With another week done and dusted, it was an interesting week to say the least. The spectre of the 1974 oil shocks reared its ugly head on Monday, sending oil up in its biggest one-day jump in history and spooking global markets. This was not to last though, and the S&P/ASX200 (ASX: XJO) ended up finishing the week 0.91% higher at 6,730 points.
Here are 3 ASX shares that caught my eye this week
Premier Investments Limited (ASX: PMV)
Premier investments shares were relatively flat all week, until the company released in 2019 financial year results yesterday morning. In a move that stunned the market, Premier reported a 10.8% increase in underlying profit before tax to $177.6 million, sending PMV shares up an astonishing 15.34% yesterday to close the week at $18.12.
Rural Funds Group (ASX: RFF)
Making a scene for all the wrong reasons, it was another rough week for Rural Funds and its shareholders. A fresh short-seller attack, this time by the oddly titled Hong-Kong-based firm Bucephalus (apparently named after Alexander the Great’s horse), accused Rural Funds of being a ‘Ponzi Scheme’ on Thursday and gave RFF shares a maximum value of $1.20. This comes a month after short-seller Bonitas accused Rural Funds of being ‘essentially worthless’, causing RFF shares to tank 40% in one day.
Rural Funds Group shares started the week at $2.04, but closed yesterday at $1.62 as a result of the fresh attacks – a drop of 20% for the week. Rural Funds has again denied all allegations.
Washington H. Soul Pattinson and Co. Ltd (ASX: SOL)
Soul Patts makes the cut this week after delivering its 19th year of consecutive dividend increases on Thursday during its 2019 earnings report. Only one other ASX company can boast such a terrific payout track record – Ramsay Health Care Limited (ASX: RHC). Soul Patts has once again proven to be one of the best income stocks to own and finished the week almost 1% higher at $22.08 as a result
With some good news from Soul Patts and Premier matched with (more) bad news out of Rural Funds, it’s been an interesting week on the ASX. Who knows what next week will hold!
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Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Premier Investments Limited, RURALFUNDS STAPLED, and Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia has recommended Ramsay Health Care Limited. 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 Scott Phillips.
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