Bank of Queensland shares slide: ASX closed 0.4% higher

Market Reports

by Rachael Jones

It has been a positive day of trade for the Australian share market closing 0.4 per cent higher. Bank of Queensland (ASX:BOQ) shares took a dip today after a $12 million guidance downgrade. Waste management company Bingo Industries (ASX:BIN) saw their shares slump hit by the apartment building slowdown. They reduced their full-year profit forecast by up to 20 per cent. Household fittings company, GWA Group (ASX:GWA) saw their shares rise after announcing a net profit rise of 7.3 per cent for their half year results 2019. At the closing bell the S&P/ASX 200 index closed 24 points higher to finish at 6090.

Futures

Dow futures are suggesting a gain of 21 points.
S&P 500 futures are eyeing a rise of 0.5 points.
The Nasdaq futures are eyeing a gain of 6.5 points.
And the ASX200 futures are eyeing a 34 point rise tomorrow morning

Company news

Bank of Queensland (ASX:BOQ) has updated the trading conditions for the half year til February reporting its set to make up to $12 million less this half-year, as it faces downward pressure for fees, trading and insurance. Based on January year-to-date performance, 1H19 cash earnings after tax is expected to be in the range of $165-170 million, compared to the 1H18 cash earnings after tax result of $182 million. They also expect regulatory costs to increase as the bank adapts to changes after the Royal Commission.Their scheduled half year results release on 11 April 2019. Shares in Bank of Queensland (ASX:BOQ) are trading 6.3 per cent lower at $9.32

Manufacturer and distributor of building and household fittings, GWA Group (ASX:GWA) has announced its half year results for financial year 2019 showing a net profit rise of 7.3 per cent to $26.6 million.Revenue strengthened over the period and rose 2.6 per cent to $182.6 million.

Health insurer nib (ASX:NHF) has announced its half year results for financial year 2019 with net profit and revenue both lifting on a year on year basis. Net profit after tax rose almost 5 per cent to $74.3 million. Total Group underlying revenue increased by 10.9 per cent to $1.2 billion.

McGrath (ASX:MEA) has announced its performance in the first six months of 2019 has been impacted by the continuing subdued property market conditions, resulting in an underlying earnings EBITDA loss for the first half of $2.5 million.Half year revenue declined 18 per cent to $42.5 million.

Best and worst performers 

The best performing sector was Energy adding 1.6 per cent while the worst performing sector was Industrials, shedding 0.7 per cent.

The best performing stock in the S&P/ASX 200 was Automotive Holdings (ASX:AHG) rising 8.6 per cent to close at $1.78. Shares in GWA Group (ASX:GWA),and Ansell (ASX:ANN) followed higher.

The worst performing stock in the S&P/ASX 200 was Bingo Industries (ASX:BIN), dropping 49 per cent to close at $1.17. Shares in SmartGroup Corp (ASX:SIQ) and Bank of Queensland (ASX:BOQ) followed lower.

Asian markets

Japan’s Nikkei has added 1.8 per cent, Hong Kong’s Hang Seng has added 1.7 per cent and the Shanghai Composite has gained 2.2 per cent.

Commodities and the dollar

Gold is trading at US$1,327 an ounce.
Iron ore price lost 0.2 per cent to US$88.16
Iron ore futures are eyeing a rise of 0.6 per cent.
Light crude is $0.20 up at US$55.79 barrel.
One Australian dollar is buying 71.48 US cents.