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S&P/ASX 200 morning report – 8 ASX shares that reported on Wednesday

The S&P/ASX 200 (ASX: XJO) is set to take a backwards step at the open on Thursday according to ASX futures. It was a busy day yesterday as a number of companies released their annual results. Here’s what you missed.

ASX 200 recap

The ASX 200 finished at a six month high, adding 0.7%, as the reporting season went up another gear. The ASX 200 was supported early after Australia and New Zealand Banking Group (ASX: ANZ) offered a peace offering in the form of a 25 cent per share dividend, and CSL Limited (ASX: CSL) blew away the bears with an earnings beat; more on these below.

Elsewhere, both PM Scott Morrison and CSL exuded confidence that a vaccine would be available by mid-2021, ensuring a risk-on sentiment.

Wednesday’s key ASX reports

WiseTech Global Ltd (ASX: WTC) – The standout, finished 33.9% higher after reporting a 23% increase in revenue and 17% growth in earnings before tax.

Webjet Limited (ASX: WEB) – Released results after the market closed, revealing a 168% profit fall to a loss of $42.3 million as travel slowed and suffered $110 million in additional costs.

Vicinity Centres (ASX: VCX) – Fell 5.2% after announcing a 47% reduction in rent revenue and indicating just 47% of June quarter rent payments had been received.

Reject Shop Ltd (ASX: TRS) – Reported a 3.4% improvement in sales as consumers flocked to its low-cost staple products, but a lack of online solution sent the share price down 14.0%.

Tabcorp Holdings Limited (ASX: TAH) – 4.8% fall in revenue to $5.2 billion, down 14.4% in the second half, $1.1 billion write-down of acquired businesses sent the company to an $870 million loss. Dividend halved and $600 million capital raising announced at $3.25 per share.

Crown Resorts Ltd (ASX: CWN) – Reported an 80.2% fall in net profit to $79.5 million due to mass closures across the country; shares finished 3.3% higher. Revenue down 25.7% after improving in the first half, received $68 million in JobKeeper payments, but dividend cancelled.

And a little more detail on Australia’s biggest companies:

ANZ cuts dividend by 70%

ANZ delivered a strong result, cash profit hitting $1.33 billion in the third quarter, as its Institutional Markets division enjoyed a tailwind of activity. Management saw sufficient strength to declare a 25-cent dividend, a cut of 70% on 2019, but a surprise given Westpac’s (ASX: WBC) decision to cut its own dividend on Tuesday.

Summary: Welcome relief for investors evidencing the growing divergence between the Big Four.

CSL continues to impress

CSL solidified its position of one of Australia’s true global leaders, delivering profit growth of 17% in constant currency terms for the financial year. All businesses units except the restructure Albumin drug delivered double-digit revenue growth for the financial year; the most important Privigen and Hizentra lines up 20% and 34% each. The result was a 9% increase in revenue, 10% increase in reported profits to $2.1 billion and a similar increase in the full-year dividend.

Summary: No slowdown here.

Going global

The S&P 500 and Nasdaq both pulled back from all-time highs, down 0.4% and 0.6% respectively, after the Federal Reserve highlighted the long road ahead for the economy.

President Trump announced that trade talks with China are back on after seemingly increasing his bargaining power in recent weeks via a number of aggressive moves against Huawei and Tik Tok.

The Euro Stoxx, on the other hand, rallied 0.9% after the UK Government flagged shorter quarantine measures in an attempt to deal with the second wave in a more practical way.

In other news, Target Corp. (NYSE:TGT) announced the largest growth in sales in its 58-year history, 24% year on year, as consumers flocked to its website for electronics (70%) and kitchenware (30%), the share price finishing 12.7% higher.

Look out for Wesfarmers Ltd (ASX: WES), Qantas Airways Limited (ASX: QAN) and Origin Energy Ltd (ASX: ORG) reports today.

This article was written by Drew Meredith, Financial Adviser and Director of Wattle Partners. To get in contact with Drew, click here to visit the Wattle Partners website.

The Golden Rules of Investing

We might be experts in retirement, but with combined financial advice experience of 35+ years, we’ve nearly seen it all. 

In mid-2023, our senior team at Wattle Partners Financial Planning put the finishing touches on a brand-new report “The Golden Rules of Investing“.

In this free report, we outline the key principles that determine all of the portfolio construction and investment decisions of Wattle Partners. Collated over decades, this paper should be seen as a work-in-progress, constantly under review in light of the ever-evolving nature of markets. 

You’ll find the free report on my Author page. Simply click the button below to view the Golden Rules.

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.


Disclosure: Drew Meredith is the author of this post. He may maintain positions in the securities mentioned.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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