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-- 215.240 AU Morning Wrap: ASX Rises; James Hardie Shares Soar 15%
G'day, mooers! Check out the latest news on today's stock market!
• Berkshire Hathaway stock hits record, lifts major indexes
• James Hardie shares soar 15%
• Stocks to watch: PSC Insurance, James Hardie, Coronado Global Resources
- Moomoo News AU
Wall Street Summary
A climb in the shares of Berkshire Hathaway and other blue-chip companies led markets higher on Monday, helping Wall Street bounce back from a stretch of losses.
The climb helped lift the $S&P 500 Index (.SPX.US)$ to a 0.9% daily gain, while the $Dow Jones Industrial Average (.DJI.US)$ added 408 points, or 1.2%. The $Nasdaq Composite Index (.IXIC.US)$ looked set for losses in early trading, dragged lower by Tesla shares that slid as much as 4.4% after the departure of longtime Chief Financial Officer Zachary Kirkhorn. The electric-car maker finished 1% lower, and the tech-heavy index notched a 0.6% advance.
AU Market Watch
The Australian sharemarket rose 0.3 per cent, or 21.8 points to 7331 at market open, following gains on Wall Street overnight.
The benchmark $S&P/ASX 200 (.XJO.AU)$ bounced back from Monday's losses as mining and technology stocks climbed.
The materials sector rallied 0.9 per cent, led by iron ore giant $Fortescue Ltd (FMG.AU)$. Its shares added 1.8 per cent. $BHP Group Ltd (BHP.AU)$ edged up 0.4 per cent and $Rio Tinto Ltd (RIO.AU)$ up 0.2 per cent.
In company news, building products group James Hardie soared 15 per cent even as it reported that net profit for the three months ended June 30 was down 3 per cent to $US157.8 million ($240.1 million) compared with the same period a year earlier. Sales revenue was down 5 per cent to $US954.3 million.
Coronado Global Resources plunged 10 per cent after it posted a 24 per cent dip in revenue, while adjusted earnings collapsed 58.4 per cent compared to the previous corresponding period as coal prices continue to slide from historic highs.
Department store chain Myer dropped 10 per cent even as it upgraded profit expectations by 15 per cent to 21 per cent to a range of $69 million and $73 million for financial year 2023 in its latest trading update.
Stocks to Watch
$James Hardie Industries PLC (JHX.AU)$: Building products group James Hardie says there's an uncertain outlook in the major markets in which it operates, and predicts that in its largest market, North America, the total addressable market will drop between 5 per cent and 18 per cent in calendar 2023 compared with 2022.
The company's net profit for the three months ended June 30 was down 3 per cent to $US157.8 million ($240.1 million) compared with the same period a year earlier. Sales revenue was down 5 per cent to $US954.3 million.
$Coronado Global Resources Inc (CRN.AU)$: US-Australian coal miner Coronado Global Resources posted a 24 per cent dip in revenue, while adjusted earnings collapsed 58.4 per cent compared to the previous corresponding period as coal prices continue to slide from historic highs.
Coronado generated $US1.5 billion in half-year revenue on Tuesday, just missing investment bank Barrenjoey's expectations. Coronado booked adjusted earnings before interest, tax, depreciation and amortisation of $US353 million.
$Myer Holdings Ltd (MYR.AU)$: Myer has upgraded its profit expectations by 15 per cent to 21 per cent to a range of $69 million and $73 million for financial year 2023, according to its latest trading update.
The department store chain said sales increased 12.5 per cent to $3.4 billion in financial 2023.
$Charter Hall Long WALE REIT (CLW.AU)$: Charter Hall Long WALE REIT has reported a full-year statutory loss of $189 million for the 2023 financial year, down from a $911 million a year earlier after absorbing a hefty writedown in its portfolio values.
Operating earnings, which factor out the effect of valuation losses, dipped 2.3 per cent to $202.4 million. The ASX-listed landlord delivered a full-year payout of 28¢, in line with guidance. It expects to deliver total distributions of 26¢ for fiscal 2024.
$PSC Insurance Group Ltd (PSI.AU)$: PSC Insurance has announced that it will acquire ASX-listed underwriting agency Ensurance for $25.2 million.
The valuation represents a 40 per cent premium to Ensurance's closing price on Monday of 20¢ a share.
Trading Ex-div: None
Dividends Paid: None
Listing: None
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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