As the market opens we are heading upwards, with the S&P/ASX 200 up 4 points to 6251.5 and the All Ordinaries up 4.3 points to 6362.2.
Furniture store Adairs reported a massive dividend increase in its full year results this morning and its shares have jumped 12 per cent, or 26 cents, to $2.58. It will pay a final dividend of 8 cents fully franks on September 26, taking the full year dividend to 13.5 cents.
Profit is up 21 per cent to $190 million.
Financial services company Evans Dixon reported full year results for the first time this morning since it listed in May, with EBITDA of $50.1 million, compared to $42.6 million predicted in its prospectus. It will pay a 6 cent dividend on October 10.
Earnings per shares were 14.5 cents. Funds under management increased to $5.6 billion. Evans Dixon spent $82.6 million on the cost of sales.
It has also commented on the Royal Commission, which is catching out large institutions, saying "Given our large 'fee for service' client base, as well as our qualification and compliance focused culture, we are well positioned to benefit from further regulatory changes in the Australian financial services industry".
Cut-price mobile operator Amaysim has just announced a 77 per cent increase in annual revenue to $578 million, leading to a net profit of $12.8 million. This profit is down nearly 18 per cent due to technology spending and acquisition costs.
Management noted the potential merger between TPG and Vodfaone could lead to a "more rational market" and improve average revenue per user (ARPU). Amaysim's ARPU for mobile customers is down 20 per cent at just $17.87 per month.
Mobile subscribers are up 8 per cent to 1.15 million, energy subscribers are up 16 per cent to 191,000 and broadband subscribers increased from 5,000 to 15,000.
Amaysim is not paying a dividend.
Cash Converters full year result has come in with a post-tax profit of $22.5 million, a 9.1 per cent increase. Its loan books grew nearly 50 per cent to $172.3 million. The biggest pool of loans was for personal loans and cash advances, worth $85.6 million.
It also announced chief executive Mark Reid is leaving the business after joining in November 2015. Chief operating officer Sam Budiselik will become interim CEO while the board finds a replacement.
Cash Converters is not paying a dividend.
NetComm Wireless reported a 69 per cent increase in revenue to $182 million for the 2017-18 year this morning, leading to a post-tax profit of $8 million.
The outlook is for revenue growth of 15 per cent to 20 per cent in 2018-19. It will invest $9 million in 5G technology and is expecting EBITDA of between $15 million and $18 million, compared to EBITDA of $20.5 million for the financial year just past.
It is not paying a dividend.
The royal commission will consider a suite of radical changes to the superannuation system including banning some commissions and fees while warning the banks may need to sell their trustee businesses if they can't manage conflicts between shareholders and members.
The proposed expansion of the best interest test, to cover all bank units that interact with the trustee, is expected to send shockwaves through the banks. There is expected to be widespread support for a ban on grandfathered commissions.
Sarah Danckert has the full story here, and Adele Ferguson's column focuses on National Australia Bank's apparent disrespect for the industry regulator.
The overnight numbers:
SPI futures down 1 point at 6220
AUD rises to US73.28¢
On Wall St: Dow +0.5%, S&P 500 +0.6%, Nasdaq +0.9%
In Europe: FTSE +0.2%, CAC +0.2%
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Despite the overwhelming positive lead handed to it by Wall Street, SPI futures are pointing to an effectively flat start to the week for the ASX200. After what must be described as a distracting week for the local share market, the futures market and our out of hours pricing indicates further sluggishness for the ASX today, surely due to confidence-sapping effects of Canberra's leadership struggle.
The index sits now just above an upward support line near 6255, which coincides with its 50-day exponential moving average. A close below here today would be quite bearish signal and would open-up a breach of support at the significant 6240-mark.
Good morning and welcome back to the Markets Live Blog.
We are still in the midst of reporting season, but at least we know who the Prime Minister will be at the end of this week (right?). Your editor today is Lucy Battersby (lbattersby@fairfaxmedia.com.au)
This blog is not intended as financial advice.