How are these ASX 50 stocks performing lately?

Highlights:

• ASX 200 is in the green today, taking cues from Wall Street that surged significantly in overnight trade.
• Along with the ASX 200, all eleven significant sectors are in the green.
• A-REIT sector reported the highest gain of 4.47% around 10:42 AM AEDT. 

Australian broader stock market index, ASX 200 was up 2.58% to 7,143.40 points on Friday (11 November 2022) around 10:40 AM AEDT. The index has risen by 3.67% in the past five trading sessions and gained 7.35% in a month. On a year-to-date basis, it has lost 5.86%.

Today all eleven significant sectors were in green. A-REIT sector reported the highest gain of 4.47% and Utilities sector recorded the lowest increase of 1.10% at 10:42 AM AEDT.

Meanwhile, ASX 50 index was 2.40% up at 6,950.00 points. ASX 50 index comprises the 50 biggest ASX-listed stocks, the cut-off is the market capitalisation of AU$5 billion.

This article discusses the performance of these ASX50 stocks, Coles group Limited, Woolworths Group Limited, Wesfarmers Limited, Tabcorp Limited and Brambles Limited.\

Coles Group Limited (ASX:COL)

Coles is an Australian retail giant that deals in the products like groceries, fresh food, liquor, household goods, fuel and financial services. In an address to the shareholders, the managing director and CEO of the company, Steven Cain, said,“the best is still to come.”

Cain highlighted that the business would benefit from the reduced time for visa processing for people waiting to enter the nation and an increase in the net new store opening profile.

He added,

In a statement, Cain said that the company’s new Witron and Ocado automation facilities are expected to offer supply chain efficiencies and a good online customer experience.

Last month, the company reported a 14%, 15% and 8% increase in supermarkets, liquor and express business, respectively, over the three-year pre-Covid basis. During the financial year 2022 (FY22), the company reported a 42% increase in eCommerce revenue. 

At 10:27 AM AEDT, Coles’ shares were spotted trading 1.18% up at AU$16.78 per share. 

Woolworths Group Limited (ASX:WOW)

Image source: © Nilsversemann | Megapixl.com

While sharing its first-quarter sales result, Australian retailer Woolworths said that the focus is on the affordable and inspirational Christmas. According to the ASX filing dated 3 November 2022, the company recently announced its plan to offer value this Christmas season with a selection of entertaining essentials and seasonal favourites at less or the same price as the previous year.

Brad Banducci, CEO of Woolworths Group, stated that wet summer and supply chain volatility would be a challenge during the festive season.

During the first quarter of FY23, the company reported a 1.8% increase in group sales in comparison to the previous year. The eCommerce sales fell by 14.5%. Australian food business declined by 0.5%, and the New Zealand food business fell by 8.1%. Australian B2B business grew by 26.0%. BIG W business surged by 30.1% in comparison to the previous year.

At 10:28 AM AEDT, the shares of Woolworths were spotted trading 0.80% higher at AU$34.02 per share.

Tabcorp Limited (ASX:TAH)

Gambling and other entertainment services provider, Tabcorp has recently (1 June 2022) completed the demerger of the Keno and lotteries business. After the demerger, the company secured proposed reform in Queensland. Once it is implemented, Tabcorp will no longer be required to pay higher wagering fees and taxes in Queensland than other foreign online bookmakers.

While sharing FY22 results, the company shared its intent to sell its non-core eBet business.

According to the CEO and chairman’s address during the AGM, the company’s financial performance during FY22 was affected because of Covid-19, retail shutdowns in Victoria and New South Wales and wet weather.

Before Christmas, Tabcorp expects to complete multiple digital updates and two new products driven by its new digital platform – TAB App.

During the first quarter of the financial year 2023, the group-level revenue surged by 18.7% in comparison to the previous year. The company expects an increase in cost growth during the first half of FY23 because of investments in Spring Racing Carnival, the new App launch and FIFA World Cup.  

At 10:28 AM AEDT, the shares of Tabcorp were spotted trading 1.00% higher at AU$1.01 per share.

Wesfarmers Limited (ASX:WES)

Management of Wesfarmers informed the market during the AGM that many businesses of the organisations faced disruption because of the pandemic. Absenteeism and trading restrictions were the main reason behind the disruptions.

During FY22, net operations from continuing operations dropped by 2.9% over the previous year.

The management stated that the group’s performance is expected to be affected by higher costs of utilities, rising wages and elevated supply chain costs.

In a statement, the managing director said that,

At 10:30 AM AEDT, Wesfarmers’ shares were spotted trading 3.83% higher at AU$47.99 per share.

Brambles Limited (ASX:BXB)

Brambles’ chair, John Mullen shared during the AGM that the company’s FY22 performance exceeded the company’s guidance. The company reported95 growth in full-year sales revenue and a 10% rise in underlying profit.

During FY22, the global supply chain disruptions, the ongoing impact of the pandemic and geopolitical tensions had resulted in a shortage of critical components and raw materials and unprecedented levels of uncertainty.

As reported, global lumber markets were challenging because of lumber inflation and scarcity, and it affected the price and supply of new pallets.

Group sales revenue increased by 14% during the first quarter of FY23, driven by contributions from all regions.

The company expects the growth rate during the second half to be moderate, considering the impact of macroeconomic uncertainties. In FY23, the company expects sales revenue growth of 7-10% and underlying profit growth of 8-11%. In the Asia-Pacific region, the margins are expected to be lower than FY22.

At 10:30 AM AEDT, Brambles’ shares were spotted trading 0.18% higher at AU$11.39 per share.