Australian shares fell on Monday in a broad decline as investors responded to a slew of corporate announcements and speculation of aggressive US policy tightening to rein in inflation.
The company couldn’t lift prices of its products fast enough to stay ahead of, with chief executive Nick Miller saying it is implementing a third price increase for calendar 2022 on September 1.
Plumbing supplies group Reliance Worldwide skidded 6.2 per cent to $4.23 after posting a 3 per cent drop in profit to $US137.4 million.The former Caltex Australia more than doubled its interim dividend to $1.20 a share, and analysts suggested that share buybacks may be in the wings. Its share price rose 2.3 per cent to $34.92.Bottom-line net income, which includes the effect of changing prices for oil and fuel products on the value of inventories, rocketed to $695.9 million from $325.5 million.
Record revenues of $205.4 million, up 56 per cent, lifted Cooper Energy 2.2 per cent to $0.23. The company also delivered record earnings of $80.7 million, a jump of 169 per cent from the year before.Nearmap’s board unanimously recommended the offer of $2.10 per share, representing a 67 per cent premium.it expects claims growth to remain subdued through the rest of the year before arriving at some kind of “new normal” in 2023.
Monday marked the ex-dividend date of big-name companies, the majority of which experienced large falls. This is generally an indication that the selling was a result of shareholders ditching the stock after taking the dividend.
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