COL). Bunnings remains their key asset, w ith Officew orks and chemical divisions also performing w ell. Kmart and Target continue to w eigh on results. WES has rallied 23 cents or 0.57 per cent to $38.92.
The best performer among the top 200 stocks is Nanosonics Ltd (NAN). It has rallied strongly up $1.26 or 25.7 per cent to $6.21 after announcing a 39 per cent increase in revenue and a 201 per cent increase in operating profit. Tw o companies that have had a tough tw elve months are Reliance Worldw ide (RWC) and Sandfire Resources (SFR) and w e’ve seen a relief rally in both follow ing their results this morning. RWC announced a record full year profit of $133 million trading up 20 cents or 6 per cent to $3.50. SFR has rallied up 13 cents or 2.35 per cent to $5.66 after announcing a strong cash position and a 16 cent dividend. Pilbara Minerals (PLS) has announced that they’ve agreed to binding terms w ith South Korean conglomerate, POSCO, for a joint venture (JV) in South Korea to build and operate a 40ktpa LCE primary lithium hydroxide chemical processing facility. PLS has rallied 0.5 cents or 1.4 per cent to $0.365.
It w asn’t all positive results today w ith Speedcast International (SDA) falling heavily dow n 41.5 cents or 24.6 per cent to $1.27. They announced a half year net loss of US$175.6 million and no interim dividend. Inghams Group (ING) w as also sold off after announcing a huge increase in costs follow ing a failure to keep up w ith increased demand. ING has fallen 74.5 cents or 18.3 per cent to $3.30 as a consequence.
It’s been a busy new s morning for Northern Star Resources (NST) w ho announced their result as w ell as a takeover offer for Echo Resources (EAR) for 33 cents per share. NST has been sold off on this new s dow n 83 cents or 6.7 per cent to $11.55. G8 Education (GEM) w as another to fall dow n 14 cents or 6.1per cent to $2.16, a day after their result, on the back of a number of broker dow ngrades.
The Aussie dollar is holding around 67.68 US cents. 1.47 bilion shares have changed hands so far today w orth $2.51 billion. 636 stocks are up, 372 dow n and 329 are unchanged.
Published by CommSec