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ASX 200 results recap: FMG, ALU, CWN & more

The S&P/ASX 200 (ASX: XJO) was once again buoyed by the materials sector on Monday, with Fortescue Metals Group Limited’s (ASX: FMG) strong earnings result sending the stock 6.6% higher and the sector up 2.7%.

Both financials and consumer discretionary remain under pressure, down 0.7% and 1.0% as ASX reporting season comes to an end.

Fortescue’s bumper dividend

It was all about Fortescue on Monday, with the company more than doubling its final dividend to $2.11 per share, representing a 10% yield on its own. The company has been a clear beneficiary of the surging iron ore price with revenue 74% higher and net profit more than doubling to US$10 billion.

Fortescue shares were up 6.6%, but it is unlikely to be smooth sailing with the iron ore price slumping and Fortescue’s lower quality product likely to be the first hit as Brazilian supply returns.

Featured: How to analyse an annual report (in under 10 minutes)

Temple & Webster shares shoot higher

E-commerce furniture retailer Temple & Webster Group Ltd (ASX: TPW) is among one the few such companies to broach its pandemic highs.

The Temple & Webster share price jumped 10.6% on Monday on the back of a trading update, reiterating an 85% increase in revenue.

For the full year, earnings jumped 141% and most importantly the group made a profit, albeit of just $14 million on revenue of over $300 million.

The group’s more diverse product range has seen sales growth continue at 49% into August, outpacing the last trading update of 39% growth in July.

Altium share price slumps

Technology software designer Altium Limited (ASX: ALU) was the latest tech darling stock to feel the brunt of earnings season, falling 14.3% on a weaker than expected result.

The company reported revenue growth of just 6.4% but a tripling of profit to US$107 million. Recurring revenue growth, or subscription based, was 29% stronger and now represents two third of its total. The group has struggled in a highly competitive environment.

Crown’s nothing result

Crown Resorts Ltd (ASX: CWN) barely moved as revenue was confirmed to have fallen over 30% in the financial year, resulting in a $261 million loss.

The dividend remains on hold whilst the multiple Royal Commissions are underway but takeover offers are clearly in the wings once the air has cleared.

Funerals pay dividends for InvoCare

Funeral home operator InvoCare Limited (ASX: IVC), which ultimately profits from the investment of prepaid funeral expenses, jumped 8.7% after reporting a profit recovery, hitting $44 million in the first half.

Operating revenue was 13% higher with earnings up 31%, benefitting from a $38 million gain on its investment portfolio.

ASX 200 today

The ASX 200 is expected to follow US markets higher at the open on Tuesday. Today marks the end of ASX reporting season, with the likes of Cettire Ltd (ASX: CTT), PointsBet Holdings Ltd (ASX: PBH) and Regis Resources Limited (ASX: RRL) 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“.

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

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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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