S&P/ASX All Ordinaries Index (ASX: XAO) stocks may be down a collective 0.37% but these three ASX shares are heading higher after their 1H FY23 results were released today.

Let's take a look at what these companies reported.

Service Stream Ltd (ASX: SSM)

This ASX All Ordinaries stock is up 5.04% to 62.5 cents at the time of writing.

In its half-year results, Service Stream announced a strong financial performance underpinned by the successful integration of Lendlease Services (LLS). Highlights include a 75.5% boost to revenue at $993.6 million. Underlying earnings before interest, taxes, depreciation, and amortisation (EBITDA) from operations came in at $55 million, up 40.1%. Adjusted net profit after tax (NPAT) is $17.1 million.

The telecommunications company said it has a solid balance sheet with a closing net debt of $91.2 million. Service Stream declared a fully franked interim dividend of 0.5 cents per share payable on 6 April.

McMillan Shakespeare Ltd (ASX: MMS)

This ASX All Ordinaries stock is up 5.24% to $13.65 at the time of writing.

The employee benefits provider also released its half-year results today. Highlights include a 5.7% increase to normalised EBITDA at $67.2 million and a 0.3% boost to normalised underlying net profit after tax and acquisition amortisation (UNPATA) at $40.4 million. If the United Kingdom business is excluded (given the company is considering exiting this market), UNPATA increased by 8.5%.

The company declared an interim fully franked dividend of 58 cents per share payable on 24 March. This is a 70% increase on last year's interim dividend.

Propel Funeral Partners Ltd (ASX: PFP)

This ASX All Ordinaries stock is up 0.91% to $4.44 at the time of writing.

The funeral services company says, "materially higher funeral volumes and stronger average revenue per funeral contributed to … continued growth in key financial and operating metrics in 1H FY23". Revenue is up 23.3% to $83.8 million, operating EBITDA is up 25.6% to $23.1 million, and operating NPAT is up 34.9% to $11 million. Propel says it has strong cash flow conversion and funding, with $44 million committed to five acquisitions over FY23 to date.

Propel Funeral Partners declared a fully franked interim dividend of 7.1 cents per share.

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The New Hope Corporation Limited (ASX: NHC) share price is rallying after getting hammered in early trade this morning.

At the time of writing, the S&P/ASX All Ordinaries Index (ASX: XAO) is storming 1.9% higher while New Hope shares are up 2% at the time of writing.

This is despite New Hope shares having turned ex-dividend today. In other words, New Hope shares are no longer trading with rights to the ASX 200 coal miner's recently-declared monster dividend of 56 cents per share.

While New Hope has already called time on its latest dividends, three more ASX All Ords shares are going ex-dividend over the coming days. Let's check them out.

Clover Corporation Limited (ASX: CLV)

First up is food technology company Clover, which will be turning ex-dividend tomorrow. This means that today is the final day to secure the company's latest fully franked final dividend of 1 cent per share, which will be paid on 22 November.

Clover's operations are underpinned by its microencapsulation technology, which enables nutritional oils such as tuna, fish, and fungal oils to be added to infant formula, foods, and beverages.

Clover handed in its FY22 results in September, headlined by 17% sales growth as net sales revenue came in at $71 million.

Momentum accelerated in the second half as international borders opened and order volumes from key infant milk manufacturers lifted. 

Despite operational challenges, the company grew its net profit after tax (NPAT) by 19% to $7 million. 

This helped the ASX All Ords share to hike its annual dividend payout to 1.5 cents, fully franked, putting Clover shares on a trailing dividend yield of 1.2%. Including franking credits, this yield bumps up to 1.7%.

McMillan Shakespeare Limited (ASX: MMS)

The next cab off the rank is salary packaging and novated leasing company McMillan Shakespeare. Its shares will turn ex-dividend on Wednesday, trading without claims to the company's fully franked final dividend of 74 cents.

By the closing bell tomorrow, investors on McMillan's share register can lock in a payment date of 10 November.

McMillan released its FY22 results back in August, delivering normalised revenue of $594 million, up 9% from the prior year.

The company noted that its customer focus drove business momentum across the year amid ongoing disruptions to the automotive supply chain.

Despite these challenges, the ASX All Ords share achieved statutory NPAT of $70 million, a 15% increase compared to FY21.

Across the financial year, McMillan declared total dividends of $1.08 per share, fully franked, up 76% from the dividends seen in the prior year. Given that profit only grew by 15%, this was largely due to a major lift in the company's dividend payout ratio from 66% in FY21 to 100% in FY22. 

Based on current prices, McMillan Shakespeare shares are flashing an eye-catching trailing dividend yield of 8.0%. With the benefit of franking credits, this yield grosses up to 11.4%.

Bank of Queensland Ltd (ASX: BOQ)

Last but certainly not least, Bank of Queensland is the highest-profile name going ex-dividend this week.

As of Thursday, Bank of Queensland shares will no longer be trading with entitlements to the company's fully franked final dividend of 24 cents per share. 

The bank has a dividend reinvestment plan (DRP) available, offering a 1.5% discount for shareholders who opt in. Those preferring to receive their dividends in cash should see the payment come through on 17 November.

The ASX 200 bank announced its FY22 results earlier this month. The bank's net interest income decreased slightly by 1% to $1.5 billion, driven by a reduction in its net interest margin (NIM) which dropped by 12 basis points to 1.74%.

In comparison, Commonwealth Bank of Australia (ASX: CBA) reported a group NIM of 1.90% in FY22.

On the bottom line, Bank of Queensland reported statutory NPAT of $426 million, up 15% from the prior year. This helped the bank to raise its annual dividends by 18% to 46 cents per share, fully franked.

As a result, Bank of Queensland shares are currently trading on a sizeable trailing dividend yield of 6.1%, which grosses up to 8.6%.

The post Here are 3 ASX All Ords shares turning ex-dividend this week appeared first on The Motley Fool Australia.

Four ASX shares that have managed to avoid the selloff and push higher are listed below. Here's why they are rising:

A2 Milk Company Ltd (ASX: A2M)

The A2 Milk share price is up 9% to $5.36. Investors have been buying this infant formula company's shares after its full year results impressed. Not only did A2 Milk deliver a net profit after tax ahead of expectations, it decided to return some of its huge cash pile to investors. A2 Milk intends to return NZ$150 million via an on-market share buyback.

Lovisa Holdings Ltd (ASX: LOV)

The Lovisa share price is up 5% to $19.61. This morning the fashion jewellery retailer released its full year results and revealed a 59.3% increase in revenue to $458.7 million and a 116.3% jump in net profit after tax to $59.9 million. Management also advised that price increases introduced during the third quarter to combat inflation delivered sales growth with minimal impact to volumes.

McMillan Shakespeare Limited (ASX: MMS)

The McMillan Shakespeare share price has jumped 14% to $14.60. This follows the release of the salary packaging company's full year results for FY 2022. The company reported 9.2% increase in revenue to $594.3 million and a 16.5% increase in underlying profit to $83.8 million. This and its strong balance sheet have allowed an off market share buyback to be announced.

Tyro Payments Ltd (ASX: TYR)

The Tyro share price has risen 6% to $1.06 following the release of the payments company's full year results. Tyro reported a 39% increase in revenue to $229.2 million but a loss after tax of $29.6 million. The company finished the period with a total of 109,248 terminals, which was up 4% year over year.

The post Why A2 Milk, Lovisa, McMillan Shakespeare, and Tyro are storming higher appeared first on The Motley Fool Australia.

The McMillan Shakespeare Limited (ASX: MMS) share price is leaving the S&P/ASX 200 Index (ASX: XJO) in the dust today.

After opening 3% higher, the McMillan share price is soaring 9% at the time of writing to $13.95.

Investors are reacting positively to the fleet management and salary packaging company's FY22 results.

McMillan share price takes flight as dividend delights 

Here are some of the key points from McMillan Shakespeare's full-year results:

• Normalised revenue came in at $594.3 million – up 9.2% compared to the prior corresponding period (pcp) of FY21
• Statutory net profit after tax (NPAT) grew by 15.2% on the pcp to $70.3 million
• The company declared a fully franked final dividend of 74 cents
• McMillan will undertake an off-market share buyback for up to 10% of its shares

McMillan's final dividend was a standout, representing a whopping 154% increase on the pcp as the company revised its dividend payout policy.

Going forward, it will now return between 70% and 100% of underlying profit to shareholders in the form of dividends.

Today's final dividend of 74 cents represents a dividend payout ratio of 100% of underlying profit, up from 66% in the pcp.

Combined with its interim dividend earlier in the year, McMillan shares are currently trading on a trailing dividend yield of 7.7%.

What else happened in FY22?

During the year, McMillan's long-standing CEO Mike Salisbury retired after 14 years with the company. 

The year also saw McMillan restructure the company and divest its Davantage Warranty and UK CLM Fleet Management businesses. 

In an effort to further simplify the business, it will consider exit options for its UK businesses in FY23.

At the same time, it's considering potential acquisition opportunities in its plan and support services (PPS) division.

What did management say?

Commenting on the results, McMillan Shakespeare CEO Robert De Luca said:

While we have continued to operate in an environment impacted by new vehicle supply constraints, our ongoing customer focus has helped underpin business momentum benefiting FY22 and future periods.

Through FY23 we will continue to simplify our business, invest in digital and data analytics to enhance the customer experience, supporting business growth and future productivity benefits.

What's next?

Looking ahead, McMillan has begun FY23 with around $26 million in novated lease carryover.

While management didn't provide specific guidance, it did comment on the outlook.

The company expects that many of the market conditions experienced in FY22 will continue into FY23. In particular, global motor vehicle supply constraints.

McMillan also anticipates that novated lease yields and end-of-lease income yields will remain at current levels.

McMillan Shakespeare share price snapshot

Boosted by today's rise, the McMillan share price has comfortably outperformed the ASX 200 this year.

McMillan shares have jumped 15% since the beginning of 2022 and are up 11% over the last 12 months.

The post McMillan Shakespeare share price revs 9% higher on bumper final dividend appeared first on The Motley Fool Australia.

The McMillan Shakespeare Limited (ASX: MMS) share price is in freefall after the release of the company's full-year results for FY21.

At the time of writing, shares in the salary packaging and asset management provider are trading for $12.18 – down 8.97%. The S&P/ASX 200 Index (ASX: XJO), meanwhile, is 0.18% higher.

Let's take a closer look.

McMillan Shakespeare share price slumps despite dividend almost doubling

• Revenue from continuing operations rose 10.2% on the prior corresponding period (pcp) to $544 million.
• Earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $131 million – up 31.4% on the pcp.
• Basic earnings per share (EPS) rocketed more than 4,800% on the pcp to 78.9 cents.
• Net cash inflow of $66.6 million for the financial year.
• Full-year dividend of 61.3 cents per share (final dividend of 31.1 cents and interim dividend of 30.2 cents), fully franked. It's an 80.3% increase on the pcp and represents a yield of 5.05% on the current share price.

What happened in FY21 for McMillan Shakespeare?

The biggest story in the world, and one that had a material impact on the McMillan Shakespeare share price in FY21, was the coronavirus pandemic.

The company talked about the effect of the pandemic on its finances in its annual report. To quote:

In response to the pandemic, we instituted a wage freeze for FY21 and no bonuses relating to FY20 were paid. Additionally, we extended senior debt maturities and non-essential spending was restricted. The Australian Government JobKeeper funding received ($7.3 million after-tax) in FY21 enabled the retention of our employees despite the challenges of COVID-19 and the negative impacts on our financial performance compared to FY19. The business by period end had returned to around 90% of its pre-pandemic performance, equating to approximately 80% in the absence of JobKeeper.

What's next for McMillan Shakespeare?

McMillan Shakespeare said it expects the uncertain trading environment of the pandemic to continue in FY22.

"We expect the abnormal trading conditions that characterised FY21 to continue throughout FY22, in particular given the ongoing response of governments to the global pandemic, and motor vehicle supply constraints," the company said.

"Our strategic focus in FY22 centres on growth and efficiency across our businesses…"

McMillan Shakespeare share price snapshot

Despite today's massive correction, the McMillan Shakespeare share price has increased 25% over 12 months. It has dropped just over 1% year-to-date, however.

McMillan Shakespeare has a market capitalisation of around $1 billion.

The post McMillan Shakespeare (ASX:MMS) share price plummets 9% despite 2500% rise in NPAT appeared first on The Motley Fool Australia.

The McMillan Shakespeare Limited (ASX: MMS) share price is falling after the financial products and services firm put out its half-year results today.

At the time of writing, the McMillan Shakespeare share price is trading at $12.68, down 2.46%. Let's look at the company's performance for the six months ended 31 December 2020 (1H21).

Key financial updates

McMillan Shakespeare reported an 8.4% loss in revenues for a 1H21 total of $247.6 million.

Earnings before interest, tax, depreciation and amortisation (EBITDA) was up 19.1% from $57.2 million in 1H20 to $68.2 million in 1H21.

Net profit after taxes (NPAT) tumbled 25% to $25.5 million in 1H21 compared to $34 million in 1H20. Underlying net profit after taxes (UNPATA) was 13% higher totalling $42.7 million for 1H21.

The firm's free cash flow pumped 23.4%, hitting $42.2 million for 1H21.

Basic earnings per share (EPS) was 42.1 cents per share, a notch up from the 1H20 EPS of 41.6 cents per share.

McMillan Shakespeare declared a fully franked dividend of 30.2 cents per share for the period.

Half-year insight and outlook

The company advised that it continued to manage "extremely challenging trading conditions" during 1H21 brought about by the coronavirus pandemic.

Such conditions included lockdown restrictions in Australia, New Zealand and the UK that negatively impacted sales activities.

The federal government's JobKeeper program provided the company with $7.3 million (after tax) to retain staff during the COVID-19 economic downturn.

Looking ahead, McMillan Shakespeare expects improved conditions in the broader motor industry.

It advised that it expected COVID-19 would continue to impact operations, business and consumer activity. The company also said there was potential for further disruption.

McMillan Shakespeare predicted the business outlook for 2H21 performance to be similar to that of 1H21, excluding the JobKeeper payment.

McMillan Shakespeare share price snapshot

Despite the challenges, the McMillan Shakespeare share price has gained 8.06% over the past 12 months.

The company's market capitalisation is $975.1 million, and there are presently 76.8 million shares outstanding.

The post Why the McMillan Shakespeare (ASX:MMS) share price has slipped today appeared first on The Motley Fool Australia.

Respected fund manager Wilson Asset Management (WAM) has recently identified a few ASX shares that it owns across its various funds.

WAM operates several listed investment companies (LICs). Three examples of those LICs are WAM Capital Limited (ASX: WAM), WAM Active Limited (ASX: WAA) and WAM Leaders Ltd (ASX: WLE).

McMillan Shakespeare Limited (ASX: MMS)

WAM Active owns McMillan Shakespeare shares and describes it as Australia's largest provider of salary packaging, novated leasing, consumer and fleet financing and management services.

The company manages more than 290,000 employee benefit programs and over 70,000 vehicles throughout Australia, New Zealand and the United Kingdom.

In January, the ASX share announced it expects underlying net profit after tax (NPAT) for the first half of FY21 to be $42.7 million, up from $37.8 million in the first half of FY20.

The fund manager believes that the low interest rate environment, strong consumer confidence and a strong market for new car sales will benefit fleet and novated leasing companies over the next 12 months.

Bega Cheese Ltd (ASX: BGA)

Bega Cheese is an ASX share that's owned in the WAM Capital portfolio.

The leading dairy business is currently changing its focus on activities that are higher up the value chain and mitigating the risks that come with commodity markets.

WAM is also attracted to Bega Cheese after the acquisition of Lion Dairy & Drinks. With this acquisition, Bega will effectively double its annual revenue to $3 billion, increase its dairy footprint and dramatically increase its distribution network in the country.

Incitec Pivot Ltd (ASX: IPL)

Incitec Pivot is the third ASX share pick. It's a business that's in the WAM Leaders portfolio.

WAM Leaders described Incitec Pivot as a global industrial chemicals business that manufactures and distributes industrial explosives, industrial chemicals and fertilisers.

One of the most important drivers of the Incitec Pivot share price is commodity prices, according to WAM Leaders.

In January, ammonia, urea and DAP fertiliser prices rallied sharply, driven by improved seasonal conditions, strong soft commodity prices, constrained supply and improved industrial demand. This has offset the strengthening Australia dollar (combined with the company's foreign exchange hedging program) and higher natural gas prices, which are major costs to the ASX share.

WAM Leaders said that it expects the fertiliser price momentum to continue to support the share price, with earnings upside outweighing the potential headwinds facing the Australian coal market.

The post 3 top ASX shares to buy according to WAM appeared first on The Motley Fool Australia.

ASX auto stocks have zoomed ahead of the market in the COVID-19 recovery trade but there's one group that's been left behind.

These stocks are also leveraged to the rebound in car sales – a theme that sent the Eagers Automotive Ltd (ASX: APE) share price and ARB Corporation Limited (ASX: ARB) share price soaring.

Car dealership Eagers Automotive raced ahead by 50% over the past year.  Four-wheel drive accessories group ARB did even better. The ARB share price doubled in value over the same period.

ASX novated stocks next to be on upgrade cycle

But many investors seem to have overlooked ASX novated leasing stocks. The McMillan Shakespeare Limited (ASX: MMS) share price is trading flat while the Eclipx Group Ltd (ASX: ECX) added around 12%.

This valuation gap may not last, according to Morgan Stanely. It isn't only demand for cars that's driving its bullish take on the sector.

The broker believes ASX novated stocks are on the cusp of an upgrade cycle and they are sitting on undemanding valuations.

Regulatory risk drag is easing

"Regulatory risk has been an overhang on the novated group in recent years, but we see clarity," said Morgan Stanley.

"The passage of the deferred sales model legislation de-risks novated earnings and removes regulatory uncertainty."

The proposed legislation is unlikely to have a material impact on earnings of novated leasing companies.

3 drivers boosting the sector

Morgan Stanley highlights three factors that make the sector a buy. It noted that that car sales cycle is stabilising and starting to turn after three years of consecutive monthly declines. Car sales suffered its worst year in 17 years in 2020.

The sector is also trading on FY22 forecast price-earnings (P/E) of between 10 and 11 times. That's low given that earnings are recovering.

Finally, the broker thinks the recent earnings guidance provided by McMillan Shakespeare and Smartgroup Corporation Ltd (ASX: SIQ) marks the start of the earnings upgrade cycle for the sector.

If anything, Eclipx Group and SG Fleet Group Ltd (ASX: SGF) could issue a profit upgrade later this month.

ASX stocks to buy today

Morgan Stanley is recommending investors buy the ECX share price, MMS share price and SGF share price.

The broker rates the SIQ share price as "equal weight" (equivalent to a "hold").

The post 3 forgotten ASX stocks left behind in the car sales recovery appeared first on The Motley Fool Australia.

McMillan Shakespeare Limited (ASX: MMS) shares will be on watch today after the company announced a business update and preliminary result for its FY21 first-half trading period. At yesterday's closing bell, the McMillan share price finished the day at $11.54.

Why will the McMillan share price be in focus?

It will be interesting to see where the McMillan share price heads today on the back of the company's latest update.

According to this morning's release, McMillan advised it is continuing to experience tailwinds within the salary packaging, novated leasing, and fleet & asset management market.

Despite the challenging operating environment from COVID-19, McMillan revealed that its business performance is rapidly recovering. In particular, novated lease sales are rebounding, remarketing values for used vehicles are seeing stronger returns, and its Plan Partners is on an upwards growth trajectory.

As a result, the company anticipates that underlying net profit after tax for the FY21 first-half period will be $42.7 million. McMillan said this includes a $7.3 million payment from the Australian Government's JobKeeper scheme.

The company is scheduled to release its half-year results for the 2021 financial year on 24 February.

Management commentary

McMillan CEO and managing director Mr Mike Salisbury welcomed the favourable trading conditions, saying:

We are pleased with the underlying performance of the business in the first half. Our investments in digital technologies and our ability to flex our operating model has delivered a stronger performance and is reflected in the ongoing positive feedback we have received from our customers.

We have benefited from unusual trading conditions in the broader motor industry in the first half. These conditions are expected to normalise throughout the course of the second half of the 2021 financial year and as such, operating performance in the second half is expected to be similar to the first half, excluding the JobKeeper contribution.

Review of the McMillan share price

The McMillan share price has gone on a seesaw ride over the past 12 months. Its shares hit a 52-week high of $13.23 last February, before falling to a decade-low of $5.01 the month after.

Since then, the McMillan share price has gradually moved higher with a few bumps along the road.

In comparison to this time last year, McMillan shares are down 9.8%.

Based on the current McMillan share price, the company commands a market capitalisation of around $893 million.

The post McMillan (ASX:MMS) share price on watch today. Here's why appeared first on The Motley Fool Australia.

Leading brokers just upgraded two ASX stocks to their buy list even as we enter what could be the most trying week since COVID‐19.

The US presidential election and the shutdown of major economies due to the resurgence of COVID cases are adding to the jitters.

The S&P/ASX 200 Index (Index:^AXJO) is holding up reasonably well today considering, although that could quickly change.

ResMed share price reawakens

But this wasn't enough to keep brokers from upgrading the Resmed CDI (ASX: RMD) share price. Credit Suisse upgraded the stock to "outperform" from "neutral" following the latest quarterly results from the sleep treatment device maker.

"We believe RMD is uniquely placed to benefit from a behavioural shift to home healthcare post COVID due to its increased investment in its out‐of‐hospital platforms over the past ~5 years," said the broker.

"On an underlying basis, we estimate CPAP device sales declined 2% in 1Q21 (vs CSe  ‐10%), indicating a strong recovery post lock‐downs."

Even if the UK and parts of Europe goes back into a lockdown, management indicated sales of its CPAP devices should continue to improve.

Credit Suisse's 12-month price target on ResMed is $31 a share.

RMD results ahead of consensus

Another broker that upgraded the ResMed share price is UBS, which lifted its rating on the stock to "buy" from "neutral".

"RMD 1Q21 result was well ahead of our (and consensus) forecasts, with group revenue +6% ahead of UBSe (equating to ~US$45mn)," said UBS.

"Pleasingly, sleep-related sales (flow gens and masks) recovered faster than anticipated."

UBS's 12-month price target on RMD's US-listed stock is US$210 a share.

Broker upgrade could rev SGF share price

Meanwhile, the SG Fleet Group Ltd (ASX: SGF) share price also found favour with Morgan Stanley.

The broker upgraded its recommendation on the novated leasing and fleet management group to "overweight" from "equal-weight". It believes management's 1HFY21 guidance is too conservative.

"A$22-24m NPAT guidance implies earnings are almost back to pre-Covid-19 levels and does not include drivers outside of SGF's control, particularly as Victoria comes out of lockdown," said the broker.

"SGF has described Victorian novated exposure as 'significant' so easing of restrictions likely a tailwind."

The positive updates from Eagers Automotive Ltd (ASX: APE), Bapcor Ltd (ASX: BAP) and McMillan Shakespeare Limited (ASX: MMS) also indicate that the auto industry has turned a corner.

Morgan Stanley's 12-month price target on the SG Fleet share price is $2.30 a share.

The post Top brokers just upgraded the ResMed (ASX:RMD) share price and this other ASX stock appeared first on The Motley Fool Australia.

The McMillan Shakespeare Limited (ASX: MMS) share price has risen by 3.08% at the time of writing in response to the company's positive AGM meeting. In contrast to the company's FY20 report, Q1FY21 has shown signs of improvement. In particular the company has reported that new novated lease sales were up in FY21 despite car sales down by 21%. Moreover, the company reported yield returning to pre COVID-19 levels as the percentage of refinanced leases reduced. 

What's moving the McMillan share price?

The company provides services in the salary packaging, novated leases, and fleet management sectors. The McMillan share price is on the rise today following the release of the company's AGM presentation. This included reporting of performance improvements McMillan has been making, particularly around its accelerated digital business transformation. Also, McMillan has now developed a versatile capability for working remotely should lockdown restrictions continue to be enforced longer term.

The digital improvements include a redesign of the Live Chat website functionality, and creation of an online capability for new salary packaging. FY21 technology plans include enhancing salary packaging automation, and the development of new products and services.  

Additionally, McMillan has completed services for approximately 73% of the NDIS rollout. It has also improved the company's online dashboard to provide same-day reimbursements to customers and next-day payments to service providers. McMillan will be continuing to develop its online self-service capabilities. 

McMillan company performance

Over the past month, the McMillan share price has risen by 8.47% and spiked on 5 October after the company announced it had settled a class action. This related to a company purchased by McMillan in February 2015 and covered a significant period of time during which the company was not owned by McMillan. 

Foolish takeaway

The McMillan share price appears to be building on a growing sense of optimism about the company's post-COVID prospects. The acceleration of its digital strategy could be seen as laying the foundations for improved productivity. Particularly the focus on self service, interactivity, and the resilience of having a mobile working capacity. The settlement of the long-standing class action against the company also clears this potential risk. 

McMillan has restated its plans to resume dividend payments in FY21. It presently has a trailing 12 month dividend yield of 7.90%.

The post McMillan (ASX:MMS) share price edges up on AGM appeared first on The Motley Fool Australia.

If the ASX fell last week because of President Trump's COVID-19 diagnosis, then it may have reversed that negative sentiment with a prediction that he could leave hospital as early as Monday.

Tax cuts

The ASX may be getting a bit of a boost today after more of the upcoming federal budget was reported by media.

Tax cuts will reportedly be backdated to 1 July 2020. The tax first bracket that gets taxed (with a 19% rate) will be extended to $45,000 (up from $37,000) and earners above $90,000 will benefit with the 37% tax rate changed to start at $120,000 rather than $90,000.

Plenty of 'Australian economy' ASX 200 shares went up today.

The Commonwealth Bank of Australia (ASX: CBA) share price grew 3.6%, the Westpac Banking Corp (ASX: WBC) share price rose 4.4%, the Australia and New Zealand Banking Group (ASX: ANZ) share price rose 4.2% and the National Australia Bank Ltd (ASX: NAB) share price grew 4%.

In other movements, the biggest gain today came from Mesoblast Limited (ASX: MSB), its share price jumped 11.6%. According to the ASX, the worst performer was the Viva Energy Group Ltd (ASX: VEA) share price which dropped 12.1%.

Altium Limited (ASX: ALU)

The ASX 200 software business announced today that it's expanding its leadership and organisational capacity to improve performance and invest more into Altium 365.

Altium said that the successful launch and the strong early adoption of Altium 365 has created the opportunity to pivot Altium's leadership and organisation structure towards the cloud. It's separating its cloud operations from its software business and will focus on growing its market opportunity and expansion into the broader electronics ecosystems.

Under the new organisation structure, the 'cloud' and 'software' sections will each have their own leadership and organisational roadmap. It will allow the cloud business to develop at a different cadence and to form a "SaaS-like organisational structure around its product and go-to-market processes."

The company said that another benefit would be the separation of high-volume sales from high-touch sales for its journey to market leadership.

Altium has appointed executive director Sergey Kostinsky to the role of president. He will be focused on driving high performance of operations with an emphasis on developing and adopting Altium 365.

Joe Bedewi has stepped down as Altium CFO in order to take on the new role of EVP corporate development and external affairs. This role has been created to capitalise on the Altium 365 market opportunity and the interest in it from the electronics industry.

Altium has appointed Mr Martin Ive as the new CFO, who has led the ASX 200 share's global finance function for over 15 years.

Altium CEO Mr Aram Mirkazemi said: "The launch of Altium 365 marks a significant turning-point in Altium's journey. We are in deep execution mode toward our dominance and transformation goals. This has led to the creation of a new organisational structure to support us on this journey and to drive the high performance required to achieve our goals. I refer to this as Altium's Netflix Moment, which is commonly referred to in the high-tech industry as a hard pivot to the cloud."

The Altium share price rose 0.4% today.

McMillan Shakespeare Limited (ASX: MMS)

The McMillan Shakespeare share price went up after announcing that the class action has been settled.

The class action related to a warranty product business which McMillan Shakespeare acquired in 2015. A significant portion of the relevant period that the claim was when the business wasn't actually owned by McMillan Shakespeare.

The company said that the parties have reached agreement to settle the matter with no admission of liability. The agreement is subject to the approval of the Australian federal court.

McMillan Shakespeare provided a net charge of approximately $2 million plus legal costs in its statutory FY20 result. Management said this would be sufficient to deal with the agreed settlement.

The McMillan Shakespeare share price grew around 4.75%.

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A number of shares could be on the move on Friday after S&P Dow Jones Indices announced its September 2020 quarterly rebalance of the S&P/ASX Indices.

Below is a summary of the changes that have been made, effective at the open of trading on 21 September.

S&P/ASX 20 index changes.

There have been two changes to the S&P/ASX 20 index this quarter. Supermarket giant Coles Group Ltd (ASX: COL) and iron ore producer Fortescue Metals Group Limited (ASX: FMG) have joined this exclusive index. They have joined at the expense of shopping centre operator Scentre Group (ASX: SCG) and insurance giant Suncorp Group Ltd (ASX: SUN), which have both struggled during the pandemic.

S&P/ASX 100 index changes.

There has also been two changes to the S&P/ASX 100 index for this quarter. Out goes contractor Cimic Group Ltd (ASX: CIM) and UK bank Virgin Money UK (ASX: VUK). They will be replaced by artificial intelligence services company Appen Ltd (ASX: APX) and medical device company Fisher & Paykel Healthcare Corp Ltd (ASX: FPH).

S&P/ASX 200 index changes.

The benchmark S&P/ASX 200 will see five changes later this month. The most notable being the inclusion of buy now pay later provider Zip Co Ltd (ASX: Z1P) at long last. It will be joined by Auckland International Airport Limited (ASX: AIA), AUB Group Ltd (ASX: AUB), Ramelius Resources Limited (ASX: RMS), and Westgold Resources Ltd (ASX: WGX).

Leaving the ASX 200 are salary packing company McMillan Shakespeare Limited (ASX: MMS), coal miner New Hope Corporation Limited (ASX: NHC), outdoor advertiser oOh!Media Ltd (ASX: OML), lithium miner Orocobre Limited (ASX: ORE), and media company Southern Cross Media Group Ltd (ASX: SXL).

What now?

When a company is added to an index it can lead to an increase in demand for its shares from exchange traded funds that are designed to track an index and from fund managers that may have investment mandates which permit them to only buy shares on certain indices.

Conversely, when a share is removed it can lead to increased selling pressure as exchange traded funds dump them and fund managers are forced to sell them.

Though, given the (bleak) outlook for today's trade, it seems unlikely that this will have much impact on their relative performances.

The post Quarterly rebalance: Coles and Fortescue added to ASX 20, Zip joins the ASX 200 appeared first on The Motley Fool Australia.

One of the worst performers on the S&P/ASX 200 Index (ASX: XJO) yesterday was McMillan Shakespeare Limited (ASX: MMS). The McMillan share price closed 6.14% lower at $8.72 on Wednesday, after earlier falling as low a $8.25 per share. This came after the salary packaging, novated leasing, and fleet management company released its FY20 results.

FY20 performance

McMillan reported for the full year ending 30 June, a 10.1% decline in revenue to $494 million and a massive 25.1% fall in earnings before interest, tax and amortisation (EBITA) to $99.5 million.

Underlying net profit after tax and acquisition amortisation (UNPATA) dropped 22.2% to $69 million. Underlying earnings per share (EPS) of 87.4 cents was down 18.5%. The company has declared no final dividend to be paid as it takes a cautious approach due to the uncertainty of COVID-19.  McMillan plans to resume dividends in FY21.

The FY20 results appear to have spooked investors as the McMillan share price has been heavily sold off.

COVID-19 impact

McMillan advised that the coronavirus pandemic caused a sharp and severe hit to Q4 earnings. The company renegotiated contract extensions for 21 customers and granted interest only repayments and payment deferrals for a further 62 customers.

The uncertainty surrounding the pandemic is expected to result in further restrictions and, subsequently, associated impacts on the company's near-term future performance.

Proactive measures have been taken to reduce costs and extend McMillan's senior debt maturity to see the company through the current climate. McMillan recorded its net cash position of $66.7 million excluding fleet funded debt. 

FY21 outlook

McMillan advised there have been some encouraging early indications for Q1 FY21 as activity levels start to improve. However, this of course is reliant on the Australian and the United Kingdom economies returning back to normal sooner rather than later.

The company's Group Remuneration Services segment, Plan Partners, was not affected by COVID-19 and is well positioned for customer and earnings growth in FY21. $669 million of client funds were under administration in FY20.

McMillan's rapid digital program expansion has been gaining traction as a way to service customers remotely. The program's digital roadmap is expected to enhance overall customer experience and support growth opportunities.

Should you invest in today's McMillan share price?

Whilst these results are disappointing, I believe they should have been expected due to the impact the pandemic has had on McMillan's businesses. I am also confident the company will bounce back for FY21. Furthermore, McMillan has initiated cost-saving measures to help see it through the challenging conditions.

Particularly after yesterday's falls, I believe the McMillan share price could be a good option for investors with a long-term horizon.

The post Where to next for the McMillan share price following Wednesday's results? appeared first on The Motley Fool Australia.

The automotive market appears to be turning a corner! This good news is reflected in the latest update from Carsales.Com Ltd (ASX: CAR) although many brokers are reluctant to recommend the stock as a buy.

Not that there's anything wrong with the online car classifieds business. It's just that the Carsales.Com share price has surged 67% since the S&P/ASX 200 Index (Index:^AXJO) struck the bear market low three months ago.

But there might be a better way to gain leverage to this thematic – and that's through the ASX-listed novated leasing and fleet management companies.

Better option than Carsales.Com?

Morgan Stanley recently upgraded two in the sector as it believes these stocks will be re-rated.

The broker pointed out that new car sales and the macro economic environment are "important drivers" for the sector (I'm sure the pun's intended).

But it also pointed out that some recent macro and regulatory headwinds can cause a divergence in performance among the individual stock names.

How to pick the best of the bunch

There are three areas the broker is looking at to pick the best winners in the sector. The first is differentiated growth. While all companies will benefit from any improvement in car sales and economic activity following the COVID-19 shutdown, some will benefit from additional growth levers.

Next is business model resiliency. This describes how a company can weather changes in lending appetite and funding, as well as regulatory and consumer scrutiny.

The third is valuation. The key is to look for underappreciated stocks with share price catalysts.

ASX stocks that stand out

The standout after applying these three filters is Eclipx Group Ltd (ASX: ECX) with Morgan Stanley describing the stock as its highest conviction pick.

The broker believes it's the one with the highest growth potential and with a unique funding model that its competitors are trying to replicate.

Morgan Stanley upgraded the stock to "overweight" from "equal-weight" with a price target of $1.70 a share.

Another stock that got upgraded to "overweight" is McMillan Shakespeare Limited (ASX: MMS). The broker likes McMillan as it has an additional income stream from its Plan Partners business, which helps offset any weakness from novated leases.

The group is also building a strong balance sheet to management options in unlocking value. A strategic review of its business may also trigger a re-rating in the stock.

Morgan Stanley's price target on McMillan is $11.50 a share.

The post These ASX stocks might be a better option than Carsales.Com appeared first on The Motley Fool Australia.

The share market was positive last week with the S&P/ASX 200 Index (ASX: XJO) up 5.3%. Australian shares continued their post-crash rally in May with the ASX 200 ending the month up 4.2%. The index has now climbed more than 25% since the March crash, but remains around 20% below February highs. 

Share prices over May were impacted by the loosening of coronavirus restrictions, changing commodity prices, and local economic expectations. With lockdowns easing ahead of initial expectations, the economy is reopening earlier than expected. This has improved confidence prompting a rebound for sectors previously sold off heavily. We take a look at last week's biggest share price gainers. 

Southern Cross Media Group Ltd (ASX: SXL)

Shares in Southern Cross Media surged 62.1% last week to finish the week at 23.5 cents. The share price rallied mid week despite no news out of the broadcaster, resulting in an ASX price query. Challenger Ltd (ASX: CGF), a substantial holder in Southern Cross Media, has been selling down its stake, with its voting power falling from 8.32% to 6.27% in May. 

Southern Cross shares were dramatically sold down as the coronavirus crisis took hold, falling from above 60 cents in February to just 11 cents in April. The broadcaster completed a $169 million capital raising in May (announced in April) with proceeds used to pay down debt. The capital raising was conducted at 9 cents a share in the face of declining advertising revenues. 

The broadcaster has instituted sweeping cost reductions with $40–$45 million in operating expenditure savings to be realised in CY20. Capital expenditure is being reduced by $3–$6 million over FY20 and FY21. The FY20 interim dividend was cancelled and no final dividend will be paid. 

Following the receipt of the full proceeds of the capital raising, Southern Cross Media's net debt stood at $161.8 million in early May. Southern Cross managed to achieve positive earnings before interest, tax, depreciation and amortisation (EBITDA) in April, with revenue declines partially offset by operating cost reductions. Southern Cross Media has warned however that bad and doubtful debt provisions could reach $5 million in H2 FY20. 

Virgin Money Uk PLC (ASX: VUK)

Virgin Money shares gained 23.2% last week to close the week at $1.805. There was no news out of the lender last week to prompt the price rise, however investors were favouring ASX banking shares with the big four banks also rising. 

In its interim financial results released earlier in May, Virgin revealed a resilient first half performance, with underlying profit before tax of £120 million. During the half business lending increased by 5.7% while personal lending increased by 6.2%. Costs were down 3% year on year. 

Virgin says it has a defensive portfolio consisting of 82% mortgages, 11% business, and 7% unsecured lending. Its credit card portfolio is prime quality and it has low exposure to more impacted small and medium enterprises. Nonetheless, the lender has booked a COVID impairment provision of £164 million. 

Virgin is taking a disciplined approach to risk management. The loan portfolio has been built prudently and customers and credit lines managed proactively. Virgin says its funding and liquidity position would allow it to withstand a 9–12 month shut out of markets and it has no reliance on short-term wholesale funding. 

Boral Limited (ASX: BLD)

Boral shares climbed 21% last week and finished the week at $3.11. There was no news out of Boral last week to prompt the surge in the share price, however Boral shares were heavily sold off in the March crash and even now are trading 38% down from their February highs. 

Boral is currently embroiled in litigation relating to its US windows business, which it acquired in 2017. In the lawsuit Boral alleges the former owner of the windows business breached non-compete covenants. The former owner has made his own $700 million claim against Boral with litigation ongoing. 

The windows business has been a source of pain for Boral with financial irregularities uncovered in December. These included misreporting in relation to inventory levels and costs associated with raw materials and labor. Pre-tax earnings were overstated by US$24.4 million between March 2018 and October 2019. 

Austal Limited (ASX: ASB)

Austal shares gained 20.1% last week closing the week at $3.34. Shares spiked Friday morning after the shipping company increased FY20 earnings guidance. Austal is now forecasting group revenue of around $2 billion and group EBIT of no less than $125 million. 

The improved forecast is attributable to a number of factors. These include COVID-19 having a more limited impact in April and May than anticipated and the sustained strength of the US dollar. Austal was also awarded a new vessel construction contract in May. 

Austal is a shipbuilder producing commercial vessels and defence prime contractor. It has shipyards across the US, Western Australia, Vietnam, and the Philippines. Shares in the shipbuilder were sold off sharply in the March correction, falling 47%. Austal shares remain 20% down from their February high. 

McMillan Shakespeare Limited (ASX: MMS)

Shares in McMillan Shakespeare climbed 18.8% last week to finish the week at $8.64. The McMillan Shakespeare share price has been in decline since late last year. Revenues and profits fell in the first half, following which coronavirus hit. 

McMillan Shakespeare has reported a decline in novated leasing volumes since the onset of coronavirus, however salary packaging activity remains unchanged. The company has a large customer base in the health, public, and emergency service sectors which should provide some protection against a fall in volumes. 

New asset financing in Australia and New Zealand has declined. The focus in this area is on extending maturing lease contracts and working with customers to restructure lease arrangements. In the UK, McMillan Shakespeare's asset management business responded to the lockdown by furloughing non-essential staff and reducing salary and other costs. 

The post These 5 ASX 200 shares were last week's biggest winners appeared first on The Motley Fool Australia.

Despite a tsunami in taxpayer-funded stimulus measures to combat the coronavirus, Australia's economic recovery is shaping up to be more of a protracted affair than a 45 degree angle snap-back. While interest rates, at close to zero, support the likelihood of a sharper V-shaped economic recovery – don't hold your breath.

But the good news is that the recovery we're most likely to experience will look less like a U or W-shaped recovery, and more like the Nike 'swoosh'. The swoosh is akin to a Goldilocks-type bounce-back – not too hot, yet not too cold. A swoosh-shaped recovery bodes well for these 3 ASX 200 shares that remain seriously oversold since the beginning of the year.

McMillan Shakespeare Limited (ASX: MMS)

A decline in underlying net profit of 21.7% at half-year, plus challenging market conditions, compounded by the coronavirus, have seen the McMillan Shakespeare share price tumble to $9.03. That's 42% lower than the $15.70 it was trading at in late November.

The professional services firm is a market leader in novated leasing, asset management and related financial products and services. But with so much of the workforce currently receiving the government's Jobkeeper wage subsidy, it isn't a great time to be offering these types of services. However, during its COVID-19 update on 8 April, the company expected to see its salary packaging activity go higher on the back of state governments increasing the size of the health workforces.

While the company has withdrawn earnings guidance for FY20 in light of the COVID-19 shutdown, the current MacMillan share price represents a 17% discount to Morningstar's fair valuation of $10.18. Based on a P/E ratio of 12 (at the time of writing), the stock is trading on a discount to its sector peers (14.5) and the overall market at around 15.9.

As with all stocks right now, lack of clarity coming out of the pandemic is a little unnerving. But with McMillan's net debt at around 42% of its market cap, the company's balance sheet looks well positioned to emerge from the downturn ready to capitalise on new opportunities.

Southern Cross Media Group Ltd (ASX: SXL)

The Southern Cross Media share price declined 9.4% last week, but the media company (formerly Macquarie Media Group) – which is responsible for brands including 2Day FM, Triple M and the Hit Network – is already up 66% this week to $0.25 (at the time of writing).

This is great news for shareholders who recently witnessed a 244% increase in Southern Cross' existing shares on issue. This was following a $169 million equity raising early May, issued at a whopping 45.5% discount. The company has also renegotiated its bank loans and plans to draw an extra $57 million from its existing debt facilities.

The expanded war chest will be kept on its balance sheet to improve liquidity, and reduce its net debt position. At the end of 2019, the company had just $22.5 million in cash on hand and $353 million in drawn down debt. With current liabilities ($81 million) equal to 6% of its total assets, the company looks well positioned to trade through the crisis and rebound during the recovery. The fundamentals of the company's business remain sound, and the consensus recommendation on the stock is a strong buy, with Morningstar putting fair value at around $0.34.

AP Eagers (ASX: APE)

Dragged lower by the coronavirus mass sell-down, which accentuated the slowdown in car sales, the AP Eagers share price is trading around 24% lower than its pre-COVID-19 price of $9.01.

The auto dealership group's growth-by-acquisition strategy over the past 20 years has been impressive. Since then, it has boosted sales revenue from $500 million to $5.8 billion. Assuming April marks the low-point – with sales down 48.5% on the previous April – an upswing in car sales could mirror the recent boom in Australia's home improvement market. What will help the company capitalise on the market's recovery is the underlying strength of its balance sheet, which includes $270 million in cash, and undrawn corporate debt facilities.

Together with a further $122 million OEM working capital, AP Eagers has available liquidity of $392 million. The consensus recommendation on the stock is a moderate buy, and at $6.81 it is currently trading at a 26% discount to Morningstar's fair value of $9.24.

The post 3 ASX 200 shares to buy for a Goldilocks-style bounce back appeared first on The Motley Fool Australia.

The McMillan Shakespeare Limited (ASX: MMS) share price ended the day relatively flat, down 0.49% following the release of its first-half results. Although half-year profits declined during the period, full-year guidance remains unchanged. 

What did McMillan Shakespeare report? 

For the six months ended 31 December 2019, McMillan reported revenue of $270.4 million, down 1% from the prior corresponding period (pcp). 

Expenses for the half-year increased marginally to $223 million, up from $222.8 million in 1H19. Earnings before interest, tax, depreciation and amortisation (EBITDA) came in at $57.2 million, down 11.8% from $64.9 million in the pcp. 

First-half underlying net profit after tax and acquisition amortisation (UNPATA) was $37.8 million, down 10.3% from $42.1 million in the pcp. Underlying earnings per share declined 8% to 46.8 cents and a dividend of 34 cents per share was declared, fully franked. 

During the half, McMillan completed an $80 million share buyback of approximately 7% of issues shares. There was strong demand for the buyback resulting in the balance of tendered shares being scaled back by 40.89%. 

Additionally, McMillan reported having $50.9 million cash at bank as at 31 December. Excluding fleet funded net debt, the group had net cash of $24.6 million. 

Segment performance

The Group Remuneration Services division contributed $108.8 million to revenue, up from $106 million in 1H19, and $31.1 million to UNPATA, up from $29.7 million.

Asset Management contributed $123.1 million to revenue for the half, down from $124.2 million, and $5.1 million to UNPATA, down from $9 million.

Retail Financial Services contributed $38.3 million in revenue in 1H20, decreasing from $42.3 million in the pcp, and $2.2 million to UNPATA, representing a decline from $3.8 million. 

McMillan reported continued growth in customers and assets which bodes well for future profitability. Salary packages increased 5.6% compared to the pcp to 358,000 accounts.

Novated leases increased 9.7% to 71,600 despite a backdrop of weak Australian new car sales. Novated yield, however, declined by 4.4% due to reduced funder credit appetite and insurance penetration combined with a change in funding mix. With this, sales of insurance products have moderated and the risk appetite of lenders has decreased in the wake of the Royal Commission, impacting novated lease margins. 

Outlook

FY20 UNPATA guidance remains unchanged at a range of $83 million – $87 million, although McMillan notes that risks remain around the lender appetite of new financiers and the level of new car sales. 

The post McMillan Shakespeare shares flat after reporting lower profits appeared first on The Motley Fool Australia.

It's been an up and down start to December for ASX 200 shares.

The S&P/ASX 200 Index (INDEXASX: XJO) has edged just 0.05% higher as we head towards the Christmas/New Year period.

But while there have been some winners such as Lynas Corporation Ltd (ASX: LYC) in December, there have also been plenty of losers.

Here are 10 ASX 200 stocks that have fallen 10% or more since the start of December.

1. Smartgroup Corporation Ltd (ASX: SIQ)

The Smartgroup share price plunged 15.21% on the ASX yesterday after an earnings downgrade and has continued its downward slide today, falling another 6.33% to $7.10 per share at the time of writing.

The group's insurance underwriting partner is changing its insurance products and management is forecasting a reduction in net profit after tax of $4 million.

Smartgroup shares have now fallen 21.63% lower since the start of December.

2. Regis Resources Ltd (ASX: RRL)

The Regis Resources share price is down 14.04% since the start of the month.

The Aussie gold miner has struggled for capital gains and is down nearly 60% since 22 July.

Positivity around the US–China trade war and Brexit have put gold miners like Regis under pressure this month.

3. Sigma Healthcare Ltd (ASX: SIG)

The Sigma Healthcare share price was smashed 9.85% yesterday after Australian Pharmaceutical Industries Ltd (ASX: API) sold its stake in the group.

Sigma shares continued falling today, down another 5.55% in morning trade. The Sigma share price is now down 17.64% since the start of December, but flat for the year.

4. Boral Limited (ASX: BLD)

Boral shares are yielding 5.82% at the moment thanks to its 11.32% share price decline this month.

The Aussie building supplies group has downgraded profits 4 times in the last 18 months and plummeted lower after an update about "financial irregularities" in its windows business.

5. Whitehaven Coal Ltd (ASX: WHC)

Whitehaven shares have slumped lower in early December after an FY20 guidance downgrade.

The coal miner is forecasting lower earnings after a skills shortage has reduced output at its Maules Creek site.

Whitehaven shares are now down 13.65% since the start of the month.

6. Perenti Global Ltd (ASX: PRN)

Formerly Ausdrill Ltd, Perenti shares are down 15.30% since the start of December.

Perenti shares were smashed 18.66% yesterday after lowering its net profit forecast and announcing a contract termination and have fallen another 2.65% in morning trade today.

It hasn't been all bad news for shareholders in 2019, with the Perenti share price up 54.55% for the year.

7. Viva Energy Group Ltd (ASX: VEA)

Viva Energy shares fell 6% last Monday after downgrading its 2019 profit guidance.

Lower refining and retail market margins have put pressure on earnings and sent the Viva Energy share price crashing 14.47% lower this month.

8. McMillan Shakespeare Limited (ASX: MMS)

The salary packaging group's shares are down 11.29% this month after a trading update in early December.

Challenging conditions across Australia, New Zealand and the UK saw the group issue a negative outlook for FY20.

9. WiseTech Global Ltd (ASX: WTC)

The WAAAX stock has been one of the worst performers amongst the ASX 200 this month.

WiseTech shares are down 13.70% since the start of December thanks to the US–China trade war rhetoric.

The ongoing volatility in trade relations has seen WiseTech shares hammered, but they're still up 39.63% for the year.

10. Treasury Wine Estates Ltd (ASX: TWE)

The Treasury Wine share price has slumped 10.86% since the start of December.

The Aussie winemaker's shares have been under pressure after a copycat threat to its Penfolds brand surfaced.

The group is looking to protect its premium label but the China-based threat has put its share price under pressure.

The post Why these 10 ASX 200 shares are down more than 10% this month appeared first on The Motley Fool Australia.

Australia's S&P/ASX 200 (Index: ^AXJO)(ASX: XJO) and ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) indices finished higher on Monday.

Here's a short recap of the Australian market:

• S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) higher 0.34% to 6.730.00
• ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) higher 0.34% to 6,836.40
• AUD/USD at US 68 cents
• Gold at US$1,461.00 an ounce
• Brent Oil at US$64.15 a barrel

One of the best-performing ASX 200 shares today was the Beach Energy Ltd (ASX: BPT) share price which was up 5.2%.

Other resource businesses were some of the top performers today including the South32 Ltd (ASX: S32) share price which rose 4.7% and the Cooper Energy Ltd. (ASX: COE) share price increased by 4.6%.

At the other end of the ASX 200, the McMillan Shakespeare Limited (ASX: MMS) share price fell 7.5% after giving a FY20 trading update.

The share price of Estia Health Ltd (ASX: EHE) fell 7.1% after the aged care operator gave an occupancy and trading update.

Another business to suffer from an earnings update was petrol business Viva Energy Group Ltd (ASX: VEA), its share price declined by 6.6%.

The Lynas Corporation Ltd (ASX: LYC) share price rose 2.4% after selecting Kalgoorlie for its new cracking and leaching plant.

Finally, the share price of A2 Milk Company Ltd (ASX: A2M) fell almost 4% after announcing that its CEO was stepping down.

Here are some of today's top stories:    

• European expansion on the horizon, what will the Afterpay share price do?
• Westpac expects the cash rate to fall to 0.25% in 2020
• iSignthis blames ASX for profit downgrade
• Why this ASX stock could be a perfect choice for retirees

The post ALL ORDINARIES finishes higher Monday: 8 ASX shares you missed appeared first on The Motley Fool Australia.