Qantas (ASX:QAN) profit plunges 91 per cent: Aus shares 1% lower

Market Reports

by Ortenzia Borre

The Australian share market opened lower this morning and is now trading 1 per cent down at noon.

The S&P/ASX 200 index is 64 points lower at 6,104. On the futures market the SPI is 63 points down.

Company news

Companies who've reported today include Qantas (ASX:QAN), Wesfarmers (ASX:WES) and Coca-Cola Amatil (ASX:CCL).

Qantas (ASX:QAN) profit has plunged 91 per cent, with the airline posting a $2.7 billion drop. In what has been the most challenging period in its long history, Qantas (ASX:QAN) reported a $124 million Underlying Profit Before Tax for the 2020 financial year.

Wesfarmers (ASX:WES) have reported their profit for the year is down 69 per cent.

Pokie Machine supplier Ainsworth Gaming (ASX:AGI) have confirmed they won't pay a final dividend and are expecting a loss of $34 million. Due to the closures and strict restrictions imposed on the gaming industry, second half revenue fell 63 per cent to $42 million. Ainsworth Gaming said, to assist with the impact of the pandemic, various cost minimisation measures were implemented. Executive Management voluntarily took 20 per cent reductions in base salaries and the company’s Chairman waived his fees for the June quarter and has agreed to a 20 per cent reduction for the September quarter. Shares in Ainsworth Gaming (ASX:AGI) are trading 2.6 per cent lower at $0.38.

Best and worst performers

The best-performing sector is Information Technology, adding 1.5 per cent, while the worst-performing sector is Energy, shedding 3.4 per cent.

The best-performing stock in the S&P/ASX 200 is IDP Education (ASX:IEL), rising 26.6 per cent to $18.89, followed by shares in McMillan Shakespeare (ASX:MMS) and Afterpay (ASX:APT).

The worst-performing stock in the S&P/ASX 200 is Webjet (ASX:WEB), dropping 12.2 per cent to $3.23, followed by shares in IPH (ASX:IPH) and Pro Medicus (ASX:PME).

Commodities and the dollar

Gold is trading at US$1,940 an ounce.
The iron ore price rose 0.4 per cent to US$129.09.
Its futures are pointing to a fall of 0.4 per cent.
One Australian dollar is buying 71.74 US cents.

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