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ASX 200 goes up on Friday

ASX 200
Credit: Cimexus

The S&P/ASX 200 Index (ASX: XJO) went up by 0.3% today to 6,634 points.

Here are some of the highlights from the ASX:

Initial public offerings (IPOs) go off with a bang

There have been a number of IPOs hit the market recently. Two of the IPOs that went onto the market went up strongly. 

Nuix Limited (ASX: NXL) is an Australian technology company that has a software platform for indexing, searching, analysing and extracting knowledge from unstructured data. It has services relating to digital investigation, cybersecurity, information governance, email migration and privacy.

The Nuix share price finished the day higher by 53.5% to $8.15.

Another business to list today was Doctor Care Anywhere Group Plc (ASX: DOC). It’s a telehealth business that allows patients and doctors to connect via video call rather than actually attending a clinic.

The Doctor Care Anywhere share price finished higher by 19%.

Premier Investments Limited (ASX: PMV)

Premier Investments held its annual general meeting (AGM) today.

The ASX 200 company reminded investors about the difficulty of the initial COVID-19 impacts earlier in 2020. Retail store sales were down 78.4% and global sales were down $131.1 million compared to the prior corresponding period between 11 March 2020 and 15 May 2020.

However, in the first 18 weeks of FY21 it has seen Premier Retail online sales grow by 70% compared to the prior corresponding period. Premier reminded investors that these online sales come with significantly higher earnings before interest and tax (EBIT) margins compared to its physical stores.

Premier said that through a combination of board experience and outstanding management leadership the business is “exceptionally well positioned” as the holiday trading period gets closer.

The Premier share price went up by around 1% today in reaction.

Cimic Group Ltd (ASX: CIM)

The ASX 200 engineering business announced that its UGL business has been awarded more than $112 million in utilities contracts.

The contracts cover several projects. One of those projects is the design and construction of a 300kV switchyard at Maragle in the Snowy Mountains, NSW for TransGrid. The contract includes building 10 kilometres of 330kV transmission lines to connect the switchyard and the Snowy 2.0 pumped-hydro project cable yard.

Another task is the installation of a 52MW/78MWh Tesla battery for Transgrid at the Wallgrove Substation in Sydney’s West.

The next one is the design and construction of a 132kV/33kV substation to support the connection of a solar farm in Gunnedah, NSW, to TransGrid’s network in the state.

Cimic’s UGL is also going to do design and construction work for Powerlink’s substations at Lilyvale and South Gladstone, Queensland.

Finally, Cimic has been tasked for the design and construction work for United Energy, including the installation and replacement of feeder schemes at substations and the installation of safety mechanisms.

Cimic Group CEO Juan Santamaria said: “We’re proud to work with these clients to connect future renewable projects to the grid and supply new energy into the network. In doing so, we’ll also create job and procurement opportunities for regional communities.”

UGL managing director Doug Moss said: “These new contracts in the utilities sector highlight UGL’s power and renewables capability and expand on our well-established relationships with TransGrid, Powerlink and United Energy. We look forward to carrying out these contracts in a safe and reliable manner.”

The Cimic share price fell 0.4% today.

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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. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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