The S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) was eventful yet again this week. Here are four big stories you may have missed that affected the ASX 200 index:
Smashed avocado puns galore
Shares of fresh food producer Costa Group Holdings Ltd (ASX: CGC) dropped 37% over the final two days of the week after the company confessed that the 2019 result may not show the growth the company was initially expecting.
Management has now guided that underlying net profit (NPAT-S) could be flat for the year to June 2019.
Investors cheer Treasury Wine Estates Ltd (ASX: TWE) guidance
When one of Treasury Wine's key global competitors came out with a disappointing update, shareholders of Treasury Wine were quick to assume the worst for the ASX business too and sent its share price down.
However, on Friday management reassured investors by saying they were pleased with how the business was tracking and that investors could expect the half-year EBITS to be between $335 million to $340 million whilst the full FY19 EBITS could show 25% growth.
Diverging performance of managers
The share price of Magellan Financial Group Ltd (ASX: MFG) rose after announcing its December funds under management (FUM) and Magellan also revealed what its average FUM for the half-year as well as what the expected performance fees will be – around $42 million – in the December 2018 report.
However, Platinum Asset Management Limited (ASX: PTM) reported that falls in share markets means it will record an unrealised loss on its seed investments and will receive little absolute return related performance fee income for the December 2018 half-year result.
Promising Christmas numbers so far
We don't yet have any financial reports from retailers for the December period, but we are beginning to get a picture of Christmas sales. Retail sales grew by 0.4% in November according to the ABS, which was slightly higher than expected.
One retailer, Noni B Limited (ASX: NBL), revealed it had a strong December and its shares went up in response.
However, whilst Noni B had a pleasing December it still reported a negative same store sales decline for the December half-year. I'm not jumping to buy retail shares yet, I think there are safer investment opportunities.
