The S&P/ASX 200 (ASX: XJO) finished 0.2% lower on Thursday, dragged down by the energy sector, which fell by 2% after the coal price continued to fall significantly. A nuclear accord between the EU and Iran was also cited as a reason for the weaker oil price.
Boral’s positive update
Boral Limited (ASX: BLD) overcame weakness in the materials sector, which fell 1.2%, gaining 4.6% after management announced that the pandemic hit to asphalt and concrete sales were less than expected.
The group took a $33 million hit to earnings in the first quarter, well below the $50 million anticipated with group revenue falling just 1%.
ANZ reports full-year results
The financials sector gained 0.2% after ANZ Banking Group (ASX: ANZ) handed in its FY21 results, delivering a 65% increase in profit which hit $6.2 billion.
The result benefitted from the reversal of $500 million in debt provisions and sees the group’s equity level back to 12.3%.
The dividend was more than doubled to 72 cents per share, but it wasn’t all good news with management reporting that loan growth was barely positive as the group struggled to deal with and process an influx of loan applications.
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IOOF outflows grow
Asset management and financial advisory group, IOOF Holdings Limited (ASX: IFL) was among the worst performers on the market, falling close to 9% after delivering a weaker than expected update.
The group, which acquired MLC’s wealth division in 2020, reported $2.3 billion in outflows from its various businesses. Whilst these were offset by some $5 billion in market gains, it continues the story of investors deserting the major financial institutions.
Funds under management in its in-house products hit $98 billion whilst funds under advice on its platforms reached $222 billion. The group has finally broken out its reporting given the risk of double counting.
Reece sales upgrade
Reece Ltd (ASX: REH) offered a positive update to the market, confirming sales were up 13% in the September quarter, with the US growing at a rate closer to 20%.
Management was quick to warn that this is unlikely to be illustrative of the conditions for the full financial year, rather a short-term jump as lockdowns came to an end.
PointsBet share price crunched
Shares in PointsBet Holdings Ltd (ASX: PBH) tanked by over 18% after the company reported larger than expected losses as its massive US expansion of online gambling gathers steam.
ASX 200 today
Looking ahead, the ASX 200 is set to open higher on Friday after all three US benchmarks climbed overnight.
Facebook (NASDAQ: FB) announced a new name for the parent company while Apple (NASDAQ: AAPL) and Amazon (NASDAQ: AMZN) released results after hours. To find out more, check out my US stock market report.
