At lunch on Friday the S&P/ASX 200 Index (ASX: XJO) is trading notably lower amid declines across most sectors. The benchmark index is currently down 0.9% to 6,070.6 points.
Here’s what has been happening on the market today:
NEXTDC hits its guidance.
The NEXTDC Ltd (ASX: NXT) share price is trading higher today after investors responded positively to its full year results release. In FY 2020 the data centre operator delivered a 14% increase in revenue to $205.2 million. This was at the high end of its guidance range of $200 million to $206 million. It was the same for its underlying EBITDA, which came in $19.5 million or 23% higher year on year to $104.6 million. Over the 12 months, NEXTDC’s contracted utilisation grew 17.4MW or 33% to 70MW.
Costa impresses for once.
The last few years have been difficult for Costa Group Holdings Ltd (ASX: CGC) and its shareholders. But it could finally be turning a corner now, judging by its half year results. The Costa share price is charging higher today after it reported a 6.8% increase in revenue to $612.4 million and a 12% lift in net profit after tax to $45.8 million. A strong performance by its International segment drove the solid profit growth.
Harvey Norman results.
The Harvey Norman Holdings Limited (ASX: HVN) share price has edged lower following the release of its full year results. This morning the retailer revealed a net profit after tax of $480.54 million. This was an increase of $78.22 million or 19.4% on FY 2019’s profit. The company declared a fully franked final dividend of 18 cents per share.
Best and worst ASX 200 performers.
The best performer on the ASX 200 today has been the Costa share price with an 8.5% gain following its half year update. Going the other way, the worst performer is the Appen Ltd (ASX: APX) share price with a 7% decline. The artificial intelligence services company’s shares have come under pressure since the release of its half year results. This morning analysts at Credit Suisse downgraded them to an underperform rating with a $29.00 price target.
These 3 stocks could be the next big movers in 2020
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
In this FREE STOCK REPORT, Scott just revealed what he believes are the 3 ASX stocks for the post COVID world that investors should buy right now while they still can. These stocks are trading at dirt-cheap prices and Scott thinks these could really go gangbusters as we move into ‘the new normal’.
Find out the names of our 3 Post COVID Stocks – For FREE!
*Returns as of 6/8/2020
More reading
- ASX shares are on track for new record highs. Here’s why…
- Harvey Norman share price drops despite record FY20 results
- Why Costa, Flight Centre, Polynovo, & Pointsbet shares are storming higher
- Why a2 Milk, Appen, Huon, & Newcrest shares are tumbling lower
- Costa share price in focus following half year results
Motley Fool contributor James Mickleboro owns shares of NEXTDC Limited. The Motley Fool Australia owns shares of and has recommended COSTA GRP FPO. The Motley Fool Australia owns shares of Appen Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The post ASX 200 down 0.9%: Costa impresses, Harvey Norman profits grow, Appen downgraded appeared first on Motley Fool Australia.
from Motley Fool Australia https://ift.tt/3lAhVwm
Leave a Reply