Stocks of the Hour: Premier Investments, Worley & Novatti

Company News

by Michael Luu

Fashion retail giant Premier Investments (ASX:PMV) has reversed its plan to retain $15.6 million from the JobKeeper scheme, following strong sales performance. The ASX-listed retailer in March revealed the intention to save the subsidised money as a back-up fund for possible lockdown contingencies. The fashion retail empire was under pressure from economic lobbyists and parliament members to refund the full net benefit from the JobKeeper 1 package to the government, following reports of its first half profits rebounding by almost 100 per cent. However, vibrant trading activity at stores across Queensland and Western Australia after reopening has convinced retail tycoon Solomon Lew to take a U-turn on his stance and refund the amount to the Australian Tax Office. Shares in Premier Investments (ASX:PMV) are trading 2.47 per cent lower at $25.64

Novatti Group (ASX:NOV), a leading digital transaction solutions provider, has entered into a strategic agreement with BC Investment Group Holdings (BC). As part of the agreement, BC will invest $15m into Novatti's new banking business.  Shares are trading 5.65 per cent higher at 66 cents.

Engineering solutions company Worley (ASX:WOR) has successfully snapped up two new deals in Sweden and the US. Firstly, the ASX-listed engineering firm has been selected by Scandinavian renewable energy player Liquid Wind to deliver front-end engineering design services and cost estimate to the liquid fuel producer’s e-methanol manufacturing plant in Sweden. Secondly, Worley has inked a five-year deal with Houston-based petroleum corporation CITGO to provide turnaround and sustaining capital services to the US refining and chemicals company’s refinery projects in Louisiana and Texas. Shares in Worley (ASX:WOR) are trading 0.97 per cent lower at $10.76