Whitehaven stocks tumble: Aus shares down 0.1% over week

Market Reports

by Katrina Bullock

It has been a good day for the Australian market. After opening in the red the ASX200 gained momentum throughout the day to close 0.1 per cent higher. The majority of the sectors saw gains with Communication and Real Estate leading the charge. Lynas Corporation (ASX: LYC) and Domain Holdings Australia (ASX:DHG) were among the top performers today following the release of their half yearly results, meanwhile Whitehaven Coal (ASX:WHC) has taken a tumble after the Company's strong results didn't quite meet the market's expectation.

At the closing bell the S&P/ASX 200 index closed 7 points higher to finish at 6,066.

Over the week, the market has lost 0.1 per cent or 5 points.

Futures market

Dow futures are suggesting a fall of 94 points.
S&P 500 futures are eyeing a dip of 12 points.
The Nasdaq futures are eyeing a fall of 36 points.
And the ASX200 futures are eyeing a lift of 6 points on Monday morning.

Company news

Real estate investment trust, Vicinity Centres (ASX:VCX) released its results for the half-year to December 2018 showing a net profit after tax of 216.8 million, a decrease of $519.0 million on the prior corresponding period. These first half results were due to negative revaluations of their investment properties and foreign exchange movement. Total revenue and income was $625.2 million, which is a decrease from the $639.6 million the company received the prior corresponding period. Shares in Vicinity Centres Trust (ASX:VCX) closed 0.4 per cent lower at $2.56.

Lynas Corporation (ASX: LYC) announced their action plan for the disposal of neutralisation underflow residue. This follows consultation with the Malaysian government and regulators. The plan includes commercialisation options for the residue.

Property giant, Domain Holdings Australia (ASX:DHG) saw gains today after releasing their half year results. These gains come despite a decrease in their net profit after tax of 14.2 per cent.

Whitehaven Coal (ASX:WHC) however have seen some sharp losses off the back of their half yearly results. This comes despite saw strong results – profit was up 19 per cent for the six month period, sales revenue was up 11 per cent and EBITDA saw a 12 per cent lift.

Lottery game operator, Jumbo Interactive's (ASX:JIN) shares continue their rally, to trade at all time highs. Their half yearly results reveal that total transaction value, revenue and profit all increased compared to the prior corresponding period with net profit after tax up 140 per cent.

Litigation funder, IMF Bentham (ASX:IMF) is funding a new combustible cladding class action litigation in the Federal Court on an unconditional basis.

Energy giant, Origin Energy (ASX:ORG) has inked an agreement to acquire OC Energy for $58 million.

Best and worst performers of the day

The best performing sector was Communications adding 1.6 per cent while the worst performing sector was Healthcare shedding 0.8 per cent.

The best performing stock in the S&P/ASX 200 was Domain Holdings Australia (ASX:DHG), rising 21.1 per cent to close at $2.53. Shares in Lynas Corporation (ASX:LYC) and AVEO Group (ASX:AOG) followed higher.

The worst performing stock in the S&P/ASX 200 was Automotive Holdings Group (ASX:AHG), dropping 8.2 per cent to close at $1.64. Shares in Whitehaven Coal (ASX:WHC) and Elders (ASX:ELD) followed lower.

Asian markets

Lower: Japan’s Nikkei has lost 1.2 per cent, Hong Kong’s Hang Seng has lost 1.7 per cent and the Shanghai Composite has lost 0.6 per cent.

Wall Street

Wrapped up our four trading days this week higher: The Dow Jones added 1.3 per cent, The S&P 500 added 1.4 per cent and the tech heavy Nasdaq gained 1.7 per cent.

Commodities and the dollar

Gold is trading at US$1,313 an ounce.
Iron ore price rose 1.3 per cent to US$88.32.
Its futures are pointing to a rise of 0.3 per cent.
Light crude is up 56 US cents at US$54.87 barrel.
One Australian dollar is buying 70.88 US cents.