Coles (ASX:COL) shares fall as revenue increases: ASX closed 0.5% lower

Market Reports

by Rachael Jones

At the closing bell the S&P/ASX 200 index closed 32 points down, or 0.5 per cent lower to finish at 6,885. Shares in Evolution Mining (ASX:EVN) are down today despite their Board approval to progress the development of a surface decline at the Red Lake gold mine in Ontario, Canada lifting annual production rates there to over a million tonnes. EML Payments did well today after they announced record revenues of $95.3 million and EBITDA OF $28.1 million.

Futures market

Dow futures are suggesting a drop of 2 points.
S&P 500 futures are eyeing a dip of 1 points.
The Nasdaq futures are eyeing fall of 10 points.
And the ASX200 futures are eyeing a 33 point fall for tomorrow morning.

Company news

Coles (ASX:COL) report thei group sales revenue increased by 8.1 per cent to $20.4 billion with strong sales revenue growth across Supermarkets, Liquor and Express. Group EBIT increased by 12.1 per cent to $1.0 billion with Smarter Selling benefits and operating leverage driving growth across all segments. The Coles Board has declared a fully-franked interim dividend of 33 cents per share, a 10 per cent increase on the interim dividend of the prior period with a record date of 1 March 2021 and a payment date of 26 March 2021. Coles retains its annual target dividend payout ratio of 80 per cent to 90 per cent. Shares in Coles (ASX:COL) closed 5.4 per cent lower at $17.20.

Whitehaven Coal (ASX:WHC) report a $94.4 million loss for the six months to December 31, compared to a profit of $27.4 million a year ago..

Westpac (ASX:WBC) reported a first-quarter unaudited statutory net profit $1.70 billion compared to a second-half 2020 quarterly average of $550 million.

Super Retail (ASX:SUL) reported a first half statutory NPAT up 201 per cent to $172.8 million, compared to the same period a year ago.

Best and worst performers

The best-performing sector was Materials, adding 1.5 per cent, while the worst-performing sector was Consumer Staples dropping 3.5 per cent.

The best-performing stock in the S&P/ASX 200 was EML Payments (ASX:EML), rising almost 16.4 per cent to close at $4.90 Shares in Lynas Rare Earth (ASX:LYC) and Domino’s Pizza Enterprises (ASX:DMP) followed.

The worst-performing stock in the S&P/ASX 200 was ZIP Co (ASX:Z1P) dropping 14 per cent to close at $11.97. Shares in Evolution Mining (ASX:EVN) and Appen (ASX:APX) followed.

Asian markets

Japan’s Nikkei has lost 0.5 per cent. The Hang Seng is trading 0.9 per cent higher and the Shanghai Composite are closed.

Commodities and the dollar

Gold is trading at US$1,793 an ounce.
Light crude is US$0.01 higher at US$55.99 a barrel.
One Australian dollar is buying 77.57 US cents.

And finally a reminder our first investor event for 2021 is Feb 23, 5 companies starting 12:30pm details including registration at the link https://www.finnewsnetwork.com.au/page/investor-events.