Aussie shares are rising for a second consecutive day with the ASX 200 rising 20 points or 0.25% to 7,510 at lunch. The local moves follow broad improvements on US markets overnight with the S&P 500 hitting an intraday record high while the NASDAQ reached a closing record high as markets rallied on the US FDA granting full approval to the Pfizer and BioNtech vaccine.
Energy is the standout sector in the opening hours following a ~5.5% lift in crude oil prices overnight. IT and materials are the other improvers while consumer staples and discretionary sectors lead declines.
Local travel stocks are some of the better performers today as NSW vaccines hit a milestone 6 million dose mark. The NSW Premier is set to announce potential restrictions easing in September on Thursday or Friday. Flight Centre (FLT) is 5.4% higher with Webjet (WEB) adding 7.1% while Qantas (QAN) improves 4.3%.
It has been another busy day for company profit results with a mixed reaction from investors and the market.
Online retailer, Kogan.com (KGN) is tumbling 13% as net profit for the financial year plunged 87% to $3.5 million on inventory, logistics and the Mighty Ape acquisition costs. Revenue still improved 57% to $780.7 million while active customers also jumped 47%. KGN decided against paying a final dividend to shareholders.
Ansell (ANN) shares are down 8.7% on its FY21 results even as revenue lifted 26% to US$2 billion and net profit rose 58% to US$246.7 million. ANN also increased its final dividend but warned that sales could be impacted by supply disruptions in Southeast Asia in FY22 due to increased COVID-19 cases in the region.
Boral (BLD) is also 5.8% lower as the building materials maker is cautious for the upcoming year due to the COVID19 restrictions and the NSW construction shutdown in July, expected to hit first quarter earnings (EBIT) by $50 million.
Scentre Group (SCG), which operates Westfield shopping centres in Australia and NZ, is 4.7% higher as rent collections for FY21 rose 37% to $1.2 billion while earnings before interest & taxes also increased by 28% to $815.9 million. Elsewhere, Nanosonics (NAN) has jumped 18% on profit numbers.
The AUD is firmer at 72.1 US cents.
Published by CommSec