What matters this week: company announcements
The news of the week revolved around company profit reports and announcements. Companies that First Samuel clients do not hold included:
CBA, a large bank, grew its profits for the year to 30-Jun by just 3%, to $9.45 billion. But dividends per share were unchanged, as there were more shares on issue. The bank has a return on equity of 16.5%, one of the highest in the world. Over the week CBA shares rose by 0.25%.
Telstra, a large telecommunications company, had a 36% jump in full year profit, boosted by a $1.8 billion one-off sale of shares in a Chinese on-line company. But without that sale profit fell 6.9%. A 1.5 billion share buy back was announced. Notwithstanding a massive corporate communications' program, the company's shares fell by over 3% over the week.
The shares in JB Hi-Fi, an electronic's retailer, leapt on the news that the ACCC clears the way for its purchase of the Good Guys, although the Good Guys may prefer an IPO.
ANZ, a large bank, shares had a good week, up over 5%, the market seems to like the new CEO.
But Westpac, a large bank, didn't, its shares are down about 1.5% on forecasts of leaner times ahead.