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ASX 200 drops lower

The S&P/ASX 200 Index (ASX:XJO) fell 0.3% today. The Afterpay Ltd (ASX:APT) share price dropped another 3.6% today.
The post ASX 200 drops lower appeared first on The Motley Fool Australia. –

ASX 200

The S&P/ASX 200 Index (ASX: XJO) fell by around 0.3% today to 6,682 points.

Here are some of the highlights from the ASX:

Integrated Research Limited (ASX: IRI)

The Integrated Research share price fell 13.25% today after giving investors an update.

The company reminded investors that it had made a continuous disclosure announcement on 18 December 2020 providing revenue and profit estimates for the half year ending 31 December 2020. At the time, Integrated Research said that the range of estimates for revenue and profit were wide because of the unpredictability of business closure in the remaining weeks of December.

The trading performance since that announcement has been below expectations with a continuation of customers deferring purchasing decisions. As a consequence, the company has revised its estimates downwards.

Integrated Research said that it’s anticipating revenue for the first half to be in the range of $34 million to $37 million, compared to $53.2 million for the prior corresponding period.

Profit for the first half is anticipated to be in the range of breakeven to $2 million, down from $11.8 million in the prior corresponding period.

Integrated Research anticipates making a further update on the unaudited results before mid-January with the half-year result expected to be announced on 18 February 2021.

Cooper Energy Ltd. (ASX: COE) and APA Energy (ASX: APA)

Cooper Energy confirmed today that the remaining Sole gas sales agreements (GSAs) will commence on 1 January 2021. Sole gas is processed at the Orbost Gas Processing Plant (OGPP) operated by APA Group.

The long-term GSAs with utility and industrial customers total 19.75 PJ (petajoules) annual contract quantity in 2021. The take-or-pay obligations are a minimum quantity of approximately 90% of the total annual contracted volume.

The commencement of these remaining GSAs means that most Sale gas will now be sold at agreed term contract prices. Prior to commencement of the GSAs, Sole gas was being sold at lower spot prices, less transportation costs, with revenue and costs shared between Cooper Energy and APA as per a previous agreement.

Cooper Energy managing director David Maxwell said: “The commencement of the Sole GSAs is a significant milestone which will deliver a material step-change in production, revenue, cash flow and earnings.

“We are pleased to be increasing gas supply to our utility and industrial customers and providing a competitive new source of gas to the domestic market. We are grateful for the strong support shown by our customers during what has been a longer than expected commissioning phase for the Orbost Gas Processing Plant.”

Other major movers

It was a quiet news day on the ASX 200 today.

The worst performers were: the Growthpoint Properties Australia Ltd (ASX: GOZ) share price which fell 4.3%, the Afterpay Ltd (ASX: APT) share price fell 3.6%, the Spark Infrastructure Group (ASX: SKI) share price dropped 3.2%, the APA Group share price dropped 2.9% and the Bravura Solutions Ltd (ASX: BVS) share price declined 2.7%.

At the top end of the ASX 200 performance table, the United Malt Group Ltd (ASX: UMG) share price rose 2.7%, the Sims Ltd (ASX: SGM) share price rose 2.5%, the Abacus Property Group (ASX: ABP) share price went up 2.4%, the Boral Limited (ASX: BLD) share price rose 2.3% and the Beach Energy Ltd (ASX: BPT) share price grew 2.2%.

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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 Integrated Research Limited. The Motley Fool Australia owns shares of and has recommended Bravura Solutions Ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO and APA Group. 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 lower appeared first on The Motley Fool Australia.

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