Costa (ASX:CGC) shares rise on full year results: ASX tracking 0.2% higher at noon

Market Reports

by Rachael Jones

The Australian share market dropped at the open but is now tracking 0.2 per cent higher at noon or 16 points higher at 6,810. On the futures market the SPI is 4 points higher. Shares in Costa Group Holdings (ASX:CGC) rose after reporting a full year statutory net profit of $60.8 million, from a loss of $36.1 million a year ago. Shares in Reliance World Wide (ASX:RWC) fell today despite reporting net profit after tax rising 82 per cent.

Broker moves

Citi rates Cochlear (ASX:COH) as a Downgrade to a Sell from a Neutral. First half underlying net profit was well ahead of Citi's estimates. While growth is expected to return in developed markets the broker suspects a recovery in emerging markets outside of China will take some time. Target is steady at $200. Shares in Cochlear (ASX:COH) are currently 1.4 per cent lower at $218.48.



Company news

Property developer Lendlease (ASX:LLC) has posted a first-half earnings decline of 37.4 per cent of $196 million, which included a loss of $7 million from having to revalue its properties. The outlook for the Construction segment has improved, although remains at risk from ongoing Covid-19 related uncertainty and disruption. Backlog revenue remains solid at $14.5 billion, with $11.8 billion relating to external clients which will generate future revenue and margin. Shareholders will receive an interim distribution of 15 cents per share, 50 per cent franked, which is lower than the previous interim unfranked distribution of 30 cents per share. Shares in Lendlease (ASX:LLC) are0.2 per cent lower at $11.87.

Best and worst performers

The best-performing sector is Materials, adding 2.4 per cent, while the worst performing sector is Healthcare, shedding 1.3 per cent.

The best performing stock in the S&P/ASX 200 is Costa Group Holdings (ASX:CGC), rising 12.5 per cent to $4.51, followed by shares in Webjet (ASX:WEB) and Sandfire Resources (ASX:SFR).

The worst performing stock in the S&P/ASX 200 is Reliance World Wide (ASX:RWC),dropping 6.6 per cent to $4.41, followed by shares in Chorus (ASX:CNU) and Ansell (ASX:ANN).

Commodities and the dollar

Gold is trading at US$1,788 an ounce.
Iron ore price fell 0.9 per cent to US$173.55.
Iron ore futures are pointing to a rise of 3.3 per cent.
One Australian dollar is buying 78.94 US cents.