Stocks of the Hour: Blue Star Helium, Magnis Energy Technologies, Downer EDI
30 Jun 2023 - A snapshot of the stocks on the move, featuring Stocks of the Hour: Blue Star Helium, Magnis Energy Technologies and Downer EDI.
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Our Purpose is to create and sustain the modern environment by building trusted relationships with our customers.
Our Promise is to work closely with our customers to help them succeed, using world-leading insights and solutions.
Downer designs, builds and sustains assets, infrastructure and facilities and we are the leading provider of integrated services in Australia and New Zealand.
With a history dating back over 150 years, Downer is listed on the Australian Securities Exchange and New Zealand Stock Exchange as Downer EDI Limited (DOW). We are an ASX 100 company that also owns 88 per cent of Spotless Group Holdings Limited (SPO).
Downer Group employs more than 53,000 people across more than 300 sites, primarily in Australia and New Zealand but also in the Asia-Pacific region, South America and Southern Africa.
30 Jun 2023 - A snapshot of the stocks on the move, featuring Stocks of the Hour: Blue Star Helium, Magnis Energy Technologies and Downer EDI.
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The final day of the June 30 reporting period revealed a mixed bag of financial results, with some of Australia's major companies, including Harvey Norman, TPG, Ramsay Health Care, and Downer EDI, delivering varied outcomes amidst a challenging economic environment.
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Shareholders of Downer EDI (ASX:DOW) received disappointing news on Thursday, a week after management provided a glimpse into the company's disappointing performance and losses during the 2022-23 financial year.
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Downer EDI's new management team is confident it has cleaned up operations following the discovery of problematic contracts and revenue shortfalls.
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30 Jun 2023 - The S&P/ASX 200 index increased by 0.1 per cent to reach 7203.30.
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30 Jun 2023 - Chinese manufacturing activity contracted for the third consecutive month. Additionally, the value of the onshore yuan reached its lowest level since November.
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Simon Mawhinney from Allan Gray looks at Downer EDI and why being out-of-favour is often an important prerequisite for AG to buy companies at prices lower than their intrinsic value.
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Downer EDI shares slumped almost 24% on Monday after it released the expected weak December half year result, cut its dividend and warned of a very poor outlook.
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Thursday's ASX trading session turned out to be a busy one for trans-Tasman stocks, with Downer EDI, Fonterra and Air New Zealand each making headlines.
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Another full news day on the ASX with the reporting season picking up steam. Here's the latest from some local industrial companies: Pact Group, Vicinity Centres and Downer EDI.
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Credit Suisse retains a Neutral rating. Target is steady at $5.40.
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