Seven West Media (ASX:SWM) 'severely impacted by COVID-19' : Aus shares 0.7% higher at noon

Market Reports

by Ortenzia Borre

The Australian share market opened higher this morning and is now trading 0.7 per cent up at noon.

Scentre Group (ASX:SCG) has reported a loss of $3.6 billion for the six month period to 30th June. The Westfield shopping centre owners reported a reduction in property valuations of $4.1 billion.

Rural Funds Group (ASX:RFF) has reported an 8 per cent increase in property revenue to $71.98 million with the group continuing to expand its portfolio.

Bingo Industries (ASX:BIN) is leading the top 200 gains at midday, up almost 14 per cent, with Nanosonics (ASX:NAN) coming in last.

The S&P/ASX 200 index is 42 points up at 6171 . On the futures market the SPI is 45 points up. 

Company news 

Seven West Media (ASX:SWM) said advertising market conditions were severely impacted by COVID-19. The media group released their end of year results reporting the FTA TV market was down 14.1% in the financial year, following a steep 33.7 per cent decline in the fourth quarter alone, and a total advertising market decline of 15.2%. The company reported that due to weaker ad markets, group revenue from continuing operations was down 14 per cent with underlying group EBIT down 54 per cent for the year to $98.7m. Seven West Media Managing Director and Chief Executive James Warburton says Seven west Media continue to focus on transforming the business with an objective to establish a lean, efficient operating cost base to deliver further savings in the 2021 financial year. Shares in Seven West Media (ASX:SWM) are trading 16.1 per cent lower at 13 cents.

Emeco (ASX:EHL) has confirmed the completion of its capital raise which was launched yesterday. The company reported a total of approximately $111 million was raised under the Institutional Entitlement Offer at A$0.85 per New Share saying Equity Raising is part of comprehensive package of capital structure initiatives, which will enable Emeco to fully focus on the evolution of its business. Emeco Managing Director and CEO, Mr Ian Testrow, said it's is very pleasing to see extremely strong support from their shareholders in response to the comprehensive package of capital structure initiatives. Shares in Emeco (ASX:EHL) are trading 6.7 per cent lower at 91 cents.

Best and worst performers 

The best-performing sector is Financials, adding 2.7 per cent, while the worst performing sector is Health Care shedding 1.6 per cent. 

The best performing stock in the S&P/ASX 200 is Bingo Industries (ASX:BIN), rising almost 14 per cent to $2.45, followed by shares in Perenti Global (ASX:PRN) and G8 Education (ASX:GEM)

The worst performing stock in the S&P/ASX 200 is Nanosonics (ASX:NAN), dropping almost 9.8 per cent to $6.20, followed by shares in NRW Holdings (ASX:NWH) and Ooh! Media (ASX:OML).

Commodities and the dollar 

Gold is trading at US$1,934 an ounce. 
Iron ore price fell 1.7 per cent to US$125.23 
Iron ore futures are pointing to a fall of 0.7 per cent. 
One Australian dollar is buying 71.76 US cents.