The S&P/ASX 200 Index (ASX: XJO) finished 0.7% higher on Friday, however it was down 13% this week in another painful week.
Investors continue to worry about the economic fallout of the coronavirus outbreak across the world.
Plenty of business announcements today related to the infection impact on their guidance:
More businesses make COVID-19 announcements
The Sims Ltd (ASX: SGM) share price dropped 0.3% after withdrawing guidance.
The Air New Zealand Limited (ASX: AIZ) share price fell 36.3% after cancelling its dividend and entering into a debt funding agreement with the New Zealand Government.
Big hitters give updates
Telco Telstra Corporation Ltd (ASX: TLS) gave an update saying that it wouldn’t announce any more job losses in this period and that it was bringing forward some investments to help the economy. The Telstra share price went 6% lower.
Retail giant Wesfarmers Ltd (ASX: WES) also gave an update with performance generally meeting expectations so far. It said its balance sheet remains in good condition after the sale of the Coles Group Limited (ASX: COL) shares.
Premier Investments Limited (ASX: PMV) reports
One of the ASX’s best retail shares announced its half-year result today.
It said that net profit after tax (NPAT) grew by 12.2% to $99.6 million with its retail earnings before interest and tax (EBIT) growing by 10.7% to $126.1 million. Apparel brands like for like sales growth was 7.5%.
The company declared a record interim dividend of 34 cents per share. Its net cash generated (operating cash less investing activities) increased by 41% to $133 million.
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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Premier Investments Limited and Telstra Limited. The Motley Fool Australia owns shares of Wesfarmers Limited. The Motley Fool Australia has recommended FlexiGroup Limited, Scentre Group, and Sonic Healthcare 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.