ASX 200 hits another record, Sezzle flies, Wesfarmers falls

The ASX 200 hit another record earlier today on more gains.
The post ASX 200 hits another record, Sezzle flies, Wesfarmers falls appeared first on The Motley Fool Australia. –

The S&P/ASX 200 Index (ASX: XJO) hit another record today, it ended the day 0.6% higher to 7,260 points.

Here are some of the highlights from the ASX:

Wesfarmers Ltd (ASX: WES)

The diversified ASX 200 business held an investor day and outlined its various business strategies as well as giving an insight into how trading is going in a presentation.

Wesfarmers’ share price dropped over 2% seemingly in response to what the company said regarding trading conditions.

The company said that its retail businesses are now beginning to cycle against the impacts of COVID-19 in the prior year from mid-March, leading to significant volatility in monthly sales growth results.

On a two-year basis, all of the retail businesses have continued to achieve strong sales growth, according to Wesfarmers. Management said this reflected the company’s ability to provide safe and trusted environments while delivering greater value, quality and convenience for customers.

Customer demand has remained resilient, but year on year growth has “generally moderated” and some businesses have seen sales decline in some months due to the strong sales a year ago.

Online sales growth has also slowed as customers return to stores. The online percentage of sales has reduced compared to total sales, but remains above pre-COVID levels.

However, one positive from the ASX 200 share was that the industrial businesses are seeing “good operating performances and pleasing trading”.

Sezzle Inc (ASX: SZL)

The Sezzle share price jumped more than 22% after announcing it had entered into a three-year agreement with Target Corporation (the US-listed business).

Sezzle has concluded its proof of concept with Target. Under the agreement, Sezzle’s product will be used in-store and across Target’s digital platforms, providing guests access to interest-free payment plans.

Target is one of the biggest retailers in North America with close to 2,000 stores in the US.

Mesoblast Limited (ASX: MSB)

The Mesoblast share price fell around 3% after giving an update about its performance in the quarter ending 31 March 2021.

Mesoblast CEO Silviu Itescu said:

We are pleased with the recent clinical outcomes regarding our lead product candidate remestemcel-L and continue to progress our regulatory discussions with the aim of achieving approval. Our focus and top priority remains on successfully bringing remestemcel-L to children with the devastating complication of steroid-refractory acute graft versus host disease and adults fighting COVID-19 acute respiratory distress syndrome.

Looking at the financial highlights, TEMCELL royalties for the quarter were US$1.9 million.

It also successfully completed a US$110 million placement, ending the period with a cash balance of US$158.3 million. The private placement was led by US investor SurgCenter Development, one of the largest private operators of ambulatory surgical centres in the US specializing in spine, orthopaedic and total joint replacement.

The post ASX 200 hits another record, Sezzle flies, Wesfarmers falls appeared first on The Motley Fool Australia.

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