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Highlights:
- Australian shares edged higher in opening trade as gains in materials and energy stocks more than offset losses in IT and financials
- Shares of Collins Foods Limited jumped over 12% after the company declared its results for the year ended 1 May 2022 (FY22)
- Energy, materials and utilities were the top three performing sectors today
The Australian equity benchmark opened higher on Tuesday (28 June) despite not so encouraging cues from Wall Street, which was pulled down by technology stocks in overnight trade. The benchmark index ASX 200 was up 0.23% at 6,721.40 points in the early morning trade. The All Ordinaries index, which represents the broader Australian equity market, was up 0.18% at 6,906.1. On Monday, the ASX 200 closed 1.94% higher at 6,706.00 points.
CGS, GLH, PME: ASX healthtech stocks with modest 3-year returns
US stocks failed to sustain Friday’s momentum on Monday as all the three indices ended with losses after a wobbly trade amid fears of rate hike. As this year has approached its halfway point, inflation and recession concerns continue to dominate investors’ sentiments resulting in prolonged market volatility. The US stocks rallied on Friday on the back of data that showed that inflation has potentially started to cool off in the country. However, yesterday’s Wall Street performance shows that investors are still very cautious and awaiting the next steps by the Federal Reserve.
Also watch:
On Monday, all three major US indices closed lower. The S&P 500 was down 0.30% at 3,900.11 points. The tech-heavy Nasdaq Composite ended 0.72% lower at 11,524.55 points, while the Dow Jones Industrial Average slipped 0.20% to 31,438.26. Shares of mega-cap companies such as Amazon.com, Microsoft Corporation and Alphabet Inc fell drastically by nearly 2.78%, 1.05%, and 1.82%, respectively.
Meanwhile, the pan European STOXX 600 surged almost 0.52% to 415.09 points.
Sentiments were also impacted after the G7 countries decided to impose new sanctions on Russia, including a cap on its oil prices.
Newsmakers:
BWX Limited (ASX:BWX):
The share price of ASX-listed skin and hair care products business remained on investors’ radar on Tuesday (28 June) after the company announced a fully underwritten capital raise of $23.2m along with the FY22 and FY23 guidance.
The capital raise consists of a $13.5 million placement to professional & sophisticated and a $9.7m “1 for 10” traditional non-renounceable entitlement offer.
The company expects the Pro forma net debt as of 30 June 2023 to reduce to $23 million.
Collins Foods Limited (ASX:CKF):
Shares of Collins Foods Limited caught investors’ attention after the company declared its results for the year ended 1 May 2022 (FY22). As per the company, during this period, it delivered strong growth in sales and earnings, underpinned by a rebound in European performance. In its FY22 results, Collins’ has reported revenue growth of 11.1%, while the Group’s Underlying EBITDA from continuing operations was up 12.6% to $209.2m.
Market Action:
Coming to the top ASX 200 gainers, Collins Foods Limited (ASX:CKF), Northern Star Resources Limited (ASX:NST) and Iluka Resources Limited (ASX:ILU) led the pack with 12.863%, 4.131%, and 3.621% gains, respectively. On the other side, Imugene Limited (ASX:IMU), and Appen Limited (ASX:APX) were the top losers, falling 8.334% and 4.710%, respectively.
On the sectoral front, in the early trade today, more sectors were lower than higher. The three industries leading the index included Energy, Materials and the Utilities sector, up 1.95%, 1.53%, and 1.46% respectively.
The two sectors which led gains yesterday--financials and information technology—witnessed profit booking and were in the red territory today.
