The S&P/ASX 200 (ASX: XJO) is expected to trade higher today with the Sydney Futures Exchange pointing to a positive open. Right now, the ASX 200 is priced just 0.48% from its 52-week high of 7009.3.
Making investment headlines today is BWP Trust (ASX:BWP), Mirvac Group (ASX:MGR) and Coles Group Ltd (ASX:COL).
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Today’s Headline ASX News
1. BWP Trust
BWP Trust is a real estate investment trust (REIT) which owns buildings that mostly Bunnings Warehouse operates in. Wesfarmers Ltd (ASX: WES) owns the Bunnings business and also has a large stake in BWP Trust. BWP has a core portfolio of over 60 properties with 82% of those properties located in metro areas.
Yesterday, the listed real estate investment trust (REIT) released its half-year financial report to the market, showing a 72% increase in profit. However, adjusting for movements in the unrealised prices of BWP’s properties (i.e. the estimated prices of properties moving higher on paper), the REIT’s profit result was 3% lower. BWP announced a dividend of 9 cents per unit/share.
2. Mirvac Group
Mirvac is a leading Australian property group with approximately $21 billion of assets under management. Operations include both commercial and residential projects, primarily based in Sydney and Melbourne, but also include Brisbane and Perth developments. Mirvac now has 47 years of experience since their establishment in 1972.
The Australian builder released its 2020 half-year financial report today showing revenue of $349 million, up from $326 million reported in the same period a year earlier. Profit fell from $591 million to $546 million.
3. Coles Group Ltd
After 10 years being owned by Wesfarmers, Coles Group was split from the broader Wesfarmers conglomerate (which owns Bunnings Warehouse) in November 2018. Today Coles is one of the largest retailers in the country, serving 21 million customers per week across its supermarkets, Coles Express, Online, Vintage Choice and others.
This morning, Coles provided investors with a trading update ahead of its financial results release on February 18th. Management said it saw 3.6% increase in comparable supermarket store sales in the second quarter. As a result of mostly positive conditions and efficiencies, the supermarket giant now expects to report an operating profit (EBIT) result between $710 million and $730 million.
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