It was another big day of trade on the ASX 200 on Wednesday as the benchmark Aussie index fell lower.
The S&P/ASX 200 Index (INDEXASX: XJO) dropped 54.60 points (0.81%) to 6,698.40 in yesterday’s trade.
Here’s a recap of 3 things you may have missed in another big day of domestic trade.
1. Bingo shares jump 10% after earnings update
The Bingo Industries Ltd (ASX: BIN) share price rocketed 10.67% higher on the ASX 200 on Wednesday after its latest update.
Bingo expects to see underlying earnings before interest, tax, depreciation and amortisation (EBITDA) total at least $159 million in FY 2020. This is up from the company’s $106.1 million EBITDA in the previous fiscal year.
The waste disposal group’s earnings are expected to be driven largely through its recent acquisitions.
Bingo shelled out $578 million for its Dial-A-Dump acquisition, which is expected to be completed by June 2020.
2. Avita Medical share price plummets on capital raising
Avita Medical Ltd (ASX: AVH) is the newest addition to the ASX 200 but that didn’t stop the company’s shares falling lower on Wednesday.
The Avita share price plummeted 7.97% to $0.64 per share after the company emerged from a trading halt yesterday.
The big catalyst was Avita’s $120 institutional capital raising at $0.59 per share. Investors weren’t happy with the significant equity discount and sold off Avita shares on the ASX 200 on Wednesday.
3. Link Administration UK update sends share price tumbling
The Link Administration Holdings Ltd (ASX: LNK) share price was under pressure on the ASX 200 on Wednesday.
Link shares closed 1.20% at $5.74 per share after a trading update from the software group. Link announced it would enter the UK pension market via a global partnership and minority interest in Smart Pension.
Link shares are down 14.33% in 2019 after freefalling 23.07% in just one day back in May after a weak earnings update.
Uncertainty around Brexit and changes to regulatory superannuation in Australia continue to weigh on the company’s earnings.
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Kenneth Hall has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Link Administration Holdings Ltd. The Motley Fool Australia has recommended Link Administration Holdings Ltd. 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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