From Westpac to Woodside Petroleum:  Why these five ASX stocks were in focus today

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From Westpac to Woodside Petroleum:  Why these five ASX stocks were in focus today

 From Westpac to Woodside Petroleum:  Why these five ASX stocks were in focus today
Image source: Image source: sasirin pamai, Shutterstock.com

Summary 

  • Woodside Petroleum shares rose over 1% after issuing an update on the Scarborough project.
  • Shares of insurance firm Genworth Mortgage jumped 10% on strong earnings.
  • GUD Holding dropped nearly 5%, despite reporting rise in revenue and profit.

Australian shares witnessed bullish trade on Wednesday, supported by steady buying across material and energy space. The benchmark index, ASX 200, gained 0.5% to hit a record high of 7,509.2 points this morning, led by gains in blue-chip miners BHP and Rio, as well as banking majors.

Here are five stocks that created a buzz on the Australian Securities Exchange (ASX) today.

Woodside Petroleum issues updates on Scarborough project

The share price of Woodside Petroleum (ASX: WPL) rose over 1% after it issued an update on the Scarborough project. The energy stock gained as much as 1.46% to hit an intraday high of AU$22.14, while market capitalisation surged to AU$21.02 billion.

The Australian natural gas producer said the costs for its offshore Scarborough gas development project are expected to touch US$12 billion, which is nearly 5% higher than the previous cost estimate announced in November 2019. The total cost includes US$5.7 billion for the offshore component and US$6.3 billion for the onshore component.

As per the company, development of the Scarborough project will deliver enduring shareholder value. The company said it has finalised technical work to support execution readiness and completed an update of the capital expenditure requirements for the Scarborough development.

Genworth Mortgage declares dividend

Shares of insurance firm Genworth Mortgage (ASX: GMA) rallied as much as 9.9% to AU$2.33 after it declared dividend on the back of strong profit.

The Australia-based company reported an underlying net profit after tax (NPAT) of AU$76.4 million for the half year ending 30 June 2021, compared to loss of AU$85.5 million in the corresponding period last year. Boosted by strong earnings, the company’s board also announced an unfranked interim dividend of 5 cents per share.

As per the company, the result reflects an improved economy, housing market appreciation and low interest rates experienced during the period. The performance was also supported by operational initiatives implemented last year in response to the new operating environment created by COVID-19.

GUD Holding reports robust FY21 earnings

Share of GUD Holding (ASX: GUD) dropped 4.8% to hit an intraday low of AU$11.52, despite reporting a rise in FY21 revenue and profit.

The automotive products manufacturer posted 27.2% growth in revenue at AU$557 million for the financial year 2021, compared to the previous fiscal. The revenue growth was attributed to rise in automotive revenue.

The company’s underlying net profit surged 32.7% to AU$64 million, from AU$48.2 million in the last fiscal. It has also declared a final dividend of 32 cents a share, up from the 12 cents a share dividend it paid last year.

BNK Banking inks pact with Goldman Sachs

Shares of BNK Banking Corporation (ASX:BBC) soared 3.26% to 79 cents  on alliance with Goldman Sachs for AU$500 million securitisation warehouse.

The financial Services company on Wednesday said it has joined hands with Goldman Sachs to originate, fund and securitise specialist mortgages in Australia. It has signed binding definitive legal documents for an uncommitted AU$500 million residential mortgage warehouse program funded by Goldman Sachs.

While BNK will be acting as the Originator, Servicer and Trust Manager for the program, Goldman Sachs will provide funding and will act as arranger, structuring agent and distributor for securitisations.

Serko issues business update

Serko (ASX: SKO) shares rose 1.2% to AU$6.75 after the Australian travel bookings firm issued a business update.

As per the company, travel bookings in New Zealand grew 166% in June 2021, compared to corresponding month in 2019. For the month of July, it was up 137% as against 2019 volumes. 

However, Australian domestic travel bookings fell 56% in June and 35% in July, compared to 2019 volumes in the corresponding months. The drop in bookings was mainly due to travel restrictions imposed in some states in the wake of the COVID-19 pandemic.

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