As of the close on Friday, $S&P/ASX 200(XJO.AU)$ closed at 7,777.70 on Friday, down 2.08% in the past 5 days.
1. $AMP LIMITED(AMP.AU)$ +8.86%
Wealth manager AMP has reported a slide in its half-year statutory profit, although cost cuts helped lift underlying profit. AMP shares lift on improved profit, divestments.
AMP shares jumped 13.2 per cent to $1.28 after it reported a 5.4 per cent increase in net profit to $118 million in the half-year. The financial services giant also declared an interim partially franked dividend of 2¢ per share. It was the best-performing stock on the ASX 200.
For the six months ended 30 June, AMP reported a 4% decline in revenue to $641 million but a 5.4% lift in underlying net profit after tax to $118 million. The latter reflects a 6.4% reduction in controllable costs to $339 million, which means that AMP is on track to achieve its FY 2024 target. The company's Platform business was the star of the show, delivering a 22.7% increase in underlying profit to $54 million. This was driven by stronger market conditions and disciplined cost control.
2.$PILBARA MINERALS LTD(PLS.AU)$ +7.34%
Pilbara Minerals is a leading ASX-listed lithium company, owning 100% of the world’s largest, independent hard-rock lithium operation, Pilgangoora, which it acquired in 2014.
Pilbara has overcome significant hurdles to become a leader in lithium mining in Australia. However, as a commodities producer its revenue is still at the mercy of (sometimes dramatic) fluctuations in the price of spodumene in the global market. Even still, bulls would say it’s a ‘pure play’ investment on demand for electric vehicles and battery tech.
Pilbara Minerals’ P680 Expansion Project is now complete, with the new crushing and ore sorting facility at the Pilgangoora Operation officially opened in Western Australia, which is the main reason why stocks are rising.
3. $LIFE360 INC-CDI(360.AU)$ +5.28%
Life360 shares are rocketing on Friday morning. The location technology company's shares are up 20% to a record high of $17.85 because of the release of the company's record second quarter update.
For the three months ended 30 June, Life360 reported a 20% increase in revenue to US$84.9 million. This comprises a 25% lift in total subscription revenue to US$65.7 million, a modest 2.6% increase in hardware revenue to US$11.9 million, and a 12.3% lift in other revenue to US$7.3 million. The latter reflects a combination of a ramp-up of advertising revenue and incremental data revenue.
Driving Life360's subscription revenue growth were further impressive increases in its monthly active users (MAU) and paying circles. The company revealed that global MAU increased 31% to approximately 70.6 million, with second quarter net additions of 4.3 million.
4. $Domino's Pizza Enterprises Ltd(DMP.AU)$ +4.53%
Domino’s Pizza downgraded its full-year profit forecast as consumers grappling with cost of living pressures held back on spending earlier in the year, leading to lacklustre order numbers.
Analysts at Investec said the decision made strategic sense even as the outlook downgrade might disappoint. "While revisited guidance may impact short-term numbers, the decision to pass through cost deflation to franchisees is totally consistent with the business strategy and helpful for the long-term sustainability of the model," they said in a note.
The latest forecast comes after the company unveiled bullish new growth targets. In March, it said it expects to have more than 1,600 UK and Ireland stores by 2028, and more than 2,000 by 2030, compared with more than 1,300 stores today.
5. $CAPRICORN METALS LTD(CMM.AU)$ +4.35%
Capricorn Metals Ltd has released an update, which drives the stock price up!
Capricorn Metals Ltd has emphasized its high-margin, long-life gold mining operations, alongside promising growth opportunities. The presentation aims to provide general information without being a formal investment recommendation. It also includes forward-looking statements that are based on current expectations and are subject to risks and uncertainties.
Capricorn Metals, a growth company with high insider ownership in Australia, is expected to see significant annual earnings growth of 27% over the next three years, outpacing the market's 12.9%. Despite trading at 57.3% below its estimated fair value and having a forecasted high return on equity of 32.5%, its profit margins have declined from last year due to large one-off items. Revenue is projected to grow at 13.6% per year, faster than the market's 4.9%.
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