It was another mixed day for the local market with the S&P/ASX 200 (ASX: XJO) ultimately finishing just 0.1% higher on Thursday.
The headline concealed an extremely varied market, with the ASX technology sector gaining 2.4% after a 30% spike in EML Payments Ltd (ASX: EML).
Elsewhere, the ASX financial sector continued to underperform, falling 0.9%.
Kogan share price hit again
Shares in Kogan.com Ltd (ASX: KGN) continued their torrid run, falling another 4.3% despite flagging a target of $3 billion in annual sales revenue by 2026.
Kogan share price chart
Management saw a second strike against its remuneration report but the greatest concerns remain around the ‘right sizing’ of the company’s excess inventory and a commitment to ‘invest’ in marketing, which will hit margins.
EML share price jumps a third
EML Payments, which provides prepaid cards in Australia, gained an incredible 31.7%, nearly offsetting recent losses after the Central Bank of Ireland (CBI) gave the company somewhat of a green light for its European operations.
The CBI had previously restricted EML from launching any new programs, potentially crimping revenue growth, over concerns surrounding the size and scale of programs.
In other news, National Australia Bank Ltd (ASX: NAB) received clearance for the acquisition of Citibank’s personal savings and credit card division.
Fisher & Paykel delivers
Fisher and Paykel Healthcare (ASX: FPH) rallied another 4.6% during the session, continuing recent strength as the ventilator and respiratory product manufacturer delivered a stronger than expected first-half update.
The rally came despite a 1% fall in revenue and a 2% drop in profit, as 2020’s strong comparables feed through.
Investors were buoyed by the decision to invest another NZ$700 million into the group’s manufacturing facilities over the next five years to deal with continued strong demand from the impacts of long COVID.
Adairs’ big buy
Furniture retailer Adairs Ltd (ASX: ADH) is the latest in the boom-bust retailer sector to leverage its strong position into an acquisition.
The group will purchase Focus on Furniture for $80 million, to be funded via a capital raising.
The company reported $150 million in revenue in the prior year and management expect it to offer exposure to a further $250 million over the next five years through their 23 stores.
ASX 200 today
Looking ahead, the ASX 200 is set to open flat on Friday according to the latest ASX futures. There’ll be no lead from the US, with US markets closed overnight for the Thanksgiving holiday.
