ASX 200 drops 0.8%, Pointsbet jumps, Beach sinks

The S&P/ASX 200 Index (ASX:XJO) dropped 0.8% today. The Pointsbet (ASX:PBH) share price jumped 7% and Beach Energy (ASX:BPT) fell 24%.
The post ASX 200 drops 0.8%, Pointsbet jumps, Beach sinks appeared first on The Motley Fool Australia. –

white arrow dropping down

The S&P/ASX 200 Index (ASX: XJO) dropped by around 0.8% to 7,026 points.

Here are some of the highlights from the ASX:

Pointsbet Holdings Ltd (ASX: PBH)

Pointsbet saw its share price rise by 7.4% after releasing its update for the quarter ending 31 March 2021.

Total turnover increased 236% to $905.2 million. Pointsbet’s gross win, being the profit of client’s losing bets against the clients who won bets, saw growth of 275% to $100.5 million.

The net win, which includes promotional costs, saw growth of 246% to $64.9 million.

Pointsbet’s number of active clients rose 169% to 285,500.

It was the best performer in the ASX 200.

Beach Energy Ltd (ASX: BPT)

The Beach Energy share price plunged 24.1% after releasing a business update. It was the worst performer in the ASX 200.

A review of 2P reserves across the Western Flank oil and gas field, including the Bauer oil field, has been undertaken following recent declines in oil production and recent drilling results.

There was an 18.4 million barrel of oil equivalent (MMboe) downgrade to 2P reserves across the Western Flank oil and gas assets.

The FY21 pro forma production guidance was downgraded to a range of 25.2 MMboe to 25.7 MMboe. This was down from 26.5 MMboe to 27.5 MMboe.

The five-year outlook has been withdrawn and Beach said it will no longer provide a five-year outlook in its current form.

Beach Energy managing director and CEO Matt Kay said:

The past five years has seen the Western Flank outperform our expectations, but we are now witnessing material decline from a number of fields.

Previous reserves assessment across the complex Western Flank oil and gas fields have proven to be optimistic following recent drilling results. The team has developed new reservoir models to optimise field development. We also enlisted the support of three independent reserve consultants, including Beach’s external reserves auditor RISC, to confirm our approach.

ResMed Inc (ASX: RMD)

ResMed released its result for the third quarter of FY21.

It said that revenue was down 3% on a constant currency basis to $768.8 million.

The non-generally accepted accounting principal (GAAP) gross margin contracted 40 basis points to 59.6%.

Net operating profit increased 3%, whilst the non-GAAP operating profit rose by 2%.

ResMed Mick Farrell explained what happened, as well as talking about the outlook:

Our March 2021 quarter results reflect the ongoing recovery of core patient flow across our business, while we anniversary the $35 million of incremental COVID-19 revenue in the same quarter last year. Excluding the COVID-19 revenue from the March 2020 quarter, we achieved positive growth on both a headline and constant currency basis.

Going forward, we see accelerated awareness of the importance of respiratory health, growing adoption of digital health, and an increased focus on the importance of healthcare delivered at home. We are confident in accelerated growth in patient flow, and ongoing progress toward our goal of improving 250 million lives in out-of-hospital healthcare in 2025.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of February 15th 2021

More reading

Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd and ResMed Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post ASX 200 drops 0.8%, Pointsbet jumps, Beach sinks appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!