Jumbo (ASX:JIN) shares fall on half year results: ASX tracking 0.4% lower at noon

Market Reports

by Rachael Jones

The Australian share market rose at the open but took a dip in mid-morning trade and is now tracking 0.4 per cent lower at noon. Jumbo Interactive (ASX:JIN) share price has plummeted after their first half performance wasn’t as strong as expected. Cimic (ASX:CIM) shares are on the up after they reported this morning that their subsidiary CPB Contractors, won 3 contracts worth $150 million from Rio Tinto (ASX:RIO). The best-performing sector is Industrials, while the worst performing sector is Consumer Staples.

The S&P/ASX 200 index is 24 points down at 6,809. On the futures market the SPI is 27 points lower.

Company news

Internet lottery business, Jumbo Interactive (ASX:JIN) reports net profit after tax is expected to grow 13 per cent to about $14.3 million for the half year ending December 31, 2019. This takes into account expenses related to increased business development activity and one-off acquisition costs for Gatherwell. Their TTV is expected to be up by about 27 per cent, with underlying growth from customer activity on the new software platform with the same number of large jackpots but of a larger average size. Growth is also underpinned by the continuing trend towards online lottery play, particularly by the younger demographic. Shares in Jumbo Interactive (ASX:JIN) are currently 13.4 per cent lower at $15.95.

Best and worst performers

The best-performing sector is Industrials, adding 0.2 per cent, while the worst performing sector is Consumer Staples, shedding 0.9 per cent.

The best performing stock in the S&P/ASX 200 is Speedcast International (ASX:SDA) rising 5.6 per cent to $0.75, followed by shares in Costa Group Holdings (ASX:CGC) and Northern Star Resources (ASX:NST).

The worst performing stock in the S&P/ASX 200 is Jumbo Interactive (ASX:JIN), dropping 13.4 per cent lower to $15.95.followed by shares in Lendlease Group (ASX:LLC) and Super Retail Group (ASX:SUL).

Commodities and the dollar

Gold is trading at US$1,479 an ounce.
Iron ore price is 0.6 per cent higher at US$93.77.
Iron ore futures are pointing to a fall of 0.1 per cent.
One Australian dollar is buying 68.94US cents

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.