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ASX 200 rises 0.1%

The S&P/ASX 200 Index (ASX:XJO) went up 0.1%. The Premier Investments Limited (ASX:PMV) share price rose 12% today.
The post ASX 200 rises 0.1% appeared first on The Motley Fool Australia. –

ASX 200

The S&P/ASX 200 Index (ASX: XJO) went up by 0.1% today to 6,687 points.

Here are some of the highlights from the ASX:

Premier Investments Limited (ASX: PMV)

The Premier Investments share price was the best performer in the ASX 200 today, rising by 12.7%. The company gave a trading and profit update for the first half of FY21.

The company gave a trading update for the first 24 weeks of its FY21 first half. Based on that, it’s expecting its retail division to generate underlying earnings before interest and tax (EBIT) in a range of $221 million to $233 million, up between 75% to 85% compared to the prior corresponding period.

During the half to date, online sales continued to rise. For the first 24 weeks, it made $146.2 million of online sales, which was up $54.8 million, or up 60% in percentage terms compared to the same period last year. Online sales equated to 20.4% of total group sales. The ASX 200 retail business reminded investors that online sales deliver a significantly higher EBIT margin than the EBIT margin of the retail store network.

Total global retail sales for the 24 weeks rose 5% to $716.9 million, with global like for like sales growth of 18%. Australian like for like sales growth was 18%.

Premier said it achieved strong cost controls, including reaching agreements with key landlords on COVID-19 rent abatements.

The company confirmed it wasn’t eligible to receive the second stage of jobkeeper support, however it kept its balance sheet in a strong position.

Audinate Group Ltd (ASX: AD8)

The Audinate share price went up 0.6% after the company gave a trading update.

It said that it made US$11.1 million of revenue for the half-year ending 31 December 2020. This was the same as the prior corresponding period, though it was an increase from US$9.3 million in the second half of FY20.

Aidan Williams, the Audinate CEO, said: “Our first half revenue result is pleasing, yet we remain cautious of the near-term economic uncertainty associated with the ongoing impacts of COVID-19 around the world. However, our strong balance sheet has enabled us to remain focused on our medium-term strategic priorities.”

The company then informed investors that it has hired 11 employees in Cambridge in the UK to form a video development team. Management see video as important part of its future growth. However, this is expected to cost AU$1.3 million to AU$1.5 million in additional expenditure in FY21.

Big movers in the ASX 200

Some of the biggest risers in the ASX 200 today were resource businesses. Coal miner Whitehaven Coal Ltd (ASX: WHC) saw its share price go up 9.4%.

Oil businesses were also among the top performers today. The Oil Search Limited (ASX: OSH) share price grew 6.2% and the Woodside Petroleum Limited (ASX: WPL) share price went up 5.4%.

However, at the red end of the ASX were: the Polynovo Ltd (ASX: PNV) share price fell 9.2%, the Altium Limited (ASX: ALU) share price dropped 6.2%, the Mesoblast Limited (ASX: MSB) share price fell 6%, the Nextdc Ltd (ASX: NXT) share price fell 4% and the ARB Corporation Limited (ASX: ARB) share price dropped 3.2%.

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Tristan Harrison owns shares of Altium. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Altium. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of AUDINATEGL FPO and POLYNOVO FPO. The Motley Fool Australia owns shares of and has recommended Premier Investments Limited. The Motley Fool Australia has recommended ARB Limited and AUDINATEGL FPO. 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 rises 0.1% appeared first on The Motley Fool Australia.

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