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ASX 200 rises, Worley dumped, Mesoblast rises

The S&P/ASX 200 Index (ASX:XJO) went up by 0.8% today. The Worley Ltd (ASX:WOR) share price fell by over 10%.
The post ASX 200 rises, Worley dumped, Mesoblast rises appeared first on The Motley Fool Australia. –

ASX 200

The S&P/ASX 200 Index (ASX: XJO) went up by 0.8% today to 6,663 points.

Here are some of the highlights from the ASX:

Worley Ltd (ASX: WOR)

The Worley share price was the worst performer in the ASX 200 today, dropping by more than 10%.

The company gave a business update today, providing guidance for its upcoming FY21 half-year result. It said that it has been impacted by COVID-19 related economic circumstances and foreign exchange translation impacts.

Aggregated revenue is expected to be in the range of $4.4 billion to $4.5 billion. The projected underlying earnings before interest, tax and amortisation (EBITA) is for a range of between $200 million to $210 million.

FY21 half-year statutory operating cashflow is expected to be in the range of $250 million to $255 million. The company is expecting to show a reduction in net debt to approximately $1.2 billion excluding lease liabilities, which it said would be the lowest level of net debt since the ECR acquisition.

Worley explained that the global acceleration of COVID-19 infections over the past few months has hurt demand in the markets that it operates. The company is seeing ongoing project deferrals but negligible project cancellations. Management expect those deferred projects to return as global economic conditions improve.

Chris Ashton, Worley CEO, said: “We’re still winning new work and we’re actively engaged in supporting our customers on their sustainability journey. Cash continues to flow from our customers on previously agreed terms and we’ve improved our liquidity position. We have a new and more efficient way of working, continue to manage headcount and have ongoing overhead cost savings in place. The actions we’ve taken to manage what’s in our control and our pivot to sustainability have provided us with a strong platform to grow the business as COVID-19 related economic circumstances improve and deferred projects restart.”

Crown Resort Ltd (ASX: CWN)

The Crown share price ended lower by 0.1% after explaining to the market what the Perth lockdowns meant for the casino operations.

Crown said that after a statement issued by the WA government about the 5-day lockdown of the Perth metro area, with effect from the evening of Sunday, 31 January 2021 until the evening of Friday, 5 February 2021, it has ceased operations of its gaming activities as well as food, beverage, banqueting and conference facilities other than for the provision of takeaway meals or meal delivery services. Hotel accommodation will continue to be provided in a reduced capacity.

Big market movers

Aside from Worley, there were some pretty sizeable movers in the market at either end of the ASX 200.

At the green end of the ASX 200, the Blackmores Limited (ASX: BKL) share price went up by 6%, the Mesoblast Limited (ASX: MSB) share price climbed 5.9%, the Elders Ltd (ASX: ELD) share price went up 4.9% and the Zip Co Ltd (ASX: Z1P) share price rose 4.8%.

At the red end of the ASX 200, aside from Worley, the Service Stream Limited (ASX: SSM) share price dropped another 4.7%, the Janus Henderson Group (ASX: JHG) share price fell 3.6% and the Megaport Ltd (ASX: MP1) share price fell 3.6%.

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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 MEGAPORT FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Blackmores Limited. The Motley Fool Australia has recommended Crown Resorts Limited, Elders Limited, MEGAPORT FPO, and Service Stream Limited. 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, Worley dumped, Mesoblast rises appeared first on The Motley Fool Australia.

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