- Vicinity Centres’ performance in the September 2020 quarter indicated a rebound in sales, up 1.1% compared to the pcp.
- Digital advertising player REA Group delivered excellent results in the September quarter despite ongoing COVID-19 pandemic.
- Xero Limited shares are on a recovery path following a significant dip towards the end of October; The Company recently completed the acquisition of the invoice lending platform, Waddle.
With the benchmark index, S&P/ASX200 up 0.82% and above the 20-day moving average, there are a few stocks that are trending. In this article, we’ll look at three such stocks that are under the limelight – Vicinity Centres, REA Group and Xero Limited.
Vicinity Centres (ASX:VCX) and REA Group Ltd (ASX:REA) updated the market today with their respective September 2020 quarterly results. Cloud-based accounting software platform Xero Limited (ASX:XRO) has recovered well since the beginning of the month following a dip in share price on 30 October.
Let us delve deep and discuss-
Vicinity Centres’ Sales Rebound During September 2020 Quarter
ASX 200-listed Vicinity Centres has provided its September 2020 quarterly update. The highlights include:
- Excluding Victorian and CBD centres, which are significantly affected by the COVID-19 pandemic, portfolio moving annual turnover (MAT) had a moderate decline of 1.7%.
- During the quarter, sales were up 1.1% compared to the prior corresponding period (pcp), reflecting a rebound in performance.
- Vicinity launched a digital contactless click-and-collect service, Parcel Concierge, in 11 centres across Victoria.
- The Company intends to pay distribution for the half-year ended 31 December 2020, believing no material deterioration in existing circumstances.
Due to the ongoing uncertainty, the Company has not provided any earnings guidance for FY21.
On 6 November 2020, VCX share price was noted at A$1.380 (at AEDT 01:06 PM), down by 0.360%.
REA Group Announces Impressive Results Despite COVID-19 Pandemic
Multinational digital advertising business REA Group Ltd has announced its quarterly results for the period ended 30 September 2020, as reported by News Corporation (ASX:NWS).
The Group delivered strong results despite the ongoing impacts of COVID-19 pandemic on property markets.
- Revenue for the quarter stood at A$195.7 million.
- EBITDA was up 8% YoY at A$123.8 million.
- The Group’s quarterly result reflects diverging impacts of COVID-19 restrictions on residential listings in Australia, with overall national residential listings dwindling by 2%.
- However, NSW showed a continued market recovery with an increase of 23% in listings in Sydney as restrictions eased.
REA Group CEO, Owen Wilson said-
On 6 November 2020, REA share price was noted at A$130.950 (at AEDT 01:06 PM), up by 1.930%.
Xero Limited acquired Waddle, an invoice lending platform
Cloud-based accounting software platform Xero Limited has seen its shares move north in the last couple of days following a significant drop on 30 October when it reached A110.15.
Last month, the Company had announced the completion of the acquisition of Waddle that was announced on 25 August 2020. Xero stated that the deal was completed after it met the closing requirements. Waddle is a cloud-based invoice lending platform that offers small businesses to access capital via invoice financing.
On 6 November 2020, the share price of XRO was noted at A$119.210 (at AEDT 01:06 PM), up by 0.429%.