Aussie shares are only slightly firmer at lunch, with the ASX 200 lifting by just 4.5pts or 0.07 per cent to 6771.5. While momentum has died down in recent days, the index remains just 1.6 per cent away from hitting a record high and the market is on track to have its best yearly performance in a decade.
A2 Milk (A2M) is up by 16 per cent, making it not only the best improver of the day but the biggest contributor to the market’s gains as well. The dairy group at its AGM said it expects sales to lift in all its market and anticipates revenue to surge by as much as 30 per cent between July and December to between $780-$800n. A2M also has flagged improved margins, up to 84 per cent growth in China and a doubling in sales in the U.S.
WiseTech (WTC) is down 6.5 per cent as it meets investors at its Annual General Meeting (AGM). The logistics software company said it is on track to meet its FY20 goals. WTC is targeting 32 per cent growth in revenues and up to a 42 per cent lift in profit. Despite today’s losses, WTC shares are up 58 per cent Year-to-Date, outperforming the broader market three times in 2019.
Woodside Petroleum (WPL) narrowed its production target for the year, flagging roughly flat oil and gas production between 89-91m barrels of oil equivalent. WPL is unchanged.
Technology One (TNE) is down 6.5 per cent despite making $71.6m over the past year; four times the prior year’s result. The software company continues to expect strong growth in 2020.
TPG Telecom (TPM) will pay investors a 2c per share final dividend today. The telco has been paying eligible shareholders a 2c dividend since November 2017.
The Aussie dollar fell back below US$0.68 following the release of the Reserve Bank’s latest Board meeting minutes. The RBA kept rates on hold two weeks ago following three rate cuts in 2019. The RBA today said ‘that a case could be made to ease monetary policy this month’.
1.3bn shares have changed hands so far today worth $2bn. 514 stocks are up, 470 are down and 351 are unchanged.
Published by CommSec