The Motley Fool

3 ASX events you missed on Thursday

The S&P/ASX 200 Index (INDEXASX: XJO) gained 0.21% on Thursday to finish at 7,103.20 points. The benchmark Aussie index was boosted higher by some strong earnings results in various sectors.

In terms of industry sectors, Utilities (+1.53%) and Consumer Discretionary (+0.77%) were the biggest gainers. In a broadly positive day for ASX shares, Consumer Staples (-0.83%) saw the biggest losses.

Here’s a recap of the biggest ASX news, events and movements that you missed on another solid day of trade on Thursday.

Breville shares rocket higher after smashing expectations

One reason for the ASX Consumer Discretionary performance on Thursday was Breville Group Ltd (ASX: BRG).

Breville released its half-year results yesterday and reported a 25.4% jump in revenue to $552 million. The kitchenware appliance group also saw a 15.6% increase in earnings before interest and taxes (EBIT) to $72 million as management boosted the dividend by 10.8% to 20.5 cents.

Breville shares were already trading at a 52-week high prior to the results but surged 27.63% higher to $25.50 per share.

The group boasts a market cap of $3.32 billion, which meant the surge dragged the Consumer Discretionary sector higher.

TPG finally gets court approval for Vodafone merger

The TPG Telecom Ltd (ASX: TPM) share price rocketed 11.49% higher on Thursday after the Federal Court approved its merger with Vodafone Hutchison Telecommunications (Aus) Ltd (ASX: HTA).

The ACCC blocked the merger back in May 2019 on fears of reduced competition in the Aussie market. TPG subsequently dropped its 5G network plans and the Federal Court today approved the decision. 

The Telstra Corporation Ltd (ASX: TLS) share price dropped on Thursday following the news, while TPG shares soared.

Treasury Wine Estates shares slump on weak earnings

The Treasury Wine Estates Ltd (ASX: TWE) share price was the worst performer in the ASX 200 on Thursday after a disappointing half-year result.

Treasury Wines reported net sales revenue down 2% to $1,536.1 million for the first half. The winemaker’s EBITS margin was 23.95% as EBITS climbed 6% to $366.7 million.

However, weak performance from its Americas business dragged on the result and a weak FY 2020 forecast sent the Treasury Wines share price falling 5.73% on Thursday.

These 3 stocks could be the next big movers in 2020

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

In this FREE STOCK REPORT, Scott just revealed what he believes are the 3 ASX stocks for the post COVID world that investors should buy right now while they still can. These stocks are trading at dirt-cheap prices and Scott thinks these could really go gangbusters as we move into ‘the new normal’.

*Returns as of 6/8/2020

Motley Fool contributor Kenneth Hall has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra Limited and Treasury Wine Estates 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.

Related Articles...