The Aussie sharemarket kicked the week off in positive territory, with the ASX 200 adding 31.8pts or 0.45 per cent, to 7064.3. Nine of 11 sectors were up today, with stocks in the Property sector lifting most. Mining stocks were up by as much as 1.8 per cent earlier in the session, but finished with a gain of 0.8 per cent. The Energy sector retreated by 0.8 per cent after a slip in the oil price on Friday.
In economic news, China released weaker-than-expected data for its industrial production, retail sales and fixed asset investment. The People’s Bank of China also unexpectedly cut the one-year Medium-term Lending Facility rate by 10bp to 2.75 per cent today.
JB Hi-Fi (JBH) shares finished 1 per cent lower. The electronics retailer announced its FY22 results, having already released an unaudited version in July. JBH posted a 3.5 per cent annual improvement in its total sales to $9.2 billion, and noted total sales growth of 9.7 per cent for its Australian division so far in FY23. JBH raised its final dividend by 43 per cent to 153 cents per share.
Nearmap (NEA) shares climbed 25 per cent. It informed investors that it received a takeover offer from Chicago-based private equity group, Thoma Bravo L.P, for $2.10 per share – a 39 per cent premium to NEA’s closing price on Friday. NEA also expects its annual contract value to be at the ‘top-end of its guidance range’.
Top Australian Brokers
Beach Energy (BPT) shares fell 11 per cent and had their worst day since August 2021. In its annual report, BPT recorded a 15 per cent fall in its oil production in FY22 to 21.8MMboe. Over FY23, BPT flagged roughly the same amount of oil production and expects around a 6 per cent increase in its unit operating costs. Its final dividend of 1 cent-per-share was flat over the year.
Westpac (WBC) fell by 1 per cent, its worst day in roughly 2 weeks. This comes after the bank released its third quarter update this morning. Bendigo & Adelaide Bank (BEN) also shed 8.4 per cent after announcing releasing its results. BEN reported a 9.4 per cent increase in its cash earnings after tax to $500.4m, and a 21 basispoint decline in its net interest margin to 1.74 per cent. Its final dividend of 26.5 cents per share was flat over the year.
BlueScope Steel (BSL) climbed 3.9 per cent. In its annual results released this morning, BSL more than doubled its profits to $2.81 billion, driven partly by ‘stronger regional steel prices’. The steel producer also increased its buy-back ‘to allow up to a further $500 million to be bought over the next 12 months’.
Carsales.com.au (CAR) posted its FY22 results this morning. CAR’s revenue, profits and EBITDA improved over the year. It also raised its final dividend by 9 per cent, to 24.5 cents-per-share.
3.8bn shares were traded, worth $5.6bn. 779 stocks rose, 639 fell & 379 finished unchanged.
BHP (BHP) and Temple & Webster (TPW) are scheduled to release their earnings results tomorrow.
Published by CommSec