At lunch on Monday the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a decline. The benchmark index is currently down 0.5% to 6,681.1 points.
Here’s what is happening on the market today:
JB Hi-Fi guidance impresses.
The JB Hi-Fi Limited (ASX: JBH) share price charged to a record high this morning after providing its guidance for the first half of FY 2021. According to the release, the retail giant expects to report a 23.7% increase in sales to $4,941.2 million and an impressive 86.2% lift in net profit after tax to $317.7 million. The company advised that sales momentum was strong throughout the half, with continued elevated customer demand for consumer electronics and home appliance products.
Super Retail half-year profits to double.
Also reporting strong sales and profit growth for the half is Super Retail Group Ltd (ASX: SUL). This morning the retailer advised that its half year sales increased 23% over the prior corresponding period and 24% on a like for like basis. Things were even better on the bottom line thanks to margin expansion. Super Retail’s normalised net profit after tax is expected to be in the range of $174 million to $177 million. This represents a 135% to 139% increase on the first half of FY 2020.
Ramsay share price jumps higher.
The Ramsay Health Care Limited (ASX: RHC) share price is charging higher today. This has been driven by a broker note out of Goldman Sachs, which reveals that its analysts have upgraded Ramsay’s shares to a conviction buy rating from neutral. The broker has also lifted its price target on the private hospital operator’s shares to $70.00. Goldman believes the improvement in near-term fundamentals is not yet reflected in consensus forecasts or current trading multiples.
Best and worst ASX 200 performers.
The best performer on the ASX 200 on Monday has been the Pro Medicus Limited (ASX: PME) share price with a sizeable 12% gain. Investors have been buying the company’s shares since it announced a major contract win last week. The worst performer has been the QBE Insurance Group Ltd (ASX: QBE) share price with a 5% decline. This follows the release of another disappointing update by the insurance giant.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Super Retail Group Limited. The Motley Fool Australia has recommended Pro Medicus Ltd. and Ramsay Health Care 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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