Bingo Industries shares down as profit slumps: ASX closes 0.3% higher

Market Reports

by Rachael Jones

It has been a positive day of trade for the Australian share market. After opening in the black the local bourse managed to gain momentum to close 0.3 per cent higher. A number of stocks lifted the market, the Vocus Group (ASX:VOC) is trading over 10 per cent and Flight Centre (ASX:FLT) has risen 10 per cent after reporting earlier showing their NPAT landed within guidance. Meanwhile, Webjet (ASX:WEB) is over 11 per cent lower and Bingo Industries (ASX:BIN) has lost over 7 per cent. As for the sectors, Energy is leading the way and Utilities are trailing behind and iron ore is down almost 6 per cent.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 19 points higher to finish at 6,502

Futures market

Dow futures are suggesting a fall of 28 points.
S&P 500 futures are eyeing a dip of 4 points.
The Nasdaq futures are eyeing a fall of 17 points.
And the ASX200 futures are eyeing a 0.20 point rise tomorrow morning.

Company news

Waste management company BINGO Industries (ASX:BIN) today announced its full year results for the 12 months ended 30 June 2019 showing statutory NPAT down 41.4 per cent to $38 million from last year's $22.3 million. Net revenue was up 32.4 per cent to $402.2 million and underlying EBITDA was up 13.2 per cent to $106.1 million. There was a total $33.7 million in transaction and integration costs from Bingo’s recent Dial-a-Dump Industries (DADI) acquisition. Shares in BINGO Industries (ASX:BIN) closed 6.3 per cent lower at $2.24.

Cedar Woods (ASX:CWP) has purchased a $15 million development site in Western Australia, with settlement to occur in July 2020. A quality townhouse and apartment project is proposed, similar to other developments the company is currently undertaking across the country. Shares in Cedar Woods (ASX:CWP) closed 1.5 per cent lower to $6.81.

Qantas (ASX:QAN) report underlying profit before tax at $1.30 billion for the year that's down 17 per cent on the prior corresponding period. Statutory profit before tax is down 6 per cent on last year to $1.27 billion.

Santos (ASX:STO) reports underlying profit of US$411 million that's up 89 per cent on last year's result of $217 million.

Supermarket Coles (ASX:COL) full-year net profit for the period dropped 9.1 per cent to $1.43 billion. Earnings before interest and tax (EBIT) is down 0.9 per cent to $1.46 billion and total revenue for the 12 months to June 30 was down 1.7 per cent to $38.4 billion.

IPO

Telecommunications networks servicing company Opticomm (ASX:OPC) started trading today. It issued shares at $2.00 and started trading on the ASX at $3.10 and is currently trading at $3.01.

Best and worst performers

The best performing sector was Energy adding 1.4 per cent while the worst performing sector was Utilities, shedding 0.8 per cent.

The best performing stock in the S&P/ASX 200 was Pro Medicus (ASX:PME), rising 16.1 per cent to close at $30.58. Shares in Vocus Group (ASX:VOC) and Ooh!Media (ASX:OML)followed higher.

The worst performing stock in the S&P/ASX 200 was IDP Education (ASX:IEL), dropping 10.4 per cent to close at $17.53. Shares in Webjet (ASX:WEB) and St Barbara (ASX:SBM) followed lower.

Asian markets

Japan’s Nikkei has added 0.1 per cent, Hong Kong’s Hang Seng has lost 0.9 per cent and the Shanghai Composite has lost 0.1 per cent.

Commodities and the dollar

Gold is trading at US$1,502 an ounce.
Iron ore price fell 5.8 per cent to US$82.83
Iron ore futures are pointing to a rise of 0.7 per cent.
Light crude is US$0.28 lower at US$55.85 a barrel.
One Australian dollar is buying 67.67 US cents.