Openpay’s (ASX:OPY) revenue up 58%: ASX closes 1.9% lower

Openpay’s (ASX:OPY) revenue up 58%: ASX closes 1.9% lower


It has been a negative day of trade for the Australian share market following the biggest decline since October on Wall St. The best performing stock was Unibail-Rodamco Westfield (ASX:URW) following its European shares (URW:NA) rising 19.87 per cent overnight while the worst performing stock is IOOF (ASX:IFL) following the release of their second quarter results.

At the closing bell the S&P/ASX 200 index closed 1.9 per cent lower, or 131 points lower to finish at 6,650.


Dow futures are pointing to a fall of 35 points.
S&P 500 futures are eyeing a dip of 13 points.
The Nasdaq futures are suggesting a drop of 81 points.
The ASX200 futures are pointing to a fall of 128 points tomorrow morning.

Economic news

The Australian Bureau of statistics released international trade price index figures for December. The export price index rose 5.5 per cent this quarter and 0.3 per cent throughout the year. While import price index fell 1 per cent and 7.3 per cent throughout the year.

Company news

IOOF's (ASX:IFL) funds under management, advice and administration is down $400 million to $202.4 billion for the second quarter of financial year 2021.The quarter saw an uplift of $12.7 billion due to market movements and one-off negative movements of $10 billion.This consisted of $8.4 billion from the termination of the BT relationship, $1.5 billion from the liquidation of IOOF’s Cash Management Fund and a one-off $400 million transfer from the cash management trust. Shares in IOOF (ASX:IFL) closed 10.6 per cent lower at $3.20

Openpay (ASX:OPY) have reported their strongest quarter on record with total transaction value up 96 per cent to $97.1 million for the quarter compared to the same prior period ending 31 December 2020. Revenue is up 58 per cent to $7.2 million relative to the prior corresponding period. Main growth drivers were the peak retail season with the largest trading week around the Black Friday shopping event and the recovery of bricks and mortar growth rates, particularly in Healthcare and Automotive after sustained lockdowns across Australia ended. Shares in Openpay (ASX:OPY) closed 11.7 per cent lower at $2.56.

Cooper Energy (ASX:COE) report their half year production is up 76 per cent to 1.16 Million Barrels of Oil Equivalent and sales volumes up, 86 per cent to 1.21 Million Barrels of Oil Equivalent on increased sole gas production.

Rio Tinto (ASX:RIO) has appointed Chief Commercial Officer, Simon Trott as Iron Ore Chief Executive.

Fortescue Metals Group (ASX:FMG) delivered record iron ore shipments of 90.7 million tonnes in the six months to December beating any half year since the company began.

Best and worst performers of the day

The best performing sector and the only sector in the black was utilities closing 0.3 per cent higher while the worst performing sector was information technology shedding 4.8 per cent.

The best performing stock in the S&P/ASX 200 was Unibail-Rodamco Westfield (ASX:URW) rising 14.5 per cent to close at $5.29. Shares in Treasury Wine (ASX:TWE) and Invocare (ASX:IVC) followed higher.

The worst performing stock in the S&P/ASX 200 was IOOF (ASX:IFL) dropping 10.6 per cent to close at $3.20. Shares in Xero (ASX:XRO) and Lynas Rare Earths (ASX:LYC) followed lower.

Asian markets

Japan’s Nikkei has lost 1.6 per cent, Hong Kong’s Hang Seng has lost almost 2 per cent and the Shanghai Composite has lost 1.5 per cent.

Commodities and the dollar

Gold is trading at US$1,838 an ounce.
Iron ore price gained 0.9 per cent to US$166.59.
Iron ore futures are pointing to a fall of 2.7 per cent.
Light crude is US$0.28 down at US$50.09 a barrel.
One Australian dollar is buying 76.35 US cents. 
Copyright 2021 – Finance News Network

Source: Finance News Network

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