• Local shares lifted in afternoon trade, lifted by real estate stocks
  • The AUD is lurching down fast to below US64c
  • Magellan was the best performing stock today

 

The ASX 200 opened lower on Friday but lifted in the afternoon after the release of earnings from real estate majors.

At the close of day, the index was flattish, but still down over 2% for the week.

Sector wise, Real Estate and Utilities led the session, up around 1% each, while Comms Services and Discretionary were the laggards.

Traders were buying up real estate stocks after a positive update from sector leader, Goodman Group (ASX:GMG) – more details below.

Bitcoin, which tumbled by over 11% overnight, rebounded by 3% in the past few hours and changed hands at US$26,210 several minutes ago.

The AUD is free falling towards a US63c handle, trading now at US64.01c.

The Aussie has been smashed hard over the past couple days due to the news flow from China, where demand for Australian commodities are expected to dwindle as the economy slows dramatically.

Earlier today, embattled Chinese property giant Evergrande filed for Chapter 15 bankruptcy protection in New York as the real estate crisis in China deepens.

Stock markets across Asia have notched their six straight sessions of losses today on these concerns.

“A recent set of disappointing economic data out of China has not been encouraging for the region,” said Yeap Jun Rong, market analyst at IG.

 

 

BIG CAP WINNERS

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Magellan Financial (ASX:MFG) was the best performing large cap today, up by 15% after releasing its full year update.

The fundie says average funds under management for FY23 was $48.8bn, versus $94.3bn in FY22. Statutory NPAT for FY23 was $182.7m, versus $383m on the pcp.

However the Magellan Board has declared a final dividend of 35.6 cps, and a special performance fee dividend of 4.2 cps, taking the total to 86.7 cps, 85% franked. The fundie also said it expects further expense cuts in FY24.

For the full year, Goodman Group (ASX:GMG) delivered operating profit of $1.783 billion, up 17% on FY22, and operating earnings per security (EPS) of 94.3 cents, up 16% on the pcp.

Statutory profit was $1.56b. For FY24, Goodman’s forecast operating EPS is 102.9c, up 9% on FY23.

Abacus (ASX:ABP) wrote down its office and retail assets by more than 10% in FY23.

As a result, group statutory profit for the full year was $25.5 million, down 95.1% on FY22. For FY24, Abacus set a guidance of 8.5 cents per share, with a payout ratio assumed to be in the range of 85%-95% of FFO.

 

BIG CAP LOSERS

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Property fund manager Centuria Capital (ASX:CNI) has swung into profit for FY23. Group statutory NPAT increased to $105.9 million vs a loss of -$37.9 million in FY22.

CNI delivered FY23 DPS of 11.6 cents, in line with guidance. For FY24, Centuria provides operating DPS guidance of 10.0 cents.

Coles (ASX:COL) says construction cost blowouts in building its fulfilment centres in NSW and VIC are expected to come in around an extra $130 million.

Bluescope Steel (ASX:BSL) said that Non-Executive Director Jane McAloon has been appointed as Chair, to succeed John Bevan, who is retiring after 10 years as a Non-Executive Director and eight years as Chair.

Latitude Group (ASX:LFS) reported H1 statutory loss after tax of $98.2 million, including $76 million of pre-tax costs and provisions relating to the March cyber incident.

Cash NPAT for the half was $7 million in line with guidance, but down $86 million YoY.

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