Following the previous session’s gains, the Aussie sharemarket finished modestly lower as the ASX 200 lost 0.16 per cent or 11.7 points to 7,146.3. Nine (of 11) sectors finished in negative territory. Materials and energy were the exceptions on the back of positive sentiment from China and a lift in commodity prices. Iron ore miners Fortescue Metals Group (FMG) and Champion Iron (CIA) were among the best performers rising 10 per cent and 11.7 per cent
respectively while BHP Group added 4.6 per cent.
Elders Limited (ELD) lost 22.9 per cent after announcing FY22 results. It also noted the planned departure of its MD & CEO on or before November 14 2023. Revenue climbed 35 per cent to $3,445.3 million, statutory profit rose 9 per cent to $162.9 million and operating cash flow declined 20 per cent to $113.7 million. While ELD noted ‘high demand for agricultural commodities’, their ‘favourable cropping outlook for FY22 moderated following unseasonal spring rainfall’. ELD will pay a 28 cent dividend, trading ex-dividend on 21 November and paid on 16 December.
Flight Centre Travel Group (FLT) held its AGM today and released a trading update for the four months to October 31. Underlying EBITDA improved from a $28 million loss to $58 million profit, compared to the prior corresponding period. FLT indicated they are ‘targeting $70 million – $90 million underlying EBIDTA profit for 1H’ but it is ‘too early to provide full year guidance’ due to ‘some ongoing uncertainty around industry recovery trajectory’. FLT declined 3.8 per cent, amongst other travel companies which finished in negative territory.
Perpetual (PPT) closed 5.8 per cent lower ahead of Wednesday’s hearing for the Court to ‘consider whether the meeting of Pendal Shareholders to approve the Scheme should be convened and the Scheme Booklet despatched to shareholders’. PPT proposed to acquire PDL by scheme of arrangement on 25 August 2022. Pendal Group (PDL) closed 1 per cent lower.
Core lithium (CXO) was the second strongest improver today, reaching a record high of $1.875 to finish 11.7 per cent higher. It also announced its CFO, has chosen to step down.
Top Australian Brokers
Ahead; RBA meeting minutes and China’s October production, retail sales and investment indicators are due tomorrow. In company terms, Allkem (AKE) and AGL Energy (AGL) will hold Annual General Meetings while National Australia Bank (NAB) will trade ex-dividend.
Today, 3.9bn shares were traded, worth $9.7bn. 721 stocks rose, 720 fell & 375 finished unchanged.
Originally published by CommSec