Link Admin shares on the up after pleasing NPAT: ASX closes 0.1% higher

Market Reports

by Rachael Jones

The Australian share market fell throughout the day managing to gain momentum before the close to close at 0.1 per cent higher. Financial company Link Administration Holdings (ASX:LNK) shot up over 10 per cent today after reporting their NPAT was up 123 per cent for the year to $320 million on the prior corresponding period. The good news continued for them with revenue up 17 per cent to $1.403 billion. Shares in Woolworths (ASX:WOW) dragged on the market despite showing an increased its net profit after tax by 7.2 per cent to $1.75 billion for the year. Appen (ASX:APX) shares also took a dip – they reported today showing revenue is up 60 per cent. As for the sectors, Healthcare is leading the way and Information Technology trailing behind today.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 7 points higher to finish at 6,507.

Futures market

Dow futures are suggesting a fall of 45 points.
S&P 500 futures are eyeing a dip of 7 points.
The Nasdaq futures are eyeing a fall of 19 points.
And the ASX200 futures are eyeing a 0.03 per cent rise tomorrow morning.

Economic news

An increase in mining investment and spending on equipment, plant and machinery were more than offset by a sharp decline in building investment. The seasonally adjusted estimate total new capital expenditure fell by 0.5 per cent.

Company news

System solutions providers Objective Corp (ASX:OCL) has been awarded a $38 million contract with City of Gold Coast to continue their digital transformation. They will provide a cloud-hosted Enterprise Content Management-as-a-service for the City of Gold Coast. This is an annual subscription over 12 years. Ojective will also provide full hosting, managed services, software and implementation services. Shares in Objective Corp (ASX:OCL) closed 13.7 per cent higher at $3.65.

Woolworths (ASX:WOW) has increased its net profit after tax 7.2 per cent to $1.75 billion for the year, helped by strong food sales in its supermarkets.

Melco Resorts is delaying its full US$1.2 billion share acquisition stake in Crown Resorts (ASX:CWN) waiting on conclusion from the inquiry of the NSW Independent Liquor and Gaming Authority.

AI company Appen (ASX:APX) says its half-year statutory profit rose 33 per cent to $18.6 million with revenue up 60 per cent to $245.1 million. Speech and image data grew by 85 per cent on the first half of last year.

Best and worst performers 

The best performing sector was Healthcare adding 0.7 per cent while the worst performing sector was Infotech, shedding 0.8 per cent.

The best performing stock in the S&P/ASX 200 was Link Administration Holdings (ASX:LNK), rising 9.4 per cent to close at $5.37. Shares in Ausdrill (ASX:ASL) and G8 Education (ASX:GEM) followed higher.

The worst performing stock in the S&P/ASX 200 was Appen (ASX:APX), dropping 11.3 per cent to close at $24.27. Shares in NextDC (ASX:NXT) and Magellan Financial Group (ASX:MFG) followed lower.

Asian markets

Mixed:Japan’s Nikkei has lost 0.2 per cent, Hong Kong’s Hang Seng has lost 0.1 per cent and the Shanghai Composite has gained 0.03 per cent.

Commodities and the dollar

Gold is trading at US$1,545 an ounce.
Iron ore price rose 0.1 per cent to US$82.45
Iron ore futures are pointing to a rise of 0.3 per cent.
Light crude is US$0.97 up at US$55.90 a barrel.
One Australian dollar is buying 67.24 US cents.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.