Tuesday 30th May 2023
Market (ASX:XJO) gains 0.9 per cent, ALS drops despite profit jump, IDP stock dives
Both the All Ordinaries (ASX:XAO) and S&P/ASX200 (ASX:XJO) finished stronger on Monday, up 0.8 and 0.9 per cent, buoyed by an impending approval of an extension to the debt ceiling in the US. Real estate gained 1.9 per cent and financials 1.2 per cent, as bond yields fell amid a surge in confidence. The materials sector was home to many of the top performers, with Syrah (ASX:SYR) gaining 4.1 per cent and Mineral Resources (ASX:MIN) 2.3 per cent on hopes of a resumption in demand. Shares in online education provider IDP Education (ASX:IEL) fell by more than 15 per cent after the company received news that the Canadian regulator would allow competitors to enter the online component of their local business, a change that could cost the company 30 per cent of it’s market share in the region. Shares in AMP (ASX:AMP) rallied 1.9 per cent despite announcing the departure of it’s CEO and the impending restructure of its embattled wealth management division.
ALS, Select Harvest cop profit hits, ASIC stop order on Humm released.
Shares in Buy Now Pay Later provider Humm Group (ASX:HUM) rallied by 7.7 per cent after the company confirmed ASIC’s stop order from last week on its core lending range had been reversed and released. Shares in almond grower Select Harvests (ASX:SHV) rallied by more than 8 per cent despite the company reporting an increasing loss of $96.2 million in the first half. Management blamed La Nina and challenging weather conditions for the write off in goodwill on prior acquisitions; the dividend was put on hold. Testing group ALS (ASX:ALQ) fell by 4.2 per cent despite the company delivering a 23 per cent increase in profit to $321 million for the financial year. This came on the back of a strong 19 per cent increase in revenue to $2.4 billion, driven by the environmental, geochemistry and metallurgy businesses.
US markets are closed for Memorial Day
Drew is editor of The Inside Network's publications and a principal adviser at Wattle Partners.
