Investors’ may focus on the following stocks that closed in red on ASX today. Given below is the brief outlook on these stocks along with their stock performance.
Adelaide Brighton Limited
Headquartered in Australia, Adelaide Brighton Limited (ASX: ABC) is a leading cement manufacturing company of Australia that delivers a range of products for the building, infrastructure, mineral processing and construction markets throughout the country.
In a recent market update announcement, the company declared that it anticipates underlying NPAT, excluding property for the year ending 31st Dec 2019 to be 10% to 15% lower than the previous year NPAT of $190.1 million. The company forecasted that the reduction in profit will be due to the weak demand from the residential market, increased competition in Queensland and climbing raw material costs along with growing competition from the cement imports.
The company’s stock was among the top five weak performing stocks on the ASX today. The stock ended lower at $3.620, down 3.723% relative to the previous close as on 10th May 2019. The company’s market cap was recorded at $2.45 billion. The stock’s 52-week high and low value was $6.963 and $3.605, respectively.
QBE Insurance Group Limited
QBE Insurance Group Limited (ASX: QBE) is a general insurance and reinsurance company, headquartered in Sydney. The company offers personal, commercial and speciality products and risk management solutions to its customers.
At its 2019 Annual General Meeting yesterday, the company released a presentation on its performance and growth outlook. But several shareholders raised a question regarding its climate change policy and voted down a motion asking QBE to change its constitution.
The company’s stock dropped 1.48%, closing at $12.650 as on 10th May 2019. The 52-week high and low value of QBE’s stock stood at $13.160 and $9.280, respectively. QBE’s market cap was reported at $17.02 billion. About 3,368,576 number of company’s shares were in trade today.
Qantas Airways Limited
A flag carrier of Australia, Qantas Airways Limited (ASX: QAN) is involved in the functioning of international and domestic air transportation services. The company is also involved in the sale of worldwide and domestic holiday tours and related activities like information technology, catering, etc.
The company released the 2019 Annual General Meeting presentation yesterday, in which it also provided the financial performance of the company in Q3 FY19. The company’s stock tumbled down today despite a decent performance reported by the company in Q3 FY19. This might have happened, as a market analyst has downgraded its shares from outperformance to neutral and has also lowered the price target on them after its third quarter update. According to the analyst, the company’s revenue in FY2020 could be affected by the fall in corporate travel, weak consumer sentiment and the approaching election.
The company’s stock closed lower at $5.410 (as on 10 May 2019) with a fall of around 2.7% as compared to the last closed price of $5.560 on 9th May 2019. The stock has also generated a negative YTD return of 3.47%. QAN’s 52-week high and low value stood at $6.920 and $5.180, respectively.