AU Morning Wrap: ASX Rises; KMD Plunges Over 10%

Moomoo News AU wrote a column · Jul 12, 2023 08:37

G'day, mooers! Check out the latest news on today's stock market!
• Stocks gain as investors wait for inflation data
• ASX rises; KMD Brands shares plunge
• Stocks to watch: KMD Brands, Bellevue Gold, Woodside Energy
- Moomoo News AU

AU Morning Wrap: ASX Rises; KMD Plunges Over 10%

Wall Street Summary

All three major stock indexes extended their slow, steady climb Tuesday as investors awaited a Wednesday Labor Department report that will take the temperature of the U.S. economy.

The $Dow Jones Industrial Average (.DJI.US)$ on Tuesday led the market with a 0.9% gain, good for more than 310 points. The $S&P 500 Index (.SPX.US)$ climbed about 0.7% while the tech-heavy $Nasdaq Composite Index (.IXIC.US)$ rose 0.6%.

AU Market Watch

The $S&P/ASX 200 (.XJO.AU)$ rose 0.7 per cent, or 46.4 points to 7155.3 at market open, following gains on Wall Street overnight.

Eight out of the 11 industry sectors were in the green with energy and mining stocks among the best performing.

The energy sector was up 1.9 per cent. $Woodside Energy Group Ltd (WDS.AU)$ shares rose 2.2 per cent, $Santos Ltd (STO.AU)$ climbed 1.7 per cent and $Yancoal Australia Ltd (YAL.AU)$ rallied 1.9 per cent.

The major miners all recorded gains. $BHP Group Ltd (BHP.AU)$ shares were up 1.4 per cent, $Fortescue Ltd (FMG.AU)$ added 1.3 per cent and $Rio Tinto Ltd (RIO.AU)$ jumped 1.2 per cent.

Gold producers were an exception, they were among the worst performers. $Bellevue Gold Ltd (BGL.AU)$ shares dropped 3 per cent and $Ramelius Resources Ltd (RMS.AU)$ lost 1.2 per cent.

$KMD Brands Ltd (KMD.AU)$ shares declined 11.3 per cent after the company acknowledged a "softening" consumer sentiment in a trading update. It's expecting sales to hit $NZ1.1 billion ($1 billion) for financial year 2023. Underlying EBITDA is projected to be in the range of $NZ105 million to $NZ110 million.

Stocks to Watch

$KMD Brands Ltd (KMD.AU)$: KMD Brands says it's expecting sales to hit $NZ1.1 billion ($1 billion) for financial year 2023, according to the company's latest trading update.

The owner of Kathmandu and Rip Curl forecasts gross margins to be in line with the previous year. Underlying EBITDA is projected to be in the range of $NZ105 million to $NZ110 million.

$Platinum Asia Investments Ltd (PAI.AU)$: Platinum suffered net outflows of $232 million last month and says it earned just $1 million in performance fees over the 2023 financial year.

The ASX-listed money manager reported $17.3 billion in funds under management for the end of June, down from the $18 billion recorded in May. This included approximately $162 million in net outflows from its Platinum Trusts Funds.

$Integrated Research Ltd (IRI.AU)$: Software business Integrated Research said it expects to make between $10 million and $13 million in EBITDA on pro-forma revenue down between 4 per and 9 per cent to between $73 million and $76 million.

Cash on hand is expected to climb 51 per cent to $18.6 million.

$Pacific Smiles Group Ltd (PSQ.AU)$: Dental chain Pacific Smiles Group says it's expecting a 19.5 per cent year-on-year increase to $270.5 million in patients fees, according to its latest update.

The company says it reaffirms its previous guidance for underlying earnings before interest, tax, depreciation and amortisation (EBITDA) of $24 million for financial 2023.

Trading Ex-div: None

Dividends Paid: None

Listing: None

Source: Dow Jones Newswires, AFR

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