The Aussie market is attempting to snap its two-day losing run at lunch on Wednesday. The ASX 200 is managing a small improvement of 10 points or 0.14% to 7,251 around midday, having been down as much as 41 points or just over 0.5% at its opening lows. US markets were weaker by as much as 0.9% overnight with the NASDAQ falling most.
Locally, material and healthcare losses are being offset by improvements from the majority of the market. Financials, consumer staples and communications are some of the leading performers.
Mining giant, BHP Group (BHP) is by far the largest individual weight erasing 28 points from the ASX 200 index. The stock is down 6% after the release of its FY21 profit results after market close yesterday. Revenue for the year jumped 42% to US$60.8 billion while net profit also rose 42% to US$11.3 billion. BHP will pay a record final dividend of US$2 per share and also confirmed its agreement to
merge its Petroleum business with Woodside (WPL).
WPL has also released its first half earnings with operating revenue up 31% to US$2.5 billion. Reported net profit after tax (NPAT more than doubled to US$317 million due to a drop in impairments from the period a year ago. Underlying NPAT saw a more subdued improvement of 17% to US$345 million. WPL is 0.8% lower.
Biotech giant, CSL Ltd (CSL) has eased 1.2% even as FY21 total revenue lifted 10% to US$10 billion and NPAT came in at US$2.38 billion, an increase of 13%. CSL is expecting FY22 net profit to be weaker than FY21 with guidance set between US$2.15b – US$2.25b at Constant Currency.
Domino’s Pizza (DMP) is seeing its stock rise 6.1% after announcing a 33% rise in net profit to $184 million as network sales improved 14.6% to $3.74 billion. The biggest lift in sales was across Asia and Europe.
Other companies to release profit results today included Coles Group (COL), Super Retail Group (SUL), Tabcorp (TAH), OZ Minerals (OZL), Southern Cross Media (SXL), Nearmap (NEA) and Corporate Travel Management (CTD).
The AUD has fallen to 72.43 US cents following the release of the June Quarter Wage Price Index (WPI) by the ABS. Wages grew 0.4% over the quarter and 1.7% annually which was slightly below expectations.
Published by CommSec