Reporting season sees pandemic impact: Aus shares 0.8% down
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The Australian share market dropped at the open closing 0.8 per cent down at the end of trade. IDP Education (ASX:IEL) led the top 200 gains for the session, up almost 30 per cent, and Webjet (ASX:WEB) led the losses for the day. The S&P/ASX200 index: At the closing bell the S&P/ASX 200 index closed 48 points lower to finish at 6,120. Futures market: Dow futures are suggesting a fall of 152 points. S&P 500 futures are eyeing a dip of 17 points. The Nasdaq futures are eyeing a fall of 53 points. And the ASX200 futures are eyeing a 45 point fall tomorrow morning. Looking at some more headlines: : The day saw August’s reporting season in full swing. With the global impact of the pandemic, it was no doubt many companies experienced their worst results on record. Qantas (ASX:QAN) profit has plunged 91%, with the airline posting a $2.7billion drop. In what has been the most challenging period in its long history, Qantas (ASX:QAN) reported a $124 million Underlying Profit Before Tax for the 2020 financial year. Wesfarmers (ASX:WES) have reported their profit for the year is down 69%. Pokie Machine supplier Ainsworth Gaming (ASX:AGI) have confirmed won't pay a final dividend and are expected a loss of $34 million. Due to the closure and strict restrictions imposed on the gaming industry, second half revenue fell 63 per cent to $42 million. Sequoia Financial Group (ASX:SEQ) reported that the 18-month business improvement process has resulted in a successful FY20 financial performance. The company significantly improved EBITDA of $4.8m, accelerating 2H20 momentum, with EBITDA of $3.4m. Sequoia highlighted the successful integration of an additional four advisory businesses into Sequoia Wealth Group, making the company the fourth largest non-aligned advisory business in Australia. Morrison Securities monthly value of trading transactions also increased by 300%. Best and worst performers: The best-performing sector was Real Estate Investment Trusts, rising 1 per cent. The wo...
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