Stocks of the Hour: GrainCorp, Chorus & Pro Medicus

Company News

by Lauren Evans

Global demand for Australian grain and oilseeds has led GrainCorp (ASX:GNC) to upgrade its earnings guidance for the 2022 financial year. It said the conflict in Ukraine has created uncertainty in global grain markets, with buyers looking for alternate sources of supply. Meanwhile, the recent weather patterns have also provided favourable planting conditions for the upcoming east coast Australian winter crop. GrainCorp now expects FY22 net profit after tax to be between $310 to $370 million from the previous $235 to $280 million. Shares are trading 5.9 per cent higher at $9.20.

Chorus (ASX:CNU) has announced two executive changes today. Its current director Mark Cross will take over Patrick Strange as chairman, when Dr Strange stands down in October. Mr Cross is currently chair of Milford Asset Management and will retire from there on July 1. Meanwhile, its chief financial officer David Collins has resigned and plans to return to Australia later in the year following Atlas Ateria’s (ASX:ALX) announcement which appoints Mr Collins as its new CFO. Shares in Chorus (ASX:CNU) are trading 0.2 per cent lower at $6.77.

Pro Medicus (ASX:PME) said its US subsidiary Visage Imaging has signed a $32 million contract with Inova Health System, a nonprofit healthcare provider in Northern Virginia. The 8-year contract will see the company’s Visage 7 enterprise imaging platform implemented throughout Inova and Fairfax Radiology. It said planning for the rollout will commence immediately. Shares are trading 3.4 per cent higher at $48.82.

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.