Australia…1 hour in… ASX200 up 62

By Scott Phillips | More Articles by Scott Phillips

ASX200 up 62 points (0.8%) to 7374.

 

  • A2Milk (+4.6%); I cant see any fundamental reason but on the chart it looks like it might be breaking above a long term resistance level.
  • Austal (-6.4%); has lowered FY earnings guidance from $125m down to $112m-118m.
  • Bank of Queensland (+1%); expects to cut its collective provision for the May Q amid an improving economic outlook.
  • Cash Converters (+2%); is seeing strong growth in personal lendings, vehicle finance and a strengthening balance sheet.
  • Crown (-0.4%); has received a revised proposal from Oaktree to provide a funding commitment of up to A$3.1bn to buy back some or all of the 37% stake held by James Packer.
  • Fortescue (+2.2%); in talks with the Congo Govt about developments in the country.  No agreement has yet been concluded.
  • Japara Healthcare (+7.2%);has received a conditional, non-binding and indicative proposal from RSL Care to acquire 100% of the shares in Japara @ $1.22 a share vs Friday close $1.18.  Trading @ $1.23.
  • Nuix (+2.5%); the CEO and CFO have both resigned — ”by mutual consent”…..
  • REA (+0.7%); acquires 34% interest in software provider Simpology for $15m..
  • Sims (+2%); upgraded its FY21 earnings to $360m-380m from previous $260m-310m.
  • Suncorp (+0.4%); receives 3750 claims from the recent Victorian weather event.

About Scott Phillips

Scott has over 35 years experience in Australian equities, starting as a “chalkie” and trader on the Stock Exchange Trading Floor and spending the last 25 years advising and trading for International Institutions. He has been an Executive Director at JPMorgan and Nomura, a Governor of the Australian Stock Exchange and was recently awarded a Lifetime Achievment award by the Australian Stockbrokers Association.

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