The S&P/ASX 200 Index (ASX: XJO) rose almost 1% today to 5,978 points today.
Big ASX banks lead the ASX 200 higher
The ASX 200 received a helpful boost from the big ASX banks today.
Commonwealth Bank of Australia (ASX: CBA) saw a share price increase of 2.1%.
The Westpac Banking Corp (ASX: WBC) share price rose by 1.75%.
National Australia Bank Ltd (ASX: NAB) also experienced share price growth of 1.75% today.
The Australia and New Zealand Banking Group (ASX: ANZ) share price went up 1.9%.
Global investment bank Macquarie Group Ltd (ASX: MQG) also had a good day, its share price increased by around 2%.
Star Entertainment Group Ltd (ASX: SGR) reports of a COVID-19 case
The casino operator announced a patron tested positive for COVID-19. The Star share price dropped 0.4% compared to Friday’s price, but it finished 7.5% lower compared to the $2.90 price reached in early trading.
That person visited on 4 July 2020. Star Sydney has been operating with restricted opening and is operating its COVID-safe plan. The plan includes spatial distancing measures, and hygiene and cleaning measures across the property including extensive intra-day cleaning and a daily comprehensive clean during a property shutdown between 6am and 10am.
The share price of the ASX 200 casino company is still 37% lower compared to the pre-coronavirus share price.
COVID-19 infections at Estia Health Ltd (ASX: EHE) home
The company announced today that 13 residents at its Ardeer home have tested positive for COVID-19. Estia has activated its positive test response plan and is working in the health officials to manage and monitor the situation.
Earlier in the day the company announced a number of other updates.
Estia is going to recognise an impairment of between $124 million to $148 million relating to goodwill from historical acquisitions. This won’t affect Estia’s debt facilities, compliance with banking covenants or ability to undertake capital management initiatives.
At 30 June 2020 it had occupancy of 92.7%, this has gradually improved since May 2020 with the easing of COVID-19 restrictions. The FY20 occupancy was 93.2%, with the second half occupancy being 92.6%.
The new homes at Southport and Maroochydore ended the financial year with occupancy rates of 100% and 70.6% respectively. The occupancy at 10 July 2020 was 92.6%, with 5,728 of the total 6,183 operational beds being occupied.
Esita announced the one-off payment from the government to assist caring for residents during the pandemic totalled $5.8 million and has been received by the company.
At 30 June 2020 the company said its net bank debt was $99.4 million. It hasn’t sought covenant relief.
TechnologyOne Ltd (ASX: TNE) share price drops
The TechnologyOne share price fell 6.4% today after being on the receiving end of a short attack.
GMT Research alleged that the ASX 200 share has used accounting tricks to bring forward its revenue and profit to hide a slowdown of growth at the business.
However, TechnologyOne refuted the allegations. In an ASX announcement the company said: “GMT Research spent only 30 minutes with us, so we are very surprised with their limited knowledge that they would have published a report in the first place, and more importantly without verifying the accuracy of the report with us. TechnologyOne was at no time shown the report.
“The claims made in the AFR by GMT Research are false and misleading. TechnologyOne unreservedly stands 100% behind our audited accounts as being a true and accurate reflection of our business over the last 21 years.”
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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 Macquarie Group 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.
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