The S&P/ASX 200 (ASX: XJO) broke a two-day losing streak, shooting 0.8% higher on Thursday as business conditions and investment intentions hit their highest level in 27 years.
The energy and IT sectors were the main laggards, energy falling 0.6% as India reported the highest number of new cases since the pandemic again.
On the positive side, healthcare and real estate rallied strongly, up 1.7% and 1.3% respectively on signs of further government support in this year’s budget.
AGL CEO had enough
AGL Energy Limited (ASX: AGL) was among the biggest detractors from the index, falling 2.9% after its CEO Brett Redman, who has been with the company for 15 years, announced his unexpected retirement.
Despite being only 50 years of age, the reasons given suggested he could not make the long-term commitment required to turn the company around.
AMP falls to new lows
Embattled fund manager AMP Ltd (ASX: AMP) continues to hit new lows, falling 3.4%, despite reporting a $1.6 billion increase in assets under management.
Looking beyond the headlines, the group lost another $1.5 billion in cash outflows, or $1 billion when pension payments are excluded; the new CEO faces a tough turnaround.
Copper miner hit by higher costs
Copper and gold miner OZ Minerals Limited (ASX: OZL) reported exceptionally strong growth, producing a further 20% of copper on 2020 levels, hitting 26,842 tonnes. Gold production delivered a similarly strong result.
However, the AUD and lack of staff are clearly having an impact on costs, adding 1% during the quarter, sending the OZ Minerals share price 1.1% lower.
The company is benefitting from incredibly strong copper prices, with production the key risk in the year ahead.
Brambles’ maturity on show
Chep pallet distributor Brambles Limited (ASX: BXB) showed its resilience, reporting 8% growth in nine-month sales to US$3.8 billion. The growth came despite volumes increasing only 3%.
Management guided to full-year sales growth of 4-6% and profit growth of 5-7%. Whilst the revenue growth rate is no comparison to the likes of Afterpay Ltd (ASX: APT), it shows the sheer resilience, maturity and defensive nature of the company. Brambles shares finished 2.4% higher on the news.
Redbubble set to give up profit
Popular design and consumer product market place Redbubble Ltd (ASX: RBL) is targeting $1 billion in revenue in the mid-term, but management indicated they will need to give up profit to achieve this.
Specifically, they flagged a further reduction in already an already skinny profit margin of 9.5%; the news sent the Redbubble share price down 23%.
Megaport charges higher
In more positive news, network-as-a-service provider Megaport Ltd (ASX: MP1) released a third-quarter update, with monthly recurring revenue and total revenue jumping 25% and 29%, respectively, year-on-year. The Megaport share price finished 9.8% higher.
ASX 200 today
The ASX 200 is expected to edge lower when the market opens on Friday, following a negative lead from US markets overnight.
The Telstra Corporation Ltd (ASX: TLS) share price will be on watch after investing in more 5G spectrum.
