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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. –

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The five-year outlook has been withdrawn and Beach said it will no longer provide a five-year outlook in its current form.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

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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.

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