The Aussie sharemarket kicked the week off posting its largest decline in over a month, after the ASX 200 lost 67.6 points or 0.95 per cent, to finish at 7046.9. All sectors declined, with the Financial
sector losing 1.2 per cent (largest fall since the end of June). Tech shares also slipped 1.5 per cent and Consumer staple stocks lost 0.6 per cent – snapping seven straight days of gains in the process.

The Star Entertainment Group (SGR) released its FY22 results today, outlining a 2 per cent fall in its revenues, and a statutory loss of $199 million (including significant items). SGR says that ‘Covidrelated property closures and operating restrictions impacted earnings’. The casino operator also didn’t declare a dividend, and hasn’t since July 2020. Shares of SGR shed 2.4 per cent today.

Adbri (ABC) shares shed 17 per cent – their largest decline in over two years. This comes after the cement manufacturer released its first half results, noting a 15 per cent decline in statutory net profits to $48.1 million. ABC notes that this was partly driven by higher raw materials, shipping, transport, power and fuel costs. It also advises that its 2H 2022 ‘building and project completion timelines are being extended due to materials and labour shortages’.

NIB Holdings (NHF) was amongst the strongest performers today after it released its annual report. The health insurer lifted its underlying operating profits by 14.8 per cent, and its underlying
revenues by 7.2 per cent. It also noted that its International health insurance and nib travel divisions both ‘returned to profitability in 2H22’. The health insurer declared a final dividend of 11cps. NHF shares climbed 7 per cent.

Alongside the release of its annual results, EML Payments (EML) announced an on-market share buy-back of up to $20 million. EML recorded a 308 per cent increase in its gross debit volume, and a 21 per cent increase in its revenue. EML shares rose 6.1 per cent.


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In an update today, Ramelius Resources (RMS) advised that in light of several ‘one-off’ transactions, it expects its full-year underlying net profit before tax to be between $105 million – $110 million. Shares slipped by 7.2 per cent.

In the annual results it released today, Adairs (ADH) posted a 12.9 per cent lift in sales to $564.5 million, but a 30 per cent fall in its underlying EBIT to $76.4 million. ADH’s gross margin also declined over the year to 59.6 per cent, partly due to greater promotional activity. ADH shares slipped 13.7 per cent today.

3.9bn shares were traded, worth $7bn. 461 stocks rose, 969 fell & 372 finished unchanged.

In the US tonight, the Chicago Federal Reserve National Activity index is issued. Reporting season continues tomorrow, with Breville (BRG), Pilbara Minerals (PLS) and Kogan (KGN) amongst some of the companies scheduled to release their results tomorrow.

Originally published by Divik Nigam – (Author), CommSec