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Highlights
- Today, the S&P/ASX 200 Consumer Staples Index (ASX:XSJ) traded 0.363% lower at 13634.700 points at 2:48 PM AEST.
- As dairy commodity prices continue to rise because of strong global demand outrunning restricted supply, milk prices have soared globally.
- Three ASX-listed dairy stocks- A2 Milk Company Limited, Bubs Australia Limited, and Synlait Milk Limited traded in red on Thursday.
The Australian share market traded in the green in the initial trading hours on Wednesday (4 May 2022; however, the benchmark index failed to continue today's upward trend and dropped 0.077% at 7310.500 points at 2:31 PM AEST. Seven out of 11 sectors traded lower today.
The S&P/ASX 200 Consumer Staples Index (ASX:XSJ) traded 0.363% lower at 13634.700 points at 2:48 PM AEST. The index comprises producers and distributors of food, beverages and tobacco and manufacturers of non-durable household goods and personal products.
As dairy commodity prices continue to rise because of strong global demand outrunning restricted supply, milk prices have soared globally.
In this article, we will discuss the share market performance of three ASX-listed dairy stocks - A2 Milk Company Limited (ASX:A2M), Bubs Australia Limited (ASX:BUB), and Synlait Milk Limited (ASX:SM1).
These three ASX-listed dairy stocks traded in red today, although there was no new announcement from their side on ASX today. One reason which could have possibly pulled down their prices can be RBA's tight monetary policy. On Tuesday, the Reserve Bank of Australia hiked the cash rate target by 25 basis points (bps) to 35 bps, and the interest rate on Exchange Settlement balances from zero% to 25 bps.
Also Watch:
A2 Milk Company Limited (ASX:A2M)
The share price of ASX-listed dairy company A2 Milk Company Limited traded 3.225% lower at AU$4.200 per share on ASX at 3:37 PM AEST. The New Zealand-based company has products and trading operations in New Zealand, Australia, North America, Greater China, and other emerging markets. A2M is listed both on NZX and ASX and has a market capitalisation of AU$3.22 billion.
In the last one year, A2 Milk shares have fallen 43.47%, while the stock is down 24.73% year-to-date (YTD).
Image Source: © Nuttanicha10700 | Megapixl.com
Read More: Which are the best performing commodities of 2022?
Bubs Australia Limited (ASX:BUB)
The shares of Bubs Australia Limited traded 5% lower at AU$0.380 per share on ASX during the intraday trading session today. Bubs Australia Limited is an ASX-listed company engaged in the business of infant nutrition products which includes milk, baby food and other dairy products.
Bubs Australia shares have fallen 5% in the last one year, while the stock has declined 20.83% YTD. The company has a market capitalisation of AU$245.11 million.
The company recently reported a third consecutive quarter of growth on the prior year as its Q3 gross revenue grew 49% pcp.
Bubs® claims to be the leading brand of Goat infant formula in terms of value share in three prominent retailers; Woolworths, Coles and Chemist Warehouse.
During the quarter, the gross revenue of Bubs® Infant Formula was up 108% compared to the previous corresponding period.
Synlait Milk Limited (ASX:SM1)
The share price of Kiwi milk nutrition company Synlait Milk Limited slumped 6.230% at AU$3.010 per share on ASX at 3.01 PM AEST. The ASX-listed milk producing company has a market capitalisation of AU$701.64 million. In the last year, Synlait Milk Limited's shares have fallen 5.35%, while the stock is down 8.79% YTD.
In March this year, the company increased its forecast base milk price for the 2021 / 2022 season to $9.60/kgMS from $9.25/kgMS.
