In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week in the red. At the time of writing, the benchmark index is down 0.85% to 6,787.6 points.

Four ASX shares that are not letting that hold them back are listed below. Here's why they are charging higher:

AGL Energy Limited (ASX: AGL)

The AGL share price is up 3% to $6.87. This is despite there being no news out of the energy company today. However, the utilities sector has been performing strongly. This could be due to investors seeking safe havens amid today's market volatility.

Mirvac Group (ASX: MGR)

The Mirvac share price is up over 2% to $2.00. This morning this property company announced the appointment of its new managing director and CEO, Campbell Hanan. According to the release, Campbell Hanan will take up this appointment from early March 2023, succeeding Susan Lloyd-Hurwitz. Hanan currently serves as the Head of Mirvac's Integrated Investment Portfolio.

PeopleIn Ltd (ASX: PPE)

The PeopleIn share price is up 3.5% to $3.27. This follows the release of the workforce management provider's market update this morning. PeopleIn advised that operating conditions continue to be highly positive, given the strength of the employment market and extensive demand from its clients. This allowed the company to reaffirm its FY 2023 earnings guidance for normalised EBITDA of $62 million to $66 million.

SkyCity Entertainment Group Limited (ASX: SKC)

The SkyCity share price is up 3.5% to $2.53. This morning the casino and resorts operator released a trading update ahead of its annual general meeting. Management revealed that it has started the year strongly with "revenue and EBITDA exceeding" internal expectations. This includes its Adelaide operation achieving its highest revenue result yet in the first quarter.

The post Why AGL, Mirvac, PeopleIn, and SkyCity shares are charging higher appeared first on The Motley Fool Australia.

It has been another very busy day of result releases on the All Ordinaries index on Thursday.

Not all have been received well by investors. For example, three All Ords shares that are falling in response to their results are listed below. Here's how they performed:

City Chic Collective Ltd (ASX: CCX)

The City Chic share price has crashed a whopping 19% to $1.99 following the release of the plus sized fashion retailer's results.

While City Chic revealed a 39% increase in revenue to $369.2 million and a small increase in net profit after tax to $22.3 million, this was overshadowed by its inventories and cash flow.

The company revealed that its inventory position almost tripled year over year from $67 million to $196 million and its operating cash flow swung from positive $15.2 million to negative $51.9 million.

Mount Gibson Iron Limited (ASX: MGX)

The Mount Gibson share price is down 6% to 40.5 cents after the iron ore miner's full year results disappointed.

For the 12 months ended 30 June, the company revealed ore sales revenue of $131.1 million. However, due to an impairment and a sharp drop in volumes and the realised price of its iron ore, the company record a loss after tax that was even greater than revenue at $174.1 million. This is down from a $64 million profit a year earlier.

Excluding the $184.6 million impairment, Mount Gibson's loss before tax would still have been a disappointing $63.6 million.

SKYCITY Entertainment Group Limited (ASX: SKC)

The SkyCity share price is down over 2% to $2.61 following the release of this casino and resorts operator's full year results.

SkyCity had a tough 12 months, leading to its revenue falling 32.9% to NZ$639 million. Things were even worse on the bottom line, with the company recording a reported net loss after tax of NZ$33.6 million. Management blamed this poor performance on a material impact from COVID-19 disruptions.

Pleasingly, the company has started FY 2023 strongly and sees a clear pathway to profit.

The post 3 ASX All Ords shares sliding following earnings updates appeared first on The Motley Fool Australia.

In troubled times such as now, it can be helpful to narrow one's focus.

One way an investor could do this is to concentrate on buying ASX shares of companies that are absolutely dominant in their field.

Having a monopoly or near-monopoly allows a business more flexibility to increase prices if inflation pressures force their supply costs to surge.

The IML Australian Smaller Companies Fund this week revealed two such players it holds that are seeing their share prices start to move upward.

'A very strong market position'

In the June quarter when the S&P/ASX 200 Index (ASX: XJO) lost a painful 12.4%, Tassal Group Limited (ASX: TGR) shares amazingly gained more than 33%.

According to IML, multiple takeover offers from Canadian suitor Cooke Inc pushed up the demand for the ASX share. 

"Cooke is now a significant shareholder in the company," read an IML memo to clients.

"Tassal, which is based in Tasmania, has a very strong market position as the number one salmon producer in Australia."

IML analysts said that after "investing heavily" in the business over the past few years, Tassal is now in a position to start a new era of "significant free cash flow".

The business will also enjoy a couple of external tailwinds.

"The company has also been successfully raising its prices as global demand for protein increases and salmon producers are set to benefit from this increased demand," read the memo.

"Tassal's position as the largest salmon producer in Australia has been underpinned by Tasmania's announcement that no new fish leases will be permitted for at least the next 12 months."

Tassal shares also pay out a handy dividend yield of 3.1%.

Bouncing back after the pandemic

New Zealand casino operator SkyCity Entertainment Group Limited (ASX: SKC) did well to see its share price remain flat during a quarter when the rest of the market was absolutely punished.

IML analysts reckon conditions can only get better from here on.

"The company's Auckland casino property has been materially impacted by COVID restrictions over the last 2 years but has bounced back after the NZ government announced an easing of COVID restrictions in March."

SkyCity's financial guidance last month showed the strong comeback, the memo stated. 

"The company released earnings guidance in mid-June which confirmed a stronger than expected recovery in Auckland gaming revenues and increased EBITDA guidance for financial year 2022 of NZ$135 million, which was significantly higher than expectations."

The price of this ASX share looks attractive, according to IML analysts.

"[SkyCity is] trading on a FY2023 dividend yield of 5%, a PE multiple of 15 times and a free cash flow multiple of less than 10 times, given it has largely completed its significant capex programme."

The post 2 rising ASX shares of companies with a market stranglehold appeared first on The Motley Fool Australia.

Tuesday turned out to be a mixed bag for S&P/ASX 200 Index (ASX: XJO) shares, with the consumer staples and healthcare sectors outperforming while the materials sector struggled. The index closed today's session 0.06% higher at 6,606.30 points.

Its rise came despite Westpac Banking Corp (ASX: WBC) finding that consumer confidence fell 3% in July on the back of rate hikes and inflation. Meanwhile, National Australia Bank Ltd (ASX: NAB) found that business confidence fell to below average levels in June.

Despite such sentiment, the S&P/ASX 200 Consumer Staples Index (ASX: XSJ) and S&P/ASX 200 Health Care Index (ASX: XHJ) rose more than 1% today.

The former gained amid the release of the ABS' latest household spending data, which showed spending in May was 7.9% greater than it was at the same point of last year.

Meanwhile, the healthcare sector was driven higher by shares in CSL Limited (ASX: CSL) and ResMed Inc (ASX: RMD).

The S&P/ASX 200 Materials Index (ASX: XMJ) suffered a 1.1% downturn on Tuesday, with lithium shares among its biggest weights. Commodity prices also likely dragged the sector lower.

The price of copper and aluminium fell overnight amid new COVID-19 restrictions in China, which could impact demand. Iron ore futures also slipped 1.9% to US$111.65 a tonne in similar fears.

At the end of Tuesday's session, five of the ASX 200's 11 sectors were trading higher.

So, which ASX shares bested the rest to record the biggest gains today? Read on to find out.

Top 10 ASX shares countdown

Infratil Ltd (ASX: IFT) came out on top of all its peers in ASX's top 200 biggest companies by market capitalisation on Tuesday.

Shares in the renewable energy company lifted around 4%. Read all about Infratil and what it does here.

Today's top 10 biggest gains were made by these ASX shares:

Data as at 4:09pm AEST.

Our top 10 ASX shares today countdown is a recurring end-of-day summary to ensure you know which companies were making big moves on the day. Check in at Fool.com.au after the market has closed during weekdays to see which stocks make the countdown.

The post Here are the top 10 ASX shares today appeared first on The Motley Fool Australia.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:

Collins Foods Ltd (ASX: CKF)

The Collins Foods share price is down 3.5% to $10.17. The catalyst for this was the quick service restaurant operator's shares trading ex-dividend this morning for its final dividend of FY 2022. Eligible shareholders can look forward to receiving this 15 cents per share dividend at the start of next month on 1 August.

GQG Partners Inc (ASX: GQG)

The GQG share price is down 2% to $1.31. This morning this fund manager released its latest funds under management (FUM) update. GQG's update revealed that its FUM fell 8.35% in June. This was driven partly by International Equity FUM dropping 8% and Global Equity FUM sinking 11.1% during the month.

Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price is down almost 3% to $11.93. Investors have been selling this struggling fund manager's shares following the release of its monthly FUM update. That update revealed that Magellan's FUM continues to dwindle. Magellan's FUM stood at $61.3 billion at the end of June. This is down 5.7% from $65 billion at the end of May.

SkyCity Entertainment Group Limited (ASX: SKC)

The SkyCity share price is down 7.5% to $2.29. This casino and resorts operator's shares have come under pressure this month after it revealed that the South Australian gaming regulator is undertaking an independent review of SkyCity Adelaide. The SkyCity share price has now fallen 13.5% since announcing the review.

The post Why Collins Foods, GQG, Magellan, and SkyCity shares are dropping appeared first on The Motley Fool Australia.

S&P/ASX 200 Index (ASX: XJO) shares struggled on Wednesday as the index broke a four-session winning streak following suffering on Wall Street. The ASX 200 finished today's session 0.94% lower at 6,700.20 points.

The S&P 500 fell 2.01% overnight while the Dow Jones Industrial Average slipped 1.56%. The Nasdaq Composite was hit hardest, falling 2.98%.

Likely in reaction, the S&P/ASX 200 Information Technology Index (ASX: XIJ) was one of the market's worst performing sectors, only besting the S&P/ASX 200 Real Estate Index (ASX: XRE). They fell 2.6% and 3.3% respectively.

Meanwhile, news oil prices lifted more than 2% overnight likely helped bolster energy stocks. The S&P/ASX 200 Energy Index (ASX: XEJ) outperformed all its peers, gaining 0.5%. The S&P/ASX 200 Financials Index (ASX: XFJ) also ended in the green today.

Finally, the price of iron ore posted a 0.5% gain overnight to reach US$130.28 a tonne amid COVID-19 restrictions easing in China.  

After all that, the ASX shares that outperformed on Wednesday might come as a surprise. Let's take a look.

Top 10 ASX shares countdown today

Of the 200 largest ASX shares by market capitalisation, Liontown Resources Limited (ASX: LTR) posted the biggest gain today.

The stock lifted on news the company will push forward with the Kathleen Valley lithium project following another major offtake agreement and a funding facility. Find out more about what's been going on with Liontown here.

Star Entertainment Group Ltd (ASX: SGR) shares also made today's top ten performers after the company announced that Robbie Cooke – Tyro Payments Ltd (ASX: TYR)'s current CEO – agreed to take on the top job at the casino operator. Check out the latest on Star here.

Today's top 10 biggest gains were made by these ASX shares:

Data as at 3:59pm AEST

Our top 10 ASX shares today countdown is a recurring end-of-day summary to ensure you know which companies were making big moves on the day. Check in at Fool.com.au after the market has closed during weekdays to see which stocks make the countdown.

The post Here are the top 10 ASX shares today appeared first on The Motley Fool Australia.

These changes are for the March quarterly rebalance, that will take place at the commencement of trade on 22 March.

ASX 200 exits

A total of four ASX 200 shares will be kicked out of the index later this month.

These are struggling biotechnology company Mesoblast limited (ASX: MSB), casino and resorts operator SKYCITY Entertainment Group Limited (ASX: SKC), New Zealand telco Spark New Zealand Ltd (ASX: SPK), and shopping centre operator Unibail-Rodamco-Westfield (ASX: URW).

This could be bad news for these shares, as when a company is removed from the ASX 200, it can lead to an increase in selling. This is because index funds that track the ASX 200 will need to sell these shares in order to reflect the changes.

In addition, some fund managers have mandates that mean they are only allowed to own shares that are included in certain indices. With these shares now dumped out of the benchmark index, they could soon be dumped out of portfolios of fund managers that are only allowed to own shares included in the ASX 200.

ASX 200 additions

Replacing these shares in the benchmark index on 22 March will be lithium exploration company AVZ Minerals Ltd (ASX: AVZ), plus sized fashion retailer City Chic Collective Ltd (ASX: CCX), gold explorer De Grey Mining Limited (ASX: DEG), and property company Home Consortium Ltd (ASX: HMC).

Their inclusion in the index could have a positive effect on their respective share prices for the same reasons mentioned above, but in reverse. Fund managers (with ASX 200-only mandates) that have wanted to own these shares will soon be able to, and index funds tracking the ASX 200 will have to purchase shares as part of the rebalance.

The post These ASX 200 shares are being dumped out of the index and replaced with… appeared first on The Motley Fool Australia.

Will the market be able to bounce back from this on Monday? Here are five things to watch:

ASX 200 expected to rebound

The Australian share market looks set to start the week on a positive note despite a poor finish on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 28 points or 0.4% higher this morning. On Wall Street, the Dow Jones fell 0.5%, the S&P 500 dropped 0.8%, and the Nasdaq tumbled 1.7%.

Oil prices rise again

Energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could have a great start to the week after oil prices surged higher again. According to Bloomberg, the WTI crude oil price jumped 7.5% to US$115.68 a barrel and the Brent crude oil price rose 6.9% to US$118.11 a barrel. Supply concerns are supporting prices.

ASX 200 quarterly rebalance

After the market close on Friday, S&P Dow Jones Indices announced changes to the ASX 200 at the next rebalance. These changes will see Mesoblast limited (ASX: MSB), SKYCITY Entertainment Group Limited (ASX: SKC), Spark New Zealand Ltd (ASX: SPK), and Unibail-Rodamco-Westfield (ASX: URW) dumped out of the index on 22 March.

Gold price up again

Gold miners Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could have a good start to the week after the gold price pushed higher on Friday night. According to CNBC, the spot gold price rose 1.6% to US$1,966.6 an ounce. The gold price added 4.1% over the week thanks to increased demand for safe haven assets.

Blackmores downgraded to sell

The Blackmores Limited (ASX: BKL) share price could come under pressure today. This follows news that Goldman Sachs has downgraded the health supplements company's shares to a sell rating with a $75.20 price target. The broker believes that the need for reinvestment will suppress the company's near-term earnings.

The post 5 things to watch on the ASX 200 on Monday appeared first on The Motley Fool Australia.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:

Audinate Group Ltd (ASX: AD8)

The Audinate share price is down almost 4% to $7.44. Although Audinate delivered a 31.6% increase in first half revenue to $20.2 million, investors appear concerned by its outlook. The audio-visual media networking solution provider revealed that it intends to increase its headcount materially and warned that supply chain issues will limit its second half growth.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price is down 5.5% to $3.04. This is despite there being no news out of the lithium miner today. However, it is worth noting that Pilbara Minerals isn't the only lithium share falling today. The ETFS Battery Tech & Lithium ETF (ASX: ACDC) unit price is down a little under 2% today.

Praemium Ltd (ASX: PPS)

The Praemium share price is down 11.5% to $1.08 following the release of its half year results. For the six months ended 31 December, the investment platform provider reported a 25% increase in revenue to $39.2 million but a loss after tax of $2.8 million. The latter was down from a profit of $2.6 million in the prior corresponding period.

SKYCITY Entertainment Group Limited (ASX: SKC)

The SKYCITY share price is down 3.5% to $2.68. This morning the casino and resorts operator released its half year results and revealed a 35.6% decline in revenue to NZ$289.8 million and a loss of NZ$33.7 million. Management advised that its performance was materially impacted by COVID-19 disruptions.

The post Why Audinate, Pilbara Minerals, Praemium, and SKYCITY shares are falling appeared first on The Motley Fool Australia.

Today, the S&P/ASX 200 Index (ASX: XJO) couldn't avoid the negativity created by rising treasury yields. At the end of the session, the benchmark index finished 1.03% lower at 7,332.5 points.

Much like Wall Street overnight, it was technology shares that were dealt the harshest blow today. The sector suffered a 2.27% fall, with Megaport Ltd (ASX: MP1) copping the brunt of pessimism after posting its second-quarter update. In contrast, energy and utilities were the only sectors capable of escaping the bleak sentiment across markets.

However, the question is: which shares delivered the biggest returns to investors on the ASX today? Here are the top ten stocks that came through for investors:

Top 10 ASX shares countdown today

Looking at the top 200 listed companies, Skycity Entertainment Group Ltd (ASX: SKC) was the biggest gainer today. Shares in the casino and hotel operator climbed 3.24% higher despite there being no announcements from the company. Find out more about Skycity Entertainment here.

The next biggest gaining ASX share today was Harvey Norman Holdings Ltd (ASX: HVN). The retailer managed to produce a 3.17% gain even though investors had no news to run on. Uncover the latest Harvey Norman details here.

Today's top 10 biggest gains were made in these ASX shares:

Our top 10 ASX shares today countdown is a recurring end-of-day summary to ensure you know which companies were making big moves on the day. Check-in at Fool.com.au after the market has closed during weekdays to see which stocks make the countdown.

The post Here are the top 10 ASX shares today appeared first on The Motley Fool Australia.

Unfortunately, not all shares were able to climb higher with the market. Here's why these were the worst performing ASX 200 shares last week:

Pendal Group Ltd (ASX: PDL)

The Pendal share price was the worst performer on the ASX 200 last week with a 15.2% decline. The majority of this decline came on Friday following the release of the fund manager's latest funds under management (FUM) update. For the September quarter, Pendal reported a large increase in its FUM. However, this was largely due to an acquisition. Excluding this, Pendal actually reported net fund outflows of $2.3 billion during the three months.

Star Entertainment Group Ltd (ASX: SGR)

The Star share price was out of form and dropped 13.8% over the five days. Investors were selling the casino and resorts operator's shares following media reports alleging money laundering, organised crime, large-scale fraud, and foreign interference. Star responded stating that it "is concerned by a number of assertions within the media reports that it considers misleading." This appears to have spooked SKYCITY Entertainment Group Limited (ASX: SKC) shareholders. Its shares dropped 6.7% over the five days.

Platinum Asset Management Ltd (ASX: PTM)

The Platinum share price was a poor performer and lost 11.8% of its value last week. This decline appears to have been driven by the fund manager's release of another disappointing FUM update. That update revealed that Platinum experienced net outflows of approximately $292 million in September. In response, Credit Suisse retained its underperform rating and cut its price target to $3.20.

Insurance Australia Group Ltd (ASX: IAG)

The IAG share price was the next worst performer with a decline of 5.2% over the period. Most of this decline occurred on the final day of the week when the insurance giant revealed that ASIC has launched civil proceedings against it in the Federal Court. The regulator is alleging that the company misled customers by applying discounts while simultaneously upping premiums. It is alleged that NRMA customers missed out on more than $60 million worth of discounts.

The post These were the worst performing ASX 200 shares last week appeared first on The Motley Fool Australia.

Motley Fool Australia Chief Investment Officer Scott Phillips joined Nine's Late News on Monday night to discuss the day on the ASX, including a hit for Star Entertainment Group Ltd (ASX: SGR) and SkyCity Entertainment Group Limited (ASX: SKC) shares, plus a strong day for mining and oil, and good news for Whitehaven Coal Ltd (ASX: WHC).

The post Star Entertainment and SkyCity share prices plunge, Whitehaven Coal up. Scott Phillips on Nine's Late News appeared first on The Motley Fool Australia.

The S&P/ASX 300 Index (ASX: XKO) is starting the week off in negative territory, following a mixed performance for October.

During late afternoon trade, the ASX 300 is down 0.51% to 7,285.4 points. Currently, the index is around 4.5% off its all-time high of 7,625 points reached on 13 August.

Let's take a look at which ASX companies are the biggest movers today.

Yancoal Australia Ltd (ASX: YAL)

The Yancoal share price is soaring 8.01% to $3.91, despite no market-sensitive news out of the company today.

The spot price of coal has taken a breather but hasn't affected the energy producer's shares from rising.

China and India made news last week after running low on coal supplies which led to power blackouts across Asia. And if that wasn't enough, Lebanon is facing a power crisis of its own, with the country plunged in darkness. 

It appears investors are anticipating coal prices to potentially surge in the near-term future.

Z Energy Ltd (ASX: ZEL)

The Z Energy share price is storming higher with a 5.90% gain to $3.41.

The energy company has received a takeover offer from fuel retailer, Ampol Ltd (ASX: ALD) for NZ$2.8 billion.

In the binding scheme implementation agreement, Z Energy shareholders will get NZ$3.78 cash per share. However, this could increase if the deal isn't completed by 31 March 2022.

Only time will tell how long the transaction takes to be finalised.

Coronado Global Resources Inc (ASX: CRN)

Another strong mover for the start of the week is the Coronado share price, up 5.59% to a 52-week high of $1.605.

The coal miner hasn't reported any price-sensitive news since its half-year results in mid-August. Although, investors appear buoyant on the company's prospects, sending its shares higher.

And which ASX 300 companies are heading the other way?

Star Entertainment Group Ltd (ASX: SGR)

The biggest loser today is the Star Entertainment share price, down a mammoth 20.68% to $3.395.

The company responded to concerning allegations regarding serious misconduct at its casinos. This includes suspected money laundering, organised crime, fraud, and foreign interference.

No doubt, this has worried investors, dumping its shares heavily as a result.

SkyCity Entertainment Group Limited (ASX: SKC)

Also being weighed down by investors is the SkyCity share price, down 4.91% to $3.005.

The gaming and entertainment business also is suffering from Star Entertainment's alleged wrongdoing.

Furthermore, SkyCity chair and director, Mr Rob Campbell has decided to retire from the company to focus on other commitments. It is expected his departure will come into effect sometime in early 2022.

SkyCity is currently undertaking a process to replace Mr Campbell.

The post Which ASX 300 shares are making headlines on Monday? appeared first on The Motley Fool Australia.

Will the market be able to bounce back from this on Thursday? Here are five things to watch:

ASX 200 expected to rebound

The Australian share market looks set to rebound on Thursday. According to the latest SPI futures, the ASX 200 is expected to open the day 33 points or 0.45% higher this morning. This follows a strong night of trade on Wall Street, which saw the Dow Jones rise 0.7%, the S&P 500 climb 0.85%, and the Nasdaq jump 0.8%.

Telstra Strategy Day

The Telstra Corporation Ltd (ASX: TLS) share price will be on watch today when it holds its highly anticipated Strategy for the Future Investor Day event. A note out of Goldman Sachs reveals that it expects this to be "a continuation of the current strategy (simplicity and customer focus, network leadership and improved efficiency) but with a tilt towards growth (such as Energy, Health, FWA, Enterprise 5G)."

Oil prices surge higher

It could be a very good day for energy producers such as Oil Search Ltd (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) after oil prices surged higher. According to Bloomberg, the WTI crude oil price is up 3.1% to US$72.63 a barrel and the Brent crude oil price has risen 2.5% to US$75.46 a barrel. Oil prices climbed after US data revealed a greater than expected drawdown of supplies.

Gold price softens

Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a subdued day after the gold price dropped. According to CNBC, the spot gold price is down 0.7% to US$1,794.70 an ounce. US Federal Reserve tapering uncertainty is weighing on the safe haven asset.

Shares going ex-dividend

A number of shares are going ex-dividend on Thursday and could trade lower. This includes investment company Seven Group Holdings Ltd (ASX: SVW), casino operator SKYCITY Entertainment Group Limited (ASX: SKC), and New Zealand telco Spark New Zealand Ltd (ASX: SPK).

The post 5 things to watch on the ASX 200 on Thursday appeared first on The Motley Fool Australia.

The SkyCity Entertainment Group Limited (ASX: SKC) share price is on the rise in lunchtime trade on Wednesday.

This follows the gaming and entertainment company releasing its FY21 annual report. At the time of writing, SkyCity shares are up 3.34% to $3.09.

SkyCity share price gains despite earnings hit

Here are the highlights from the Group's results:

• Revenue down 15.4% to $951.9 million
• Earnings before interest, tax, depreciation, and amortisation (EBITDA) fell 8.9% to $317.3 million
• Reported net profit after tax dropped 33.7% to $156.1 million from FY20
• Earnings per share (EPS) down 41.7% to 20.6 cents per share
• FY21 dividend of 7 cents per share, down from 10 cents per share in FY20

What happened in FY21 for SkyCity

The SkyCity share price is moving higher on Wednesday after releasing its annual report. Fair warning to any investors planning to peruse its document, it is spread across two parts with a total of 291 pages. As such, it is probably fair to say it is not exactly 'light reading'.

The report shows it was certainly a challenging financial year for the company. Throughout FY2021, SkyCity suffered impacts from restrictions due to the pandemic.

This resulted in the temporary closure of SkyCity Auckland and SkyCity Adelaide. However, conditions improved enough for the company to declare a final dividend payment after having suspended its dividends from FY20.

According to the release, SkyCity pulled in $951.9 million in revenue during the year — representing a 15.4% reduction from FY20.

It appears investors had braced for poorer performance during the period, with the SkyCity share price rising today.

The extent of impacts from closures and the New Zealand International Convention Centre fire are demonstrated by the company's normalised results.

For example, on a normalised basis, SkyCity reported a 36.3% increase to its earnings after adjustments. This compares to a 33.7% fall in earnings without accounting for adjustments.

Furthermore, the board advised it intends to progressively increase dividends over time as earnings grow.

What did management say?

Commenting on the result, the Chair and CEO, Rob Campbell and Michael Ahearne, said:

Despite the ongoing disruption and volatility, SkyCity has maintained a strong financial position over the period, delivered credible operating performance when open and protected the health and wellbeing of our people.

Critically, the SkyCity Board and management team recognise the importance of protecting our casino licences and enhancing our social licence to operate. Moreover, maintaining a strong balance sheet, meeting the interests of all stakeholders and keeping a disciplined allocation of capital to provide appropriate risk-adjusted returns to shareholders over the long term remain key priorities.

Additionally, regarding the company's outlook, management said:

In terms of outlook for FY22, given the current unpredictable operating environment and uncertain near-term outlook due to COVID-19, SkyCity is unable to provide detailed earnings guidance at this time, but this will remain under regular review. Our performance over the next year will be underpinned by the ongoing recovery of local gaming, optimising SkyCity Adelaide post-expansion and robust cost control across all activities

What's next for SkyCity?

As stated by management, SkyCity has not provided guidance for the year ahead due to the pandemic. However, the results discussed the outlook more broadly.

The New Zealand gaming businesses are expected to perform well once there are no restrictions. Meanwhile, businesses with exposure to tourism are expected to experience an ongoing impact.

Furthermore, SkyCity committed to a 60% to 90% payout policy for dividends.

SkyCity share price snapshot

Despite the challenging environment, the SkyCity share price has performed strongly in the past year. At the time of writing, shares have gained 33% over the past 12 months. For context, the S&P/ASX 200 Index (ASX: XJO) gained 22%.

As a result of its solid share price performance, SkyCity now holds a market capitalisation of $2.34 billion.

The post SkyCity (ASX:SKC) share price climbs despite 33% FY21 profit drop appeared first on The Motley Fool Australia.

Here's what is happening on the market today:

Tech shares rise

The Australian tech sector is charging higher today and helping to take the ASX 200 into positive territory. The likes of Afterpay Ltd (ASX: APT) and Appen Ltd (ASX: APX) are recording strong gains, leading to the S&P/ASX All Technology Index (ASX: XTX) rising 1.7% so far today. This follows a positive night on the tech-heavy Nasdaq index, which pushed 0.8% higher.

Domino's expansion

The Domino's Pizza Enterprises Ltd (ASX: DMP) share price is rising today after announcing its expansion into the Taiwan market. The pizza chain operator has entered into a binding agreement with Formosa International Hotels Corporation to acquire the corporate stores and franchise rights held by Domino's Taiwan for A$79 million on a cash and debt free basis. Domino's Taiwan is the second largest pizza chain in the Taiwanese market with a network of 138 franchised stores and 19 corporate stores.

SkyCity guidance

The SKYCITY Entertainment Group Limited (ASX: SKC) share price is trading lower today despite revealing that it expects to record solid profit growth in FY 2021. This morning the casino and resorts operator advised that it is expecting to report a normalised net profit after tax of between NZ$84 million to NZ$88 million. This represents a 26.7% to 32.7% increase on FY 2020's normalised net profit after tax of NZ66.3 million.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the Appen share price with a 6% gain. This follows improving investor sentiment in the tech sector. The worst performer has been the Iress Ltd (ASX: IRE) share price with a 3% decline. This morning the financial technology company released a market update.

The post ASX 200 up 0.2%: Tech shares rise, Domino's expands appeared first on The Motley Fool Australia.

The SKYCITY Entertainment Group Limited (ASX: SKC) share price will be one to watch on Friday.

This follows the release of an update in relation to the casino and resort operator's earnings guidance for FY 2021.

What did SkyCity announce?

This morning SkyCity revealed that trading has been stronger than it was expecting recently and is now in a position to provide detailed guidance for the year.

According to the release, SkyCity has continued to see strong performance from its local gaming businesses in New Zealand, particularly from electronic gaming machines. It has also experienced consistent performances from both SkyCity Adelaide (post-opening of the expansion from December 2020) and the offshore online casino SkyCity Malta.

However, the company's tourism-related businesses in New Zealand and South Australia continue to be impacted by ongoing international border closures. Though, positively, they are benefitting from positive domestic tourism, particularly on weekend and holiday peaks.

What is SkyCity expecting to report in FY 2021?

The release explains that subject to no property closures prior to 30 June 2021, management expects the company to deliver FY 2021 normalised EBITDA of between NZ$247 million to NZ$253 million.

And on the bottom line, a normalised net profit after tax of between NZ$84 million to NZ$88 million is expected. This represents a 26.7% to 32.7% increase on FY 2020's normalised net profit after tax of NZ66.3 million.

In light of this solid profit growth, SkyCity expects to comfortably meet its financial covenants for the 30 June 2021 testing period, allowing it to pay a final dividend in September. This will be consistent with the revised dividend policy announced with its half year results. That policy will see SkyCity pay 60% to 90% of normalised profit out to shareholders each year.

The SkyCity share price is up 11% since the start of the year.

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The S&P/ASX 200 Index (ASX: XJO) dropped by 0.2% today to 7,282 points.

Here are some of the highlights from the ASX:

Altium Limited (ASX: ALU)

The Altium share price soared today, rising around 40% after receiving a takeover bid from Autodesk.

Altium confirmed the offer was non-binding, indicative and unsolicited from the US software business which offers products and services for a wide variety of industries.

The offer was $38.50 per share.

Altium's board said that it appreciated the interest expressed by Autodesk, which had evolved from a dialogue about a strategic partnership.

However, the board considered the proposal significantly undervalued Altium's prospects and therefore rejected the proposal at the current price.

Altium said that it has a unique position in the electronics ecosystem and in the past unsolicited acquisition interest has developed from partnership dialogues with others in the ecosystem. The board will engage with interested parties in the context of an appropriate valuation for Altium and it will continue to review all potential strategic alternatives for the company.

The ASX 200 share's board has confidence in pursuing the company's transformation strategy for the electronics industry and to achieve its 2025 financial goals. Altium said that after successfully pivoting to the cloud, it's well positioned to pursue market dominance and industry transformation. The cloud platform is turning Altium's business model from maintenance-based subscription to a capability-based software as a service (SaaS) subscription.  

National Australia Bank Ltd (ASX: NAB)

The NAB share price fell around 3% today after giving investors an update relating to AUSTRAC.

AUSTRAC said that it has identified "serious concerns" with NAB's compliance with the anti-money laundering (AML) and counter-terrorism financing (CTF) laws.

Those concerns have been referred to AUSTRAC's enforcement team, which has initiated a formal enforcement investigation into the ASX 200 bank share.

In the letter to NAB, AUSTRAC stated it has not made any decision about whether or not enforcement action would be taken. AUSTRAC said, at this stage, it is not considering civil penalty proceedings and that this decision is "reflective of the work undertaken" by NAB to date.

AUSTRAC has a number of enforcement options available to it, including civil penalty orders, enforceable undertakings, infringement notices and remedial directions.

NAB CEO Ross McEvan said:

NAB takes its financial crime obligations seriously. We are very aware that need to further improve our performance in relation to these maters. We have been working to improve and clearly have more to do.

NAB has an important role in monitoring and reporting suspicious activity and keeping Australia's financial system, our bank and our customers safe.

It is a key priority for everyone at NAB to uplift our financial crime capabilities, minimise risk to customers and the bank, and improve operational performance. That's why we are so focused on getting the basics right every time to protect our customers and our bank.

NAB said since June 2017, it has invested around $800 million as part of its program to uplift financial crime and fraud controls.

SKYCITY Entertainment Group Limited (ASX: SKC)

The SkyCity share price dropped around 6.5% today after it also announced AUSTRAC action.

AUSTRAC said that it has also identified potential serious non-compliance by SkyCity Adelaide regarding anti-money laundering laws and counter-terrorism financing (AML/CTF). It was also announced that Crown Resort Ltd's (ASX: CWN) Crown Perth and Star Entertainment Group Ltd's (ASX: SGR) Star Sydney face similar AUSTRAC concerns.

The potential serious non-compliance by SkyCity Adelaide includes concerns relating to ongoing customer due diligence adopting and maintaining an AML/CTF program and compliance with part A of that program.

These concerns have been identified in the course of a compliance assessment, which AUSTRAC commenced in September 2019, focusing on SkyCity Adelaide's management of customers identified as high risk and politically exposed persons.

AUSTRAC has made it clear it has not made a decision regarding the appropriate regulatory response that may apply, including whether or not enforcement action will be taken.

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Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:

Flight Centre Travel Group Ltd (ASX: FLT)

The Flight Centre share price is down almost 4% to $15.39. A number of travel shares are trading lower on Monday. This may have been driven by concerns over the Melbourne lockdown and its impact on the domestic travel market.

Mesoblast limited (ASX: MSB)

The Mesoblast share price has continued its slide and is down a further 4% to $1.77. Investors have been selling the allogeneic cellular medicines company's shares since the release of its third quarter update last week. Mesoblast reported a loss after tax of US$26.5 million for the quarter. This brings its financial year to date loss to US$76.75 million.

National Australia Bank Ltd (ASX: NAB)

The NAB share price has fallen 3.5% to $26.57. This morning the banking giant revealed that it has been hit with an AUSTRAC investigation in relation Anti-Money Laundering and Counter-Terrorism Financing non-compliance concerns. According to the release, AUSTRAC believes there is "potential serious and ongoing non-compliance" regarding the NAB business group's customer identification procedures and ongoing customer due diligence.

SKYCITY Entertainment Group Limited (ASX: SKC)

The SKYCITY share price has tumbled 9.5% to $3.08. This morning the casino and resorts operator also revealed that AUSTRAC is investigating its Adelaide operation in relation to Anti-Money Laundering and Counter-Terrorism Financing non-compliance concerns. The release explains that the potential serious non-compliance includes concerns relating to ongoing customer due diligence.

The post Why Flight Centre, Mesoblast, NAB, & SkyCity shares are sinking appeared first on The Motley Fool Australia.

The Star Entertainment Group Ltd (ASX: SGR) share price is down today. Star is the latest ASX company to confirm it is being investigated by financial crimes watchdog AUSTRAC for potential "serious" breaches of anti-money laundering and counter-terrorism legislation.

At the time of writing, shares in the casino operator are trading for $3.83 – down 3.53%. At the same time, the S&P/ASX 200 Index (ASX: XJO) is only 0.09% lower.

Shares in National Australia Bank Ltd (ASX: NAB), Crown Resorts Ltd (ASX: CWN), and SKYCITY Entertainment Group Limited (ASX: SKC) are all down after all confirmed they are also being investigated by AUSTRAC.

Let's take a closer look at today's news.

Star share price dims on investigation

In a statement to the ASX, Star Entertainment said AUSTRAC has begun investigations into the company for "potential serious non-compliance… with the Australian Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1)."

According to Star, the investigation includes "concerns" about proper customer due diligence and potentially not maintaining an anti-money laundering or counter-terrorism financing program. The statement goes on to say these alleged breaches were identified in September 2019 and relate to FY16 and FY19. The matter is now being handled by AUSTRAC's enforcement division.

Star also says AUSTRAC has not made any decision yet about what action it will take and if the company will face any penalties, and to what extent. AUSTRAC has requested to review documents from Star as part of the investigation, according to the gaming operator. The prospect of hefty fines may be weighing on investors' minds and the Star share price.

In its statement, Star says it "takes its anti-money laundering obligations very seriously and will fully co-operate with AUSTRAC in relation to its requests for information and documents and the investigation."

A spokesperson for AUSTRAC confirmed the agency is investigating Star's Sydney casino for potential breaches and that the investigation stems from work that began in 2019. The spokesperson goes onto say AUSTRAC is working with state and territory agencies in regard to potential money-laundering in casinos.

Anti-money laundering blitz

As mentioned, Star is not the only ASX-listed company that is facing a government probe into potential breaches of law. NAB, SkyCity and Crown (which Star is currently vying to takeover) have all said they are being investigated by AUSTRAC.

Between the four companies, a collective $3.27 billion in value has been obliterated in the market due to today's news.

The news could potentially have ramifications for Star's takeover bid of Crown. Crown has been under pressure to sell itself after being refused a gaming license in NSW due to breaches in anti-money laundering legislation.

Star share price snapshot

Over the past 12 months, the Star share price has gained 17%. Today's losses see the company's shares come down to a level not seen in two months.

Given its current valuation, Star Entertainment has a market capitalisation of $3.6 billion.

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