Stocks of the Hour: ANZ, Fortescue Metals & JB Hi-Fi

Company News

by Melissa Darmawan

Lending and deposit growth helped pushed ANZ’s (ASX:ANZ) after tax profit higher by 72 per cent from a year ago to $6.2 billion. The nation’s third-largest bank attributed the massive lift to the partial reversal of Covid-19 related credit provisions. Mortgage growth came under pressure, with second half volumes impacted by the competitive refinancing market, customers paying down their loans faster and processing issues. As the country’s restrictions ease, the bank believes the outlook remains uncertain. However, if conditions do deteriorate, the bank has over $4 billion as a safety buffer. ANZ announced it will pay a final dividend of 72 cents per share, taking the total for the year to $1.42, up 82 cents. Shares in ANZ (ASX:ANZ) closed 0.7 per cent higher at $28.60.

Iron ore shipments for Fortescue Metals (ASX:FMG) grew by 3.0 per cent to 45.6 million tonnes in the September quarter, a record high for the period. The company achieved average revenue of US$118 per dry metric tonne. That is around three quarters of the average price of the commodity according to the industry index that is used. Looking ahead, the production guidance for the 2022 financial year stays the same as the company focuses on executing its plans for renewable power. Shares in Fortescue Metals (ASX:FMG) closed 0.1 per cent higher at $14.02.

Consumer electronics giant JB Hi-Fi (ASX:JBH) posted a 7.9 per cent fall in same-store sales for its Australian stores for the September quarter. The company is also the owner of the white goods chain, The Good Guys. In October, the company has seen sales momentum continue as stores reopen on easing restrictions. Shares in JB Hi-Fi (ASX:JBH) closed 3.3 per cent higher at $48.43.

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