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The local share market finished rather uneventful today with the ASX200 up just over 10 points.
Sector performances were split… energy dropped the most, slipping 2 per cent. Discretionary showed strength, gaining just under a per cent.
In news today,
The Reserve Bank of Australia has appointed Susan Woods as the Chief Operating Officer. Ms. Woods has more than 30 years of experience in the private sector. She will take up her role early next month.
Fortescue Metals (ASX:FMG) CEO Andrew “Twiggy” Forrest has appeared at the National Press Club today, urging those representing rural interests to unite, rejecting the false promise of perpetual reliance on fossil fuels. He warns against halting green energy progress and dismisses uninformed nuclear policies, emphasising the importance of genuine leadership over political manoeuvres.
In the green
Queensland bank Suncorp Group (ASX:SUN) was up more than three per cent on its half-year results.
The financial institution reported cash earnings of $660 million, a 14 per cent increase from the previous period. Suncorp also announced a fully franked interim dividend of 34 cents a share – and closed at $15.66.
Australian e-commerce brand Kogan.com (ASX:KGN) gained more than 20 per cent on its half-year results despite Kogan’s revenue dropping nearly 10 per cent to $248.2 million.
The company posted a half-year net profit of $10.2 million. The company will pay its first dividend in 3 years of 7.5-cent fully-franked.
Kogan.com closed at $7.57.
And fleet management junior Orcoda (ASX:ODA) was up nearly 10 per cent as it logged a 41 per cent jump in customer receipts. Customer spend totalled $15.898 million in 1H FY24, which is up 41 per cent from the prior corresponding period. Cash flow was also up from $434,000 in the previous corresponding period to $1.93 million.
ODA closed at 26.3 cents.
In the red
Infection prevention company Nanosonics (ASX:NAN) was down more than 15 per cent on its half-year results.
The company’s revenue for the first half was down 2 per cent on the previous corresponding period – and totalled $79.6 million. Its operating profit before tax was also down to $4.9 million from $11.4 million in the prior period.
NAN closed at $2.63.
ALSO IN the healthcare industry… Australian insurer NIB Holdings (ASX:NHF) was down more than 5 per cent despite posting strong half-yearly results. NIB underlying operating profit was up 21.7 per cent from $118.7 million in the previous corresponding period and its NPAT? was up 19.4 per cent to $104 million.
NHF last traded at $7.72.
And Telco TPG Telecom (ASX:TPG) shed nearly 10 per cent after the company reported cash earnings were projected to improve beyond FY24. Service revenue increased 4.3% to $4,632 million, driven by mobile growth. However, EBITDA was down 12.2 per cent due to a one-off tower sale and other non-recurring items. The company’s positive outlook focuses on 5G expansion, simplification, and sustained growth.
TPPG last traded at $4.93.
