The ASX 200 climbed 0.37% higher on Tuesday after a disappointing start to the week. The S&P/ASX 200 Index (INDEXASX: XJO) closed the day at 6,948.70 points while the All Ordinaries Index (INDEXASX: XAO) finished at 7,047.60 points.
Energy shares (-1.13%) were hammered for a second straight day while Utilities (-0.49%) also disappointed. Among the gainers, Consumer Staples (+1.14%) and Consumer Discretionary (+0.78%) performed the best.
Check out all the biggest news, events and announcements that you missed on another big Tuesday for the ASX.
1. SCA Property kicks off ASX earnings season on Tuesday
SCA Property kicked off the February reporting season by posting strong increases in net profit and funds from operations (FFO). Total FFO rocketed 19.1% higher on the prior corresponding period (pcp) to $78.5 million as adjusted FFO climbed 15.7% higher on pcp to $70.1 million during the year.
SCA Property shares were among the ASX winners list on Tuesday following the strong result, with Mirvac Group (ASX: MGR) expected to report its results on Friday.
2. Woolworths shares hit record high after inking Openpay deal
Woolworths completed an internal restructure to combine its retail drinks business and ALH Group to create Endeavour Group. The ASX retailer’s shares climbed higher on Tuesday after announcing a planned separation of Endeavour Group later in calendar year 2020.
That wasn’t the only news, with Openpay shares also climbing higher following a new deal with Woolworths. Openpay is entering the business to business (B2B) market via a new portal with Woolworths called Openpay for Business.
Woolworths will rollout the new portal across its payments and digital platform in the latest step forward for the Afterpay Ltd (ASX: APT) competitor.
3. ARB Corp shares slump after earnings downgrade
The ARB Corporation Ltd (ASX: ARB) share price landed in the ASX losers list on Tuesday after a market update.
ARB shares tumbled 2.38% lower after flagging a net profit downgrade for the first half of FY20. Total revenue is forecast to be $234 million, a 7.1% increase on 1H 2019, despite the profit slump.
Investors sold down the ASX 200 group’s shares following the news, resulting in ARB being one of the worst-performing stocks on Tuesday.