The Aussie sharemarket snapped three straight days of gains after the ASX 200 edged lower by 14.9 pts or 0.21 per cent, to 7112.8. Eight of 11 sectors declined, with the Tech sector (down 2.4 per cent) falling the most. The Energy sector however climbed by 1.4 per cent after the price of oil rose for the first time in four days. Mining stocks snapped three straight days of gains and fell 0.4 per
cent after the price of iron ore fell for the fourth straight day.

Economic data released today showed that the unemployment rate eased to a fresh 48-year low of 3.4 per cent. This was in part driven by fewer people looking for work. The data also showed that the
number of jobs lost was 40,900, which was well below economist expectations of an increase of 25,000 jobs.

Transurban (TCL) fell for the first time in four days, losing 3.4 per cent. In its annual report, TCL lifted its revenues by 18 per cent to $3.4 billion, and its dividend by 20 per cent to 26 cents-per-share. The road operator also announced that its chair, Lindsay Maxsted, will retire and will be succeeded by Craig Drummond, effective from the conclusion of TCL’s AGM later this year.

Blackmores (BKL) fell by 10.1 per cent after releasing its annual results. It cut its dividend by 24 per cent but increased its underlying profit by 22.6 per cent to $31.1 million. It also improved its gross margins and lifted its revenues by 12.8 per cent to $649.5 million.

The ACCC announced that Qantas’ (QAN) proposed acquisition of Alliance Aviation Services (AQZ) is likely to lessen competition ‘to and from regional and remote areas’. Shares of AQZ and QAN shed 1 and 3.1 per cent, respectively.


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Codan (CDA) released its FY22 results today. It recorded a 16 per cent jump in its sales to $506 million, and a 3 per cent increase in its underlying NPAT to $100.5 million. It cut is final dividend
however, by 9 per cent to 15 cents-per-share, and advised investors that its Minelab sales in the first half of 2023 may ‘not reach the level achieved in FY22’. CDA shares shed 9.8 per cent.

In its annual results today, Evolution Mining (EVN) delivered a 2 per cent decrease in its EBITDA to $899 million. The gold miner also outlined a decrease in its EBITDA margins to 44 per cent. EVN
cut its final dividend to 3 cents-per-share, and flagged a 5-6 per cent increase in its labour costs over FY23. EVN fell 4.5 per cent.

Software and trading service provider IRESS (IRE) released its first-half results today. It grew its underlying revenue by 6 per cent to $306 million but expects its FY22 segments profit results to be
at the lower end of its guidance, partly due to ‘delayed growth in the UK’. IRE shares rose 1.8 per cent.

4.2bn shares were traded, worth $7.8bn. 521 stocks rose, 855 fell & 382 finished unchanged.

Cochlear (COH) and AGL (AGL) are some of the companies scheduled to release their earning results tomorrow

Originally published by Divik Nigam – (Author), CommSec