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ASX 200 morning report – BEN, JBH & LLC shares in focus

The S&P/ASX 200 (ASX: XJO) started the week on a negative note, falling 0.6% as COVID-19 cases surge in Australia, lockdowns expand to four states and Victoria was plunged into another curfew.

Around half the sectors were lower with the popular cyclical ‘value’ stocks like energy and financials hardest hit, down 3.4% and 1.3%, respectively. Quality remains in focus with Wesfarmers Ltd (ASX: WES) jumping 0.3%.

a2 Milk Company Ltd (ASX: A2M) was a surprise winner, jumping 12.1% amid rumours that global giant Nestle may be considering acquiring the group.

Sydney Airport Holdings Pty Ltd (ASX: SYD) was 0.7% lower after rejecting the unsolicited bid by a group of industry super funds.

BHP Group Ltd (ASX: BHP) also fell 1.4% amid rumours that Woodside Petroleum Limited (ASX: WPL) may be interested in the mining giant’s $20 billion oil and gas operations.

Bendigo Bank reports

Bendigo and Adelaide Bank Ltd (ASX: BEN) was a major detractor, the second tier bank falling 9.9% despite reporting a 50% increase in profit to $457 million.

Investors were clearly concerned about a 3% increase in costs rather than the group’s banking business, which is lending at a rate of close to three times that of the broader market.

Management declared a 26.5 cent dividend, down on 2020’s 31 cents per share.

To see how lead analyst Owen Raszkiewicz analyses an ASX bank, check out the video below or read his analysis article of CBA.

Lendlease’s profit collapse

Popular recovery play Lendlease Group (ASX: LLC) continues to disappoint investors with the stock falling 7.6% on a profit downgrade.

New management flagged a ‘challenging year to come’ announcing that this year’s $377 million profit will fall to between $230 and $290 million in 2022 despite the sale of its troubled engineering unit.

Despite expectations of the opposite, its One Sydney Harbour and Elephant Park developments will take a $100 million hit as weaker sales combine with lower prices.

Construction revenue fell 14% and management no longer expect to sell 4,000 properties per year, but likely half that meaning the properties will be held longer on its balance sheet; a difficult one to watch.

JB Hi-Fi sales slow

Pandemic winner JB Hi-Fi Limited (ASX: JBH) delivered its eighth consecutive year of record profit growth, up 67% to $506 million. However, many are expecting this run to end in 2022.

Sales were up 12% during the year as people upgraded their home office but same-store sales growth was falling 15% in July and August with 55% of stores closed and not considered essential.

The dividend was 19% higher with JB Hi-Fi shares adding 2.5% on the news.

BlueScope hikes dividend

Sticking with dividends, BlueScope Steel Limited (ASX: BSL) has been riding the wave of iron ore prices, announcing a 25 cent ordinary dividend and a special dividend of 19 cents after reporting a $1.19 billion profit. BlueScope Steel shares finished just 0.6% higher.

ASX 200 today

The ASX 200 is expected to edge higher when the market opens on Tuesday, following a mixed lead from US markets overnight.

According to Rask Media’s ASX reporting season calendarWestpac Banking Corp (ASX: WBC), Magellan Financial Group Ltd (ASX: MFG) and BHP Group Ltd (ASX: BHP) are set to report.

The Golden Rules of Investing

We might be experts in retirement, but with combined financial advice experience of 35+ years, we’ve nearly seen it all. 

In mid-2023, our senior team at Wattle Partners Financial Planning put the finishing touches on a brand-new report “The Golden Rules of Investing“.

In this free report, we outline the key principles that determine all of the portfolio construction and investment decisions of Wattle Partners. Collated over decades, this paper should be seen as a work-in-progress, constantly under review in light of the ever-evolving nature of markets. 

You’ll find the free report on my Author page. Simply click the button below to view the Golden Rules.

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.


At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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