Afternoon (PM) Market Report

Details

Published on Wednesday, 24 August 2016 07:00

The Australian market opened higher despite losses reported by the index heavyweights Wesfarmers and Blackmores.

Wednesday, 24th August 2016

Local stocks swung above the flat line during the day with gains from the big banks and mining stocks helping the index remain in positive territory. There were mixed results from the sectors; health care gained most significantly while consumer staples were the biggest laggard. The Australian dollar depreciated against most major currencies.

The All Ordinaries added 6.50 points (0.12%) to 5,653.60 while the S&P/ASX 200 rose 7.90 points (0.14%) to 5,561.70.

Qube Holdings announced a sound result for the year ended 30 June 2016 and achieved a number of key milestones during FY16 that will significantly enhance its ability to deliver long term shareholder value by delivering supply chain efficiency across the import and export logistics sector. Underlying revenue and EBITDA both fell by around 8% to $1.3bn and $246.3m respectively. The Company's underlying net profit after tax attributable to shareholders decreased by 18% to $86.5m and underlying EPS decreased by 22% to 7.6c. Underlying EPS pre-amortisation was 8.2c. Statutory revenue decreased by around 9% to $1.3bn and profit after tax attributable to shareholders fell by around 5% to $82.0m. The final dividend of 2.8 cps will be fully franked maintaining the full year dividend at 5.5 cps. QUB lost 2 cents (-0.75%) to $2.65. Qantas Airways announced an on-market buy-back of up to $366m of ordinary shares as follows: Tranche 1: 62.64m ordinary shares (under 10/12 limit) and Tranche 2: the balance (over 10/12 limit), for ongoing capital management purposes. For Tranche 1, the buy-back will commence from 8 September 2016 until completed with no limit as to duration and for Tranche 2: from 24 October 2016 (that is, following the Company's AGM), or from such later date when Tranche 1 has been completed, until completed with no limit as to duration. QAN gained 5 cents (1.47%) to $3.45.

The NZX fell 57.03 points (-0.76%) to 7,410.30 while the Nikkei gained 99.94 points (0.61%) to close at 16,597.30.

The Australian dollar was last quoted at 75.96 US cents.