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Aussie shares are managing to barely hang onto gains at lunch on Tuesday, with the ASX 200 up 0.3 per cent to 6,094.7. This follows Monday’s 0.81 per cent decline and slightly stronger global markets overnight. The ASX 200 has continued to struggle rising above 6,200pt for over two months, with the index unable to break through the barrier on three attempts in almost nine weeks.

Westpac (WBC), ANZ Banking Group (ANZ) and Treasury Wine Estates (TWE) are holding the market back on Tuesday. Westpac (WBC) is down 3.4 per cent after releasing its quarterly update and scrapping its interim dividend. WBC posted a $1.32bn cash profit in the June quarter. WBC usually pays investors an interim dividend in July, however deferred the decision of whether or not to share its profits a couple of months ago. It confirmed it will not pay an interim dividend this year.

ANZ is down 2 per cent ahead of its quarterly update on Wednesday. CBA – which declared a reduced 98c final dividend last week in its FY20 results – is outperforming its peers, slipping by ~0.5 per cent.

Treasury Wine Estates (TWE) is down 13 per cent on reports that China has started an anti-dumping probe into Australian wine. TWE generates approximately a quarter of its sales in Asia and China is a key growth market for the wine maker which owns Penfolds. The Americas is its largest market.

Mining companies are standing out following a softer greenback and firmer commodity prices overnight. BHP is underperforming however, following an underwhelming set of FY20 results. Net profit eased by 4 per cent to $7.95bn, revenue slipped by 5 per cent and a final dividend of US$0.55 was announced.

Cochlear (COH) is up 5 per cent after the inner ear implant maker posted a 6 per cent drop in FY20 revenue and a 7 per cent drop in implant unit sales. Revenue declined by a more significant 22 per cent in the second half due to COVID-19 related surgery deferrals. COH posted a net loss of $238.3m, which was mainly due to a $416.3m patent litigation expense.

Shares in Coles (COL) and IVF provider Virtus Health (VRT) are both down following the release of FY20 profit results. Estia Health (EHE), which operates ~70 aged care homes in Australia, is up 4.2 per cent following its results. Keep in mind that EHE is still down 39 per cent Year-to-Date.

3.9bn shares have changed hands so far today worth $4bn. 742 stocks are up, 444 are down and 356 are flat.

Published by CommSec