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AU Morning Wrap: ASX Opens Higher; Star Entertainment, Zip Co Lift

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Moomoo News AU wrote a column · Aug 28, 2023 19:29
G'day, mooers! Check out the latest news on today's stock market!
• U.S. stocks advance for second consecutive session
• ASX opens higher; Star Entertainment, Zip Co, MinRes lift
• Stocks to watch: Star Group, MinRes, Zip
- Moomoo News AU
AU Morning Wrap: ASX Opens Higher; Star Entertainment, Zip Co Lift
Wall Street Summary
Major U.S. stock indexes kicked off the week with gains, rising for a second consecutive session and recouping some losses from the summer stock-market slide.
The gains were broad-based, with 10 of the $S&P 500 Index(.SPX.US)$'s 11 sectors closing in positive territory. The S&P 500 notched its first back-to-back gain of the month after edging lower for much of August.
The index rose 0.6%, while the tech-heavy $Nasdaq Composite Index(.IXIC.US)$ added 0.8%. The $Dow Jones Industrial Average(.DJI.US)$ added 213 points, or 0.6%.
AU Market Watch
Australian shares have opened largely higher, taking an overnight lead from New York, as local eyes turn to an upcoming speech by incoming Reserve Bank of Australia governor Michele Bullock later today.
The $S&P/ASX 200(.XJO.AU)$ opened 20.6 points higher, or 0.3 per cent up, to 7164.1.
$Mineral Resources Ltd(MIN.AU)$ was the best performing on the benchmark in early trade, up 4.7 per cent. The company posted a 40 per cent jump in revenue to $4.8 billion in its latest full-year report.
Star Entertainment has lifted 4.2 per cent. The casino operator posted a $2.4 billion full-year loss and wiped more than $2 billion in value from its Sydney, Gold Coast and Brisbane casinos.
$BUBS Australia Ltd(BUB.AU)$ has appointed non-executive director and board member Reg Weine as its new chief executive and managing director. Shares are up 5.6 per cent.
$Lark Distilling Co Ltd(LRK.AU)$ is up 4.8 per cent. In its full-year earning report, the Tasmanian whisky company swung to a loss but is pinning some of its turnaround hopes on a push into the Asian market with the appointment of sales director Alfred Goh.
Zip Co has jumped 8.2 per cent after reporting record transaction volumes and revenue for the year to June as consumers continue to use buy now, pay later even as spending across the economy softens.
$Fisher & Paykel Healthcare Corp Ltd(FPH.AU)$ shares are among the worst performing, down 4.4 per cent after the company amended its earnings guidance for its first half of financial 2023.
Cement and concrete group $Adbri Ltd(ABC.AU)$ was down 4.9 per cent and won't be paying an interim dividend to shareholders even though it generated a 3 per cent lift in net profit to $49.7 million for the six months ended June 30.
Stocks to Watch
$Zip Co Ltd(ZIP.AU)$: Zip Co has reported record transaction volumes and revenue for the year to June as consumers continue to use buy now, pay later even as spending across the economy softens.
It processed $8.9 billion on its system this year, up 7 per cent, as customers continued using short-term credit to fund purchases, an area the government is seeking to put tougher laws around. Group revenue hit a record $693.2 million, up 16.1 per cent compared to a year earlier.
Cash gross profit was $250.6 million, up 20 per cent.
$The Star Entertainment Group Ltd(SGR.AU)$: Star Entertainment has posted a $2.4 billion full-year loss after the embattled operator wiped more than $2 billion in value from its Sydney, Gold Coast and Brisbane casinos.
The company announced a $2.2 billion non-cash impairment of The Star Sydney, The Star Gold Coast and Treasury Brisbane despite revenue climbing 22 per cent to $1.9 billion for the full financial year.
Dividends Paid: None
Listing: None
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more
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