AU Morning Wrap: Tyro Sinks 17% as Potentia Walks; City Chic Plunges
G'day, mooers! Check out the latest news on today's stock market!
• US stocks ease
• ASX 200 drops, weighed by consumer discretionary stocks.
• Stocks to watch: Tyro Payments, City Chic, New Hope
- Moomoo News AU
• US stocks ease
• ASX 200 drops, weighed by consumer discretionary stocks.
• Stocks to watch: Tyro Payments, City Chic, New Hope
- Moomoo News AU
Wall Street Summary
Fear crept onto Wall Street Friday after talks to raise the debt ceiling sputtered in Washington, bringing a week of steady trading to a tense conclusion.
Major indexes started the day higher but turned negative after Congressional negotiators said they had made little progress in the debt-ceiling talks. The $S&P 500 Index(.SPX.US$ lost 0.1%, the $Dow Jones Industrial Average(.DJI.US$ fell 109.28 points, or 0.3%, to end at 33426.63 and the $Nasdaq Composite Index(.IXIC.US$ dropped 0.2%.
AU Market Watch
The $S&P/ASX 200(.XJO.AU$ eased 0.1 per cent, or 5.4 points, to 7274.1 in the opening minutes of trade on Monday, weighed by consumer discretionary stocks.
Tyro Payments sank 16.6 per cent to $1.28 on news that Potentia has withdrawn from takeover discussions.
City Chic plunged 10.4 per cent to 34.5¢ after reporting that group sales for the 45 weeks to May 14 were down 15.2 per cent to $262.2 million compared to the same period last financial year.
New Hope advanced 4.3 per cent to $5.33 following a quarterly update which showed its underlying EBITDA climbed in the three months to April.
Stocks to Watch
$New Hope Corp Ltd(NHC.AU$: New Hope Corporation reported underlying earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $448.1 million for the April quarter, up 14.8 per cent on the prior quarter, and an increase of 20.6 per cent compared to the same quarter last year.
Coal sales from New Hope's 80 per cent-owned Bengalla operations were 2.15 million tonnes for the period, up 46.9 per cent on the January quarter.
$Gentrack Group Ltd(GTK.AU$: Shares in New Zealand-based software billing business Gentrack jumped 24.5 per cent to $3.97 this morning after it swung to a net profit of $NZ7.9 million on sales up 47.7 per cent to $NZ84.3 million for the half year to March 31.
The group has guided for total sales between $NZ157 million and $NZ160 million in financial 2023.
$Lendlease Group(LLC.AU$: Lendlease has sold a further 21 per cent interest in its US Military Housing asset management income stream to an existing partner for $126 million.
The sale is expected to contribute about $75 million to core operating profit after tax for FY23.
Lendlease has now sold 62 per cent of its interest in its US Military Housing asset management income stream since FY22. Lendlease will retain 38 per cent of the asset management income stream as well as its existing ownership of the development, property and construction management rights, in addition to a $200 million equity interest in the portfolio.
$AFT Pharmaceuticals Ltd(AFP.AU$: AFT Pharmaceuticals has declared a maiden dividend after announcing record revenue for the year to March 31.
Operating revenue climbed 20 per cent on the prior year to $NZ156.6 million, while operating profit of $NZ19.7 million was slightly lower than the prior year's $NZ20.4 million.
The company declared a maiden dividend of NZ1.1¢ a share.
$Infratil Ltd(IFT.AU$: New Zealand infrastructure investment company Infratil has reported a net profit after tax of $NZ891.7 million for the year ended March 31, down 28 per cent on the prior year.
Operating revenue for the period was $NZ1.85 billion, up from $NZ1.3 billion the prior year.
The company expects proportionate earnings before interest, tax, depreciation, amortisation and financial derivative movements of between $NZ570 million and $NZ610 million in the 12 months to March 2024.
The company declared a final dividend of NZ12.5¢ a share.
$BlueScope Steel Ltd(BSL.AU$: BlueScope has announced an accelerated feasibility study to build an electric arc furnace (EAF) at its New Zealand Steel works at Glenbrook, south of Auckland, for about $NZ300 million.
The EAF, targeted to be operational by 2026, will be co-funded by the New Zealand government to produce lower-emissions steel.
$Tyro Payments Ltd(TYR.AU$: Potentia has advised Tyro Payments that it does not intend to proceed with a proposal to acquire the company.
Potentia's decision to withdraw follows Tyro granting the company due diligence, as well as extensive and advanced negotiation of material commercial terms and draft transaction documents.
However, Tyro said discussions with Potentia in relation to a possible change of control proposal have now ceased.
$City Chic Collective Ltd(CCX.AU$: City Chic Collective says group sales for the 45 weeks to May 14 were down 15.2 per cent to $262.2 million compared to the same period last financial year.
The company said revenue was affected in the US by the transition in March to its new 3PL facility as City Chic reduced its promotional activity to avoid excessive delivery times and ensure a good customer experience.
Dividends Paid: None
Source: Dow Jones Newswires, AFR
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