The S&P/ASX 200 (ASX: XJO) traded flat throughout the day, ultimately gaining just 1.7 points as strength in the real estate sector (up 1.6%) offset more weakness in energy and consumer staples, both of which were down over 1%.
AGM season
Whilst the US successfully navigates another earnings season, the Australian market is powering through AGMs or Annual General Meetings, offering an update into business recovery.
Magellan Financial Group Ltd (ASX: MFG) and Perpetual Limited (ASX: PPT) were the standouts on Thursday, gaining 7.8% and 2.3%, respectively, with Magellan’s AGM update confirming that its less than popular equity stake in investment bank Barrenjoey was profitable in the third quarter.
The group also highlighted strong demand for the FuturePay retirement income production with institutional investments flagging interest.
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AMP surprise
Shares in AMP Ltd (ASX: AMP) gained 4%, slowy moving off its all-time low, despite AMP Capital suffering another $12 billion in outflows due to a number of large redemptions in the September quarter.
Assets under management fell to $180 billion, however, in a positive sign flows onto its North platform have begun to improve.
Energy prices bolster weaker production
Both Woodside Petroleum Limited (ASX: WPL) and Santos Ltd (ASX: STO) fell on Thursday, down 2% and 1% respectively. However, both delivered strong revenue updates.
Woodside has seen revenue increase 19% in the quarter, on the back of a 28% increase in the price of oil with production falling 2% to 22 million barrels.
Meanwhile, Santos delivered a record of US$1.14 billion in sales in the September quarter, a 6% increase on 2020. But importantly, free cash flow was over 30% higher, allowing debt to be reduced and supporting more dividend increases.
BlueScope upgrades
BlueScope Steel Limited (ASX: BSL) shares gained slightly after raising guidance for the first half of 2022. The company now expects earnings to be between $2.1 billion and $2.3 billion, well above the $1.8 to $2.0 billion of previous guidance.
Healius sees huge COVID demand
Finally, healthcare group Healius Ltd (ASX: HLS) gained over 4% as it reported some 40,000 COVID-19 tests were being delivered every day.
In the first quarter of FY22, revenue jumped to $690 million from $480 million in 2020 with earnings hitting $202 million as non-COVID revenue surprised to the upside.
ASX 200 today
Looking ahead, the ASX 200 is expected to open flat this morning on what marks Victoria’s ‘freedom day’. This comes following a mostly positive lead from US markets overnight.