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ASX 200 closes 0.4% higher, Cochlear share price up 6%

The S&P/ASX 200 Index (ASX: XJO) finished higher by 0.4% today to 6,068 points. It has managed to stay above that 6,000 level going into the weekend.   

There continue to be worries about the Victorian COVID-19 outbreak spreading across the state and into other states which are free of community transmissions.

Cochlear Limited (ASX: COH) leads the way

The Cochlear share price went up by more than 6% today. It was the best performer within the ASX 200.

The share price rose after an announcement that the US FDA has approved four of Cochlear’s new products.

The hearing device business has received approval for the Nucleus Kanso 2 Sound Processor, the Nucleus 7 Sound Processor for Nucleus 22 implant recipients, the Custom Sound Pro fitting software, and the Nucleus SmartNav system.

These four new systems will be commercially released in the US and Western Europe in the next few months, subject to local approvals.

The Nucleus Kanso 2 Sound Processor is the first and only off-the-ear cochlear implant sound processor to offer direct streaming from compatible Apple or Android devices. The Nucleus SmartNav system provides wireless, actionable, intraoperative insights to help surgeons with real-time navigation, helping improve surgical outcomes.

Adbri Ltd (ASX: ABC) share price collapses

The Adbri share price was crunched by 25.4% today after giving an update about its Alcoa lime supply contract.

Cockburn Cement, a subsidiary of Adbri (previously known as Adelaide Brighton), has been told by Alcoa of Australia that it won’t be renewing its current lime supply contract. The contract expires on 30 June 2021. 

The contract makes up around $70 million in annual revenue for the ASX 200 business. However, the loss of the contract isn’t expected to hurt revenue until after June 2021. Management will evaluate potential actions. At this stage management can’t quantify the full financial impact of the contract loss. 

Adbri CEO Nick Miller said: “We are disappointed with Alcoa’s decision to displace locally manufactured product with imports from multiple sources, particularly considering our almost 50-year uninterrupted supply relationship. We will work quickly to mitigate the impact on local jobs supporting our lime business and we remain committed to supplying our WA resources sector customers.”

Worley Ltd (ASX: WOR) wins another contract

The Worley share price dropped around 1% despite announcing another contract win today.

Worley has been awarded a services contract for its European battery material investment project in Finland. The project is to build a plant that will produce precursor battery material for the European market. The plant will be powered by electricity generated from renewable energy.

Worley will provide engineering, procurement and construction management services. The ASX 200 company has already completed early engineering and design services for the project. The plant will be built in Finland for the fast-growing electrical vehicle market.

Pointsbet Holdings Ltd (ASX: PBH) signs on with a US baseball team

Pointsbet just announced it has been chosen as the first sports betting partner for any Major League Baseball (MLB) team.

It has signed a multi-year deal to become the gaming partner of the Detroit Tigers MLB team. It’s also the first partnership with any professional sports team in Michigan.

Pointsbet will have television broadcast-visible branding at Comerica Park and will be featured on the Detroit Tigers Radio Network. It will also have a sponsored presence on the Tigers’ digital platforms. Pointsbet will also feature on ‘The Wood on Woodward’ which is a twice-weekly live streaming show. Finally, Pointsbet will appear in relevant apps.

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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 Cochlear Ltd. and Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Cochlear Ltd. and Pointsbet 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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