AU Morning Wrap: ASX Flat; IGO Jumps on 'Outstanding' FY23
G'day, mooers! Check out the latest news on today's stock market!
• US stocks keep up summer rally ahead of inflation data
• ASX flat; IGO jumps on special dividend
• Stocks to watch: Chalice Mining, Healthius, IGO
- Moomoo News AU
Wall Street Summary
Stocks rose for a fourth straight session, continuing a strong late-summer rally.
The $S&P 500 Index (.SPX.US)$ increased 0.4%. The tech-heavy $Nasdaq Composite Index (.IXIC.US)$ gained 0.5% while the blue-chip $Dow Jones Industrial Average (.DJI.US)$ rose 38 points, or 0.1%. Nine of the S&P 500's 11 sectors finished in the green.
The broad index has gained 3.2% since Friday, the largest four-day advance since April.
AU Market Watch
The Australian sharemarket opened flat, with the $S&P/ASX 200 (.XJO.AU)$ up just 0.5 points, or less than 0.01 per cent, to 7298.2. The All Ordinaries was up 2.3 points per cent.
Early in trade, $IGO Ltd (IGO.AU)$ shares are among the best performing, up 5.3 per cent, after the company produced "outstanding" results in its latest full-year report and declared a special dividend.
$Chalice Mining Ltd (CHN.AU)$, which dropped as much as 25 per cent on high pricing assumptions in a scoping study for its WA project, continued to fall, down 4.51 per cent.
Healthius shares were also among the worst performing down 2.6 per cent after its board recommended a buyout offer from Pacific Equity Partners backed, Harold BidCo.
Australia's largest white goods and home retailer Harvey Norman was up 1.3 per cent after posting a strong double-digit slide in profits and dividends over fiscal 2023 but meeting its June guidance.
Stocks to Watch
$Harvey Norman Holdings Ltd (HVN.AU)$: Australia's largest white goods and home retailer Harvey Norman has posted a strong double-digit slide in profits and dividends over fiscal 2023, meeting its June guidance, and says its on track to deliver it Malaysian expansion plan.
Harvey Norman reported a profit before tax of $776 million for the 2023 fiscal year, a decrease of nearly 32 per cent, or $680.2 million, excluding the impact of property revaluations.
$Atlas Arteria Ltd (ALX.AU)$: Atlas Arteria boss Graeme Bevans said the tollroad group benefitted from higher inflation as rising income from its toll roads lifted interim net profit by 17 per cent to $136.5 million.
Traffic rose on all the company's roads in France, the US and Germany compared with a year earlier except on its newest acquisition, the Chicago Skyway, where it fell 2.4 per cent.
$Sandfire Resources Ltd (SFR.AU)$: Sandfire Resources has revealed a slide in revenue for the full year.
Revenue from ordinary activities fell 13 per cent $US80.3 million. That led to a loss from ordinary activities after tax of $US51.5 million.
Net tangible assets per share also fell, down to $US3.59 as at 30 June 2023 from $US3.78 a year earlier.
$Austal Ltd (ASB.AU)$: Austal has swung into the red due to a big blowout in costs associated with a US Navy contract.
Earnings before interest and tax swung to a loss of $4.8 million, compared to a $120.7 million profit in 2022. The swing stems from provisioned losses on the shipbuilder's US Towing, Salvage program (T-ATS) which drew down $171 million from the company earnings figure. Issues with the US Navy contract were flagged last month.
Full-year net loss after tax was $13.8 million, compared to a profit of $79.6 million a year earlier.
Despite the write-down, Austal delivered revenue of $1.59 billion for FY2023, which was an 11 per cent increase on the FY2022 result of $1.43 billion.
$Pointsbet Holdings Ltd (PBH.AU)$: Wagering operator PointsBet reported a net loss of $276.3 million for the financial year, blaming the performance on the costs of running the US business and an increase in local point of consumption tax.
Revenue climbed 29 per cent to $383 million for the year, a figure that was largely driven by PointsBet's US division, which it is in the process of offloading to sports merchandise company Fanatics.
$Healthia Ltd (HLA.AU)$: Healthia's board has backed a buyout offer related to Pacific Equity Partners.
The offer comes from Harold BidCo, an entity owned by funds advised by PEC.
Under the terms of the deal, Healthia shareholders would receive either $1.80 cash per Healthia share, unlisted scrip consideration or a combination of cash and unlisted scrip consideration.
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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