ASX 200 rises 0.1%

The S&P/ASX 200 Index (ASX:XJO) went up 0.1%. The Premier Investments Limited (ASX:PMV) share price rose 12% today.

a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The S&P/ASX 200 Index (ASX: XJO) went up by 0.1% today to 6,687 points.

Here are some of the highlights from the ASX:

Premier Investments Limited (ASX: PMV)

The Premier Investments share price was the best performer in the ASX 200 today, rising by 12.7%. The company gave a trading and profit update for the first half of FY21.

The company gave a trading update for the first 24 weeks of its FY21 first half. Based on that, it's expecting its retail division to generate underlying earnings before interest and tax (EBIT) in a range of $221 million to $233 million, up between 75% to 85% compared to the prior corresponding period.

During the half to date, online sales continued to rise. For the first 24 weeks, it made $146.2 million of online sales, which was up $54.8 million, or up 60% in percentage terms compared to the same period last year. Online sales equated to 20.4% of total group sales. The ASX 200 retail business reminded investors that online sales deliver a significantly higher EBIT margin than the EBIT margin of the retail store network.

Total global retail sales for the 24 weeks rose 5% to $716.9 million, with global like for like sales growth of 18%. Australian like for like sales growth was 18%.

Premier said it achieved strong cost controls, including reaching agreements with key landlords on COVID-19 rent abatements.

The company confirmed it wasn't eligible to receive the second stage of jobkeeper support, however it kept its balance sheet in a strong position.

Audinate Group Ltd (ASX: AD8)

The Audinate share price went up 0.6% after the company gave a trading update.

It said that it made US$11.1 million of revenue for the half-year ending 31 December 2020. This was the same as the prior corresponding period, though it was an increase from US$9.3 million in the second half of FY20.

Aidan Williams, the Audinate CEO, said: "Our first half revenue result is pleasing, yet we remain cautious of the near-term economic uncertainty associated with the ongoing impacts of COVID-19 around the world. However, our strong balance sheet has enabled us to remain focused on our medium-term strategic priorities."

The company then informed investors that it has hired 11 employees in Cambridge in the UK to form a video development team. Management see video as important part of its future growth. However, this is expected to cost AU$1.3 million to AU$1.5 million in additional expenditure in FY21.

Big movers in the ASX 200

Some of the biggest risers in the ASX 200 today were resource businesses. Coal miner Whitehaven Coal Ltd (ASX: WHC) saw its share price go up 9.4%.

Oil businesses were also among the top performers today. The Oil Search Limited (ASX: OSH) share price grew 6.2% and the Woodside Petroleum Limited (ASX: WPL) share price went up 5.4%.

However, at the red end of the ASX were: the Polynovo Ltd (ASX: PNV) share price fell 9.2%, the Altium Limited (ASX: ALU) share price dropped 6.2%, the Mesoblast Limited (ASX: MSB) share price fell 6%, the Nextdc Ltd (ASX: NXT) share price fell 4% and the ARB Corporation Limited (ASX: ARB) share price dropped 3.2%.

Tristan Harrison owns shares of Altium. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Altium. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of AUDINATEGL FPO and POLYNOVO FPO. The Motley Fool Australia owns shares of and has recommended Premier Investments Limited. The Motley Fool Australia has recommended ARB Limited and AUDINATEGL FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News

Happy young woman saving money in a piggy bank.
Share Market News

Buy these ASX dividend shares to beat term deposits

These shares could be superior to term deposits according to analysts.

Read more »

The silhouettes of ten people holding hands with their arms raised against the sky, as the sun rises or sets in the background.
Share Gainers

Here are the top 10 ASX 200 shares today

The ASX was back to the races this Tuesday.

Read more »

A young woman sits with her hand to her chin staring off to the side thinking about her investments.
Opinions

Could Soul Patts shares hit $50 in 2025?

This company jumped more than 16% yesterday.

Read more »

Stethoscope with a piggy bank in the middle.
Broker Notes

Australian health insurance: Does Macquarie prefer Medibank or NIB shares?

Medibank and NIB shares have both surged in 2025. Here’s what Macquarie expects now.

Read more »

A woman reaches her arms to the sky as a plane flies overhead at sunset.
Travel Shares

Why the Qantas share price soared 20% in May to new all-time highs

With another stellar month in May, Qantas shares are up more than 79% in a year.

Read more »

Man smiling at a laptop because of a rising share price.
Broker Notes

9 ASX 200 shares just upgraded to strong buy ratings

Brokers have upgraded these shares amid expectations of price growth over the next 12 months.

Read more »

A man clenches his fists in excitement as gold coins fall from the sky.
Share Gainers

Why DroneShield, Judo, Pepper Money, and Strickland shares are surging today

These shares are having a good session on Tuesday. But why?

Read more »

A young woman holds an open book over her head with a round mouthed expression as if to say oops as she looks at her computer screen in a home office setting with a plant on the desk and shelves of books in the background.
Share Fallers

Why Elders, IDP Education, Life360, and Pilbara Minerals shares are falling today

Let's see why investors are selling these shares.

Read more »