From Redbubble to Origin Energy: Top 10 stocks that dominated ASX on Thursday

Highlights

  • E-commerce major Redbubble rose 19% as investor cheered the company’s FY21 earnings.
  • Origin Energy dropped over 4% on disappointing earnings.
  • BHP Group extended fall for second day on company’s decision to merger its petroleum business.
  • NRW Holdings shares jumped over 17% on robust earnings.
  • BNPL player Humm Group rose over 3% to AU$0.97 on solid earnings.

The Australian share market closed in the red on Thursday, extending fall for the fourth day on the trot as concerns over possible tapering in US economic stimulus spooked investors. The concerns over record rise in COVID-19 cases and sharp sell-off in material and energy stocks, owing to fall in commodity prices, also dragged the market.

Among individual stocks, e-commerce major Redbubble topped the gainers’ list, followed by civil and mining contractor NRW Holdings, telecom service provider Chorus, financial services firm Netwealth Group and gaming & entertainment firm Star Entertainment Group, among others.

Here are top 10 stocks that dominated ASX today.

Redbubble shares zoom on robust earnings

E-commerce player Redbubble (ASX: RBL) topped the gainers’ list on the ASX on the back of robust earnings. The stock gained as much as 23.2% to hit an intraday high of AU$3.77, before settling at AU$3.64, up 18.95%

For the financial year 2021, the global online marketplace reported 58% growth in sales revenue to AU$657.3 million, up from AU$416.3 million in the last fiscal. Gross profit jumped 66% per cent to AU$223 million, while earnings before interest, taxes, depreciation and amortisation (EBITDA) zoomed up by a massive 930% to AU$53 million.

Origin Energy’s FY21 results paint a dismal picture

Share of utilities-focused firm Origin Energy (ASX:ORG) closed 4.12% lower at AU$4.19 after it  reported disappointing earnings for the full financial year 2021.

The company reported a statutory loss of AU$2.29 billion for FY21, impacted by the COVID-19 pandemic and rapid rise of renewable energy. The massive loss includes impairments of AU$2.25 billion related to assets and deferred tax liability.

However, the company’s free cash flow remained robust at AU$1.14 billion, driven by a high cash conversion in energy markets due to lower working capital requirements and lower interest and tax payments. Origin’s board has also determined an unfranked final dividend of 7.5 cents per share.

BHP extends fall on petroleum business merger

Shares of global mining major BHP Group (ASX: BHP) extended losing streak for the second day, falling 6.24 to settle at AU$65.47. Investors gave a thumbs down to company’s decision to merge its petroleum business.

The mining giant on Wednesday announced that it will exit its US$13 billion petroleum business to focus on core assets. The group will sell its petroleum assets to Woodside Petroleum (ASX:WPL), creating a new, bigger petroleum company. BHP shareholders will have a 48% stake in the new entity. 

NRW Holdings FY21 revenue rises 11.5%

Shares of civil and mining contractor NRW Holdings (ASX:NWH) rose 17.42% to close at AU$1.96 as investors cheered the company’s 2021 financial year results. 

The company reported an 11.5% rise in revenue to AU$2.3 billion for FY21, which was in line with the company’s guidance. The earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose 6.7% to AU$266.7 million.

Humm Group’s cash profit doubles in FY21

Shares of Humm Group (ASX: HUM) climbed 3.19% to AU$0.97 after the buy now, pay later (BNPL) player reported solid earnings for 2021 financial year.

Humm’s cash net profit after tax (NPAT) more than doubled to AU$68.4 million in FY21, driven by increased profitability of its commercial and leasing and cards segments. Statutory net profit after tax rose 160.2% to AU$60.1 million. The company’s buy now, pay later volumes rose 31.3% to AU$1.03 billion, while app downloads surged 75.8% to 1.2 million. Active customer base rose 19.7% to 2.7 million.

Surge in gold prices boosts Newcrest Mining’s FY21 earnings

Shares of Newcrest Mining (ASX:NCM) rose 1.07% to AU$25.54 after the gold miner delivered strong annual profit.

Underlying profit increased to AU$1.16 billion, from AU$647 million a year earlier, driven by the rise in gold prices.

Melbourne-based firm achieved gold production of 2.1 million ounces and a record copper production of 142.7 thousand tonnes in FY21.  It also declared a final dividend of 40 cents a share, compared with 25 cents a year earlier and analysts’ estimates of 33 cents. However, the gold miner lowered outlook for gold output for fiscal 2022 as it expects production to weaken at its Cadia mine.

Fatfish Group secures AU$8M fund for BNPL business

Shares of tech venture investment firm Fatfish Group (ASX:FFG) rallied 11.8% to 6.6 cents on securing fund for BNPL business.

The company in an exchange filing said that it has raised AU$8 million of fresh funding from US-based fund Arena Investors. The raised capital will be used to boost its buy now, pay later (BNPL) and fintech businesses, which includes rolling out its BNPL retail business in Southeast Asia. Fatfish is actively building BNPL and digital lending services in Southeast Asia. A couple of its businesses are – Smartfunding, an online lending platform and Pay Direct, an online payment gateway.

Venture Minerals books first shipment at Riley Iron Ore Mine

Shares of Venture Minerals (ASX:VMS) jumped 19.28% to 9.9 cents after the explorer booked first shipment at the Riley Iron Ore Mine.

The company said that commissioning of the Wet Screening Plant at the Riley Iron Ore Mine has been completed. As a result, 24-hour processing is now underway, and the first stage of steady state production has been achieved. The company said that the iron ore production from the plant commissioning phase, along with present steady state production, has given a chance to Venture to charter its first bulk carrier vessel with a capacity of 46,000 tonnes from a key international shipping operator.

Austin Engineering to invest in Perth, Indonesia facilities

The share price of Austin Engineering (ASX:ANG) tumbled 8.7% to AU$54 following an ASX update.

The company said it has commenced a AU$6.5 million capital investment to transform and automate its design and manufacturing facilities at its major Asia Pacific centres in Perth and Indonesia. The expected payback period for the program is twelve months post-implementation, with the majority of benefits to be realised in FY23. However, the company expects, incremental benefits will be achieved during the latter months of FY22.

Treasury Wine Estates shares dip despite rise in FY21 profit

Treasury Wine Estates’ (ASX:TWE) shares dropped 1.5% to AU$12.50 after the winemaker released its annual 2021 financial result.

The net profit after taxes rose 2% to AU$250 million and earnings per share was also up 2% to 34.7 cents per share. The company lost around AU$80 million in earnings due to China’s shock tariffs over the past financial year. It also declared a final dividend of 13 cents a share, much higher than 8 cents in the year ago period. The company didn’t provide any guidance for FY22, saying that the short-term impact of the COVID-19 pandemic on trading conditions in its key markets remains uncertain.

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