The local share market managed to rebound today with much of its gain coming after lunchtime.
Here’s a quick recap:
- S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 0.6% to 5653 points
- ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 0.5% to 5704 points
- AUD/USD at US 75.56 cents
- Iron Ore at US$83.34 a tonne, according to the Metal Bulletin
- Gold at US$1,210.20 an ounce
- Brent oil at US$55.39 a barrel
GBST said it expects earnings before interest, tax, depreciation and amortisation (EBITDA) to be around $8 million for the first-half of the 2017 financial year. It also expects full-year EBITDA to be just $12 million, implying a weaker second-half. Its shares tanked 16.9%.
Meanwhile, OFX Group (previously OzForex) fell 24% after it announced another change in leadership as well as an earnings guidance downgrade.
Thankfully, shares of Virtus Health Ltd (ASX: VRT) managed to rebound 5.1% after yesterday’s mauling, offering investors some reprieve. Collection House Limited (ASX: CLH), on the other hand, slipped another 7%.
Elsewhere, Bapcor Ltd (ASX: BAP) announced it would acquire 100% of New Zealand’s Hellaby Holdings after receiving acceptances for more than 90% of its shares.
Here are Wednesday’s top stories:
- Why the OFX Group Ltd share price is plunging today
- Why shares of GBST Holdings Limited have tanked today
- 3 stocks I want to buy before earnings season
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Motley Fool contributor Ryan Newman owns shares of Bapcor. The Motley Fool Australia owns shares of Bapcor. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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