The S&P/ASX 200 Index (ASX: XJO) ended the day higher by 0.24% to 5,573 points after being down in the morning.
The New South Wales government is now encouraging people to visit regional NSW in another sign of areas of the country opening up.
Strongest ASX 200 performance
The biggest rise within the ASX 200 belonged to EML Payments Ltd (ASX: EML). The EML share price went up 12% today.
It gave a trading update which included solid growth in certain sections of the business. While the gift & incentive section is suffering, other areas are still growing nicely.
Despite everything that’s going on the company managed to generate $2.7 million of earnings before interest, tax, depreciation and amortisation (EBITDA) including the PFS acquisition. It ended April 2020 with $125 million of cash.
Australian Agricultural Company Ltd (ASX: AAC) moo-ves upwards
The cattle company announced its FY20 report today.
AAC announced that Wagyu beef sales were up 20% after price and volume growth. The company generated an operating profit of $15.2 million compared to a loss of $22.9 million last year.
It managed to generate its strongest operating cashflow in three years of $20.1 million.
AAC said that COVID-19 had a negligible impact on FY20 results, the impact on FY21 is uncertain and couldn’t be reasonably estimated.
The business saw its share price rise 12.8% today.
Fletcher Building Limited (ASX: FBU) lets go of some workers
Fletcher building provided a COVID-19 update today.
It recorded an earnings before interest and tax (EBIT) loss of around $55 million in April, which excludes significant items. The loss was made in New Zealand whereas Australia was a breakeven result.
As a result of the difficult conditions, Fletcher Building is reducing its workforce by around 10% which equates to around 1,000 jobs in New Zealand and another 500 in Australia.
The share price of the construction company dropped 2.8% today.
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Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Emerchants Limited. The Motley Fool Australia has recommended Emerchants 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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