AU Morning Wrap: ASX Sinks; Computershare, CBA, Endeavour Slump
G'day, mooers! Check out the latest news on today's stock market!
• US stocks, government bonds drop after hot retail sales data
• ASX sinks at open; Tech, financials, materials drop
• Stocks to watch: Bapcor, Endeavour, Dexus
- Moomoo News AU
Wall Street Summary
A wild swing in government bond yields spooked investors Tuesday, weighing on major stock indexes that have struggled to gain ground in recent weeks.
The $S&P 500 Index (.SPX.US)$ dropped 1.2%, while the $Dow Jones Industrial Average (.DJI.US)$ declined 361 points, or 1%. The tech-heavy $Nasdaq Composite Index (.IXIC.US)$ shed 1.1%.
AU Market Watch
The $S&P/ASX 200 (.XJO.AU)$ fell 82.3 points, or 1.1 per cent, to 7222.7 at market open, led by falls in the materials, financials and tech sectors.
$BHP Group Ltd (BHP.AU)$ fell 2.1 per cent, $Fortescue Ltd (FMG.AU)$ dropped 1.3 per cent and $Rio Tinto Ltd (RIO.AU)$ dropped 1.7 per cent.
Benchmark heavyweight $Commonwealth Bank of Australia (CBAPK.AU)$ which is trading ex-dividend as of today, is down 3.3 per cent.
ASX-listed landlord and fund manager Dexus dropped 3.5 per cent after swinging to a full-year statutory net loss after tax of $752.7 million, weighed down by hefty write-downs on its portfolio.
Vicinity Centres Group is up 1.7 per cent after booking a statutory net profit of $271.5 million for its 2023 financial year, down from $1.21 billion.
Mirvac rose 0.9 per cent, despite warned its earnings would fall further in its latest full-year report. The property developer’s revenue slumped by almost one-third, pulling the developer and investor into pre-tax and statutory losses in what chief executive Campbell Hanan called a “challenging economic backdrop”.
Endeavour fell 3.7 per cent. The Dan Murphy's owner posted a 2.5 per cent rise in group sales to $11.9 billion, with both earnings and profits up in the 2023 fiscal year underpinned by its hotels unit.
$Bapcor Ltd (BAP.AU)$ jumped 6.4 per cent. The company's full-year earnings margins in the retail arm slipped to 15.9 per cent from 16.9 per cent a year ago. Overall net profit after tax was down 15.4 per cent to $106 million for the 12 months ended June 30, with revenues up 9.7 per cent to $2.02 billion.
Transurban fell 0.8 per cent on news chief financial officer Michelle Jablko will succeed Scott Charlton as chief executive of the $43 billion tollroad group, which delivered a five-fold increase in annual net profit to $92 million.
Stocks to Watch
$Fletcher Building Ltd (FBU.AU)$: Australasian building products group Fletcher Building has cut back its final dividend payout to NZ16¢ from NZ22¢ a year earlier after net profit slid by 46 per cent to $NZ235 million.
Revenue was flat at NZ$8.47 billion.
The company also announced that its CEO of the Australian arm of the company, Dean Fradgley would be stepping down from his position in early 2024.
$Transurban Group (TCL.AU)$: Transurban chief financial officer Michelle Jablko will succeed Scott Charlton as chief executive of the $43 billion tollroad group, which delivered a five-fold increase in annual net profit to $92 million.
Jablko, who joined Transurban in early 2021 after spending almost five years at ANZ, where she was the bank's finance boss, will take on the top job after Transurban's annual meeting in October.
$Endeavour Group Ltd (EDV.AU)$: Australians went back to socialising at Endeavour Group's drinks and hospitality business, which posted a 2.5 per cent rise in group sales to $11.9 billion, with both earnings and profits up in the 2023 fiscal year underpinned by its hotels unit.
The $10.7 billion owner of the Dan Murphy's and BWS liquor chains that was spun out of Woolworths two years ago posted a bottom-line net profit of $529 million, up 6.9 per cent from a year ago’s $495 million. This was lower than what some analysts were expecting.
$Vicinity Centres (VCX.AU)$: Vicinity Centres Group has booked a net profit of $271.5 million for its 2023 financial year, propped up by 8 per cent growth in its portfolio retail sales.
The ASX-listed fund delivered above guidance for its full-year with funds from operations per security of 15 cents and distributions of 12 cents.
A year earlier, the shopping centre trust reported a net profit of $1.21 billion, boosted by shoppers keen to spend after pandemic lockdowns.
$Dexus (DXS.AU)$: ASX-listed landlord and fund manager Dexus has swung to a full-year statutory net loss after tax of $752.7 million, after recording hefty write-downs on its portfolio.
The swing from a $1.6 billion profit in the previous year was mainly due to $1.2 billion of fair valuation losses booked on its investment properties. Dexus recorded $926 million in gains in 2022.
Funds from operations, the standard earnings measure in the property sector which factors out valuations swings, fell 2.5 per cent to $738.5 million for its 2023 result.
$Mirvac Group (MGR.AU)$: Mirvac has warned its earnings would fall further after it reported that revenue slumped by almost one-third, pulling the developer and investor into pre-tax and statutory losses in what chief executive Campbell Hanan called a "challenging economic backdrop".
ASX-listed Mirvac forecast operating earnings per security to fall to between 14¢ and 14.3¢ this financial year, after reporting a 3 per cent decline for the year to June of 14.7¢ per security.
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Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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