Markets Live: SEEK up 5pc

Advertisement

Markets Live: SEEK up 5pc

Loading Chart...

Search ASX quotes

The price of depository receipts on the ASX for US-based listed investment group Janus Henderson have recovered in the past month from historical lows of $27.03 in mid-December to $34.46 today.

The group's 179-page half year results reveal assets under management dropped 11 per cent between December 2017 and December 2018 to $US328.5 billion "due to net outflows, adverse market movements and unfavorable foreign currency translation". Janus Henderson had $89 billion in redemptions during the year.

Management fees increased 31.5 per cent, but performance fees dropped 93 per cent to $US7.1 million. The group conducted $US100 million of share buy backs and has set aside $US200 million for further buy backs.

Online retailer Kogan.com has been shamed as the company that customers are complaining about most often to the NSW consumer rights regulator, with a surge in unhappy shoppers after Christmas. Data from NSW Fair Trading shows there were 70 complaints made about Kogan.com in January, up from 33 complaints about the company in January 2017 and none in January 2016.

Most (41) of the complaints about Kogan in January were over the quality of its goods, with the balance relating to delivery times, refunds and warranties. Technology giant Apple was the second most complained about company in January, with 39 complaints. The collapsed travel agent Bestjet and Samsung Electronics were equal third with 34 complaints each, followed by Harvey Norman with 29. You can read the full story here

Kogan shares are currently trading just above their three-year average at $4.18 today. Twelve months ago shares were up near $10. Last week Kogan.com reported a 10.8 per cent increase in gross profits to $45.1 million for the six months ending December 2018. It now has 11 different channels, including insurance and travel, and over one million customers. But most of its profit still comes from selling Kogan and partner branded goods. And inventory levels at the warehouse are at a two-year high. Kogan.com says year on year growth is currently 13 per cent and profit growth is 19 per cent.

Advertisement

Fruit and vegetable producer Costa Group has reported a half year statutory net profit of $4.3 million, down $70 million on the prior corresponding period thanks to a range of factors including a smaller citrus harvest and "subdued" buying of tomatoes, berries and other produce in December.

Shares are slightly higher at $5.24 following a 17 cent gain yesterday. While the factors affecting Costa's results had already been flagged to the market, the company confirmed this morning that its $8.5 million net profit before material items and amortisation was "below plan" by about $3.5 million. But Costa's total revenue for the December half, while down 2.4 per cent to $477.6 million, was well ahead of consensus expectations for revenue of $433 million.

"The six-month financial period to December has delivered a lower profit number than expected," said Costa chief executive Harry Debney.

Full story will be available soon.

A survey of more than 7500 households by consumer research group Canstar Blue shows energy retailers that offered very basic deals or no discounts at all topping the list of the best-rating power companies.

"Most of the winning retailers could reasonably be considered as some of those making energy retail a little less confusing," Canstar Blue's Simon Downes said. "Either they have modest discounts, no discounts at all, or have a concise range of offers that makes it easy for households to determine which will provide the best value for them.

Tango Energy, the retail arm of power company Pacific Hydro, was voted the top retailer in Victoria in the survey. Canstar Blue's commercial group manager Adrian Taylor called it a disruptor in the Victorian market which "has certainly made some waves".

"Not only does Tango Energy feature in our results for the first time ever, it has taken out the top prize by being recognised as the leading electricity provider for customer satisfaction", he said.

Powershop came a close second, while Momentum Energy was voted the top gas retailer for the state. Snowy Hydro's retail arms Red Energy and Lumo were the most popular retailers in New South Wales and South Australia. For the fifth year in a row, Red Energy was first for electricity and topped the gas retail list for the second year in a row. Mr Downes said Red also offered incentives such as Qantas frequent flyer points, which helped lift it up the rankings.

Read the full story from Cole Latimer here

Bega will close down its Melbourne cheddar and mozzarella plant this week, with redundancies to follow. Some staff will be redeployed following the closure of the Coburg site, in the city's north, but most would be made redundant, the company announced on Wednesday. Shares dropped 5.4 per cent in early trading to $4.56, but have since bounced back to $4.75, a 1.4 per cent decline on yesterday's closing price.

In a statement to the Australian Stock Exchange, the dairy giant said it would continue in the cheddar and mozzarella business by souring cheese from Bega's other sites and contracted arrangements.

Oz Minerals reported half-year results that are slightly better than consensus expectations. Revenue is $1 billion and underlying post-tax profit is $233 million, but the best bit is a dividend of 15 cents rather than an expected 12 cents, fully franked and payable March 26. Oz Minerals shares are up 1.2 per cent in early trading to $10.83.

RBC Capital Markets analyst Paul Hissey says that in comparison to prior periods, this is a consistent result for OZ Minerals, "which is coincident with the share price trading at around $9.80 this time last year in comparison to $10.70 now."

"Material benefits to NPAT from higher prices were offset by higher operating costs and expensed exploration activities. The final dividend slightly exceeded our estimate, although the dividend policy remains sufficiently variable."

Advertisement

Ride-hailing aggregator platform Jayride.com has signed deals with Lyft, Gett, Cabify, and Careem to create a global ride-booking platform. It has completed a four month pilot program "that allows travellers to compare and book services from ride-hailing companies" with prices quoted in the travellers currency and fixed in advance.

Travellers can book all their car trips in advance of going on their holiday. Jayride last traded at 36 cents.

This morning SEEK reported its net profit after tax slipped 4.9 per cent to $99.3 million. Revenue jumped 21 per cent to $757.2 million and EBITDA growth climbed 6 per cent to $238.5 million.

Chief executive Andrew Bassat said SEEK will deliver long-term returns by stepping up investment in early stages ventures, but warned the company warned the move would take away from this year's profits. SEEK downgraded its profit guidance for financial 2019 to be slightly below what it achieved in the last financial year, $229.5 million, because it is increasing investment.

SEEK said early stage investment will be between $40 million and $45 million for the year ending June 30, compared with previous guidance of between $35 million and $40 million.

The company reaffirmed its revenue guidance of growth between 16 per cent and 20 per cent, and an earnings before interest, tax, depreciation and amortisation lift between 5 per cent and 8 per cent.

"Given the strong performance in our early stage ventures portfolio we are looking to reinvest more to accelerate their growth strategies," Mr Bassat said.

SEEK has appointed co-founder of Aconex, Leigh Jasper, as a non-executive director.

Read the full story from the Financial Review here

The organic formula and food company Bellamy's Organic has reported a slump in first half net profit, down almost 64 per cent on a statutory basis for the first half to $8.1 million, after one-off costs of $8.4 million. Shares last traded at $8.07. On a normalised basis, Bellamy's recorded a December half net profit after tax of $16.5 million, down from $22.4 million last year, and just below consensus expectations of an $18 million first half profit.

"While we faced numerous challenges in the first half of 2019, the business emerges with a winning product that combines the best of organic with the best of science," said Bellamy's chief executive officer Andrew Cohen. "Together with an already strong brand, this change sets a new platform for long-term growth and higher levels of investment in China," he said.

Bellamy's said its lower group revenue result for the half of $130 million (down from $174.9 million in the prior corresponding period) and its earnings before interest, tax, depreciation and amortisation of $26 million (down from $34.9 million in the prior corresponding period) "largely reflects the net impact of lower revenue and an improved gross margin".

Read the full story from Darren Gray here

IG MARKETS SPONSORED POST

SPI futures up 26 points or 0.4% to 6131 at about 7.15am AEDT

AUD +0.4% to 71.91 US cents

On Wall St at 3.18pm: Dow +0.2% S&P 500 +0.2% Nasdaq +0.2%

In New York, BHP +0.9% Rio +0.5% Atlassian -0.3%

In Europe: Stoxx 50 +0.3% FTSE -0.5% CAC +0.1% DAX +0.3%

Spot gold -0.2% to $US1325.22 an ounce at 12.54pm New York time

Brent crude +0.7% to $US65.24 a barrel

US oil +0.3% to $US55.62 a barrel

Iron ore -1.3% to $US83.75 a tonne

Dalian iron ore +1.1% to 600 yuan

LME aluminium +0.3% to $US1911 a tonne

LME copper +0.2% to $US6493 a tonne

2-year yield: US 2.49% Australia 1.71%

5-year yield: US 2.45% Australia 1.73%

10-year yield: US 2.64% Australia 2.09% Germany 0.12%

US-Australia 10-year yield gap as of 4.50am AEDT: 55 basis points

Most Viewed in Business

Loading