From News Corp to Soul Patt: Five stocks that dominated ASX today

Highlights

  • Shares of News Corp rallied over 9% on the share buyback plan.
  • Apparel retailer Premier Investments rises 5% on robust earnings.
  • Washington H. Soul Pattinson’s shares jump 6.6% post the annual earnings report.
  • Brickworks’ shares gain 2.7% as its profit surges in FY21.
  • Transurban shares fell 2.4% following a business update.

Australian shares witnessed a strong rally on Thursday as strong corporate earnings and firm global cues lifted market sentiment. Easing concerns over crisis-hit real estate giant China Evergrande and positive response to the US Federal Reserve’s bond tapering decision also supported the market. Among the individual stocks, News Corp, Premier Investments, Soul Patt, Brickworks, Transurban and others dominated the ASX following their respite updates.

Here is the latest news and update about these buzzing stocks:

News Corp to buyback shares worth US$1B

Shares of media firm News Corp (ASX: NWS) rallied as much as 9.5% to hit an intraday high of AU$32.88 after it unveiled a stock buyback plan. The American multinational media company, owned by media mogul Rupert Murdoch, plans to raise US$1 billion via a share repurchase program.

The company said in an ASX update that it would buyback the company’s NASDAQ-listed Class A common stock and Class B common stock. It also clarified that no ASX-listed CHESS Depositary Interest (CDIs) will be repurchased in this program.

Premier Investments profit doubles in FY21

Shares of apparel retailer Premier Investments (ASX: PMV) surged 5% to AU$28.17 in intraday trade as investors cheered its reported robust annual earnings.

Net profits after tax of the Aussie retail fashion chain nearly doubled to AU$271.8 million for the financial year ended 30 June 2021. The revenue jumped 16.8% to AU$1.46 billion as compared to the prior year. The specialty fashion retailer reported strong growth in top and bottomline growth despite the closure of the stores due to lockdowns across Australia.

The company has also announced a fully franked 46 cents per share, taking the final dividend to 80 cents per share, up 14.3% from the prior year.

Soul Pattinson’s FY21 profit jumps by 93%

Shares of investment firm Washington H. Soul Pattinson (ASX: SOL) jumped as much as 6.6% to AU$37.98 after announcing its annual earnings report.

The company’s regular profit after tax jumped by 93% to AU$328.1 million for FY21, driven by strong contributions from Brickworks, New Hope and Round Oak Minerals. These companies own interest in Washington.

However, statutory profit dropped 71% to AU$273.2 million as compared to the prior year. The decline in statutory profit was mainly due to a large one-off accounting gain of AU$1.05 billion in the 2020 financial year after the company derecognised TPG as an associate following its merger with Vodafone.

The company will also pay a fully franked final dividend of 36 cents per share, for which the record date will be 22 November 2021.

Brickworks’ profit surges, declares dividend

Shares of building products manufacturer Brickworks (ASX: BKW) climbed 2.7% to hit the day’s high of AU$25.13 after the company notched a record profit in the financial year ended 30 June 2021.

The underlying net profit after tax jumped 95% to AU$285 million, compared to previous fiscal. However, the statutory net profit dipped 20% to AU$239.2 million for the year which included a large one-off profit in relation to the Company’s investment in Washington H. Soul Pattinson.

The board of the company also declared a fully franked final dividend of 40 cents per share, an increase of 1 cent.

Transurban raises AU$2.9B via entitlement offer

Shares of Transurban Group (ASX: TCL), one of the world’s leading toll road operators, fell as much as 2.4% to touch the day’s low of AU$13.84 after it updated its capital raise.

The company informed its shareholders this morning that it had raised AU$2.9 billion of its planned AU$3.97 billion new capital to fund the WestConnex acquisition. The company raised capital via Institutional Entitlement Offer by issuing 223 million new securities.

New Securities to be issued as part of the Institutional Entitlement Offer will be allotted on 1 October 2021 and trading is expected to commence on the same day. The retail component of the Entitlement Offer will open on 27 September 2021.

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