ASX rises; Zip and Premier Investments soar, Cettire sinks
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The news: The Australian sharemarket rallied on Tuesday, as shares in Solomon Lew’s Premier Investments soared after it announced it had sold its apparel brands business to Myer.
The numbers: The benchmark ASX 200 gained 0.34% to end at 8,249.2, with seven out of 11 sectors finishing in green.
Today’s biggest movers were:
- Cettire (-17.29%) — Posted a 77% drop in its quarterly adjusted EBITDA compared to the prior year as analysts said the results revealed continual challenges for the company;
- Zip (11.83%) — The buy now, pay later lender more than trebled its first-quarter earnings, boosted by double-digit growth in group revenue and total transaction volume;
- Premier Investments (9.91%), Myer (-1.55%) — Premier also released earnings figures for Peter Alexander and Smiggle which analysts said were “much higher” than forecasts. Analysts also noted that the apparel brands business Myer bought posted "much lower" earnings figures than anticipated; and
- Coronado Global (-6.64%) — Reported lower production and higher costs during the September quarter after heavy rainfall dented output.
In other news:
- Mineral Resources (7.15%) — Made some clarifications regarding tax evasion allegations against managing director Chris Ellison; and
- Capricorn Metals (-0.8%) — Approved the expansion of its Karlawinda gold project in Western Australia.
Quarterly results included:
- Sandfire (-3.44%) — Reported first-quarter results shy of market expectations;
- Kelsian Group (-2.19%) — Received a first strike from its shareholders over its remuneration report at its annual general meeting;
- BlueScope (-0.47%) — Revised down its first-half earnings guidance, citing "challenging operating conditions" across the global steel industry;
- Ramelius (-0.43%) — Reported a drop in output from its flagship Mount Magnet mine and Edna May;
- CSL (0.23%) — Reaffirmed its full-year guidance for revenue and profit, and received a first strike from its shareholders over its remuneration report; and
- Ansell (0.92%) — Slightly lifted its full-year earnings guidance following a strong first quarter performance.
The Australian dollar is buying 65.66 US cents.
What’s ahead: Wednesday’s events include:
- Offshore AM: US consumer confidence, US job openings figures; US earnings — Alphabet, Snap and Visa;
- Economic: CPI;
- Quarterly earnings: Woolworths, Pilbara, Lynas Rare earths;
- AGMs: Bega, Whitehaven, Data#3, BHP; and
- Offshore PM: US GDP
