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ASX 200 morning report – DMP, CSR & ING shares in focus

There were multiple forces at play on Thursday as the S&P/ASX 200 (ASX: XJO) gained 0.5% after an unexpected increase in US oil stockpiles sent the price tumbling.

The result was the energy sector falling 2%, driven lower by the likes of Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) which fell 5.2% and 3.1%, respectively.

On the positive side was a continued rally in the financials and tech sectors, both gaining over 1% after NIB Holdings Limited (ASX: NHF) announced a stronger than expected quarter.

Domino’s share price crunched

Yet all eyes were on market darling Domino’s Pizza Enterprises Ltd (ASX: DMP), which fell by over 18% after delivering a weaker than expected earnings update.

The company reported same-store sales growth of just 4.3% since the beginning of the financial year, with network sales only 8% higher than 2020 despite a massive expansion in the store network.

Japan sales actually turned negative following the end of lockdowns, in a sign that the worst may still be to come. Analysts were most concerned about the sign of higher food costs potentially impacting on already tight profit margins.

The Domino’s result was delivered alongside the worst fall in Australian retail sales on record, with quarterly spending down 4.4%, driven by an 11% fall in NSW.

Featured: Burgers, valuations & acquisitions, ft. Chloe Stokes from Forager

Homebuilder boosts CSR

Building products supplier CSR Limited (ASX: CSR) gained closer to 5% after reporting a 30% increase in profit for the six months to September, which reached $86.6 million.

The result was delivered on the back of a 6% increase in revenue which management confirmed was boosted by the Federal Government’s HomeBuilder program.

Management also highlighted growing delays and tightening labour supply as being a risk to growth in the coming months. Regardless, the dividend was increased 6% to 13.5 cents per share.

Ingham’s flags price increases

Chicken producer Ingham’s Group Ltd (ASX: ING) shared a similar view, falling 5.0% after flagging the potential for poultry price increases due to an increase in input costs.

Management flagged droughts in the Northern Hemisphere, spiking global demand and higher transport costs as the reasons behind the weakness.

The news came as Australia’s trade surplus began to contract, easing to $12.2 billion due primarily to the falling iron ore price.

NIB profit expands

Healthcare insurer NIB gained nearly 5% after reporting an 8.5% increase in revenue, generated primarily through higher premiums. The number of new policyholders was marginal, but lower claims have benefitted the bottom line.

ASX 200 today

Looking ahead, the ASX 200 is expected to open higher on Friday, following a mostly positive lead from US markets overnight.

NVIDIA (NASDAQ: NVDA) shares soared overnight while Moderna (NASDAQ: MRNA) stock tumbled nearly 19%. To find out more, check out my US stock market report.

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Are you stuck wondering where to invest right now? Have you got cash 'sitting on the sidelines'? Are you looking for dividend income AND growth but don't know where to start? Rask's expert ASX analyst team has just released a full report, detailing where we'd invest $10,000 right now.

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At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.

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