As it happened: ASX trims losses to 0.1% after unexpected GDP bounce

This wouldn’t explain why Harvey Norman was a straggler among those that repaid JobKeeper six months ago and why Harvey had declined to repay it back previously, but he could have provided the excuse that his conscience ultimately got the better of him.

Harvey’s silence has created the understandable impression that he had been blowtorched by the government, shareholders and public opinion.

Read Elizabeth Knight’s full column here

Commodity price swings and the ongoing shift towards battery ingredients also pushed around energy and material stocks.

Mr Sidney said there were investors selling out of iron ore miners and into “second tier” materials stocks like S32, Alumina, coal miners, and Western Areas, which is up nearly 30 per cent in two weeks on speculation it could be close to a merger with IGO Ltd.

Fortescue fell 3.2 per cent, BHP dropped 1.3 per cent, and Rio fell 2.4 per cent.

Meanwhile, coal miners were enjoying soaring prices due to China paying for more expensive Canadian, Russian and US coal due to its own ban on Australian coal.

Whitehaven Coal gained 4 per cent to $2.63, New Hope gained 3.4 per cent to an 18-month high of $2.13. Oil producers gained even though OPEC was expected to hold onto plans for increasing production with Beach Energy up 2.9 per cent and Santos up 1.5 per cent.

Retail investors were not particularly active recently, My Sidney said, apart from some interest in the off-market buy-backs from the Commonwealth Bank and Woolworths, and Westpac’s capital notes.

Travel stocks had also jumped on news that New South Wales could accept more international arrivals and shift to home rather than hotel quarantine.

Qantas gained 3.1 per cent to a four-month high of $5.25, Flight Centre added 3 per cent, and Webjet gained 0.9 per cent.

Coronado was flat at $1.11.

Australian coal climbed to $US174.24 per tonne overnight to remain near the record highs of 2008, with the boost from China’s unofficial ban on Australian Coal compounded last week by the country’s border closure to Mongolia.

At its result last week Whitehaven said it expected coal prices to remain strong for the next two years amid ongoing supply disruptions and a global economic rebound.

It also referenced the International Energy Agency’s report that coal demand in Asian economies would remain consistent until at least 2040.

Federal Environment Minister Sussan Ley is expected to make a decision on Whitehaven’s Vickery Extension Project near Gunnedah in the near future.

The company slipped to an operating loss of $87.3 million in FY21 as coal prices dipped and the Australian dollar remained under pressure.

Turns out that traders are more than happy for company owners to sell down a few shares to buy a bit of billionaire-ware, as long as the company is doing well. And for the record, Mr Dicker still holds nearly $780 million worth of Dicker Data stock.

Other Tweeters replied that the company is growing and they appreciated Mr Dicker’s honesty.

“Gotta love this guy” wrote another Tweeter.

However, some questioned his decision to buy a used jet, rather than a brand new one. However, a Bombadier Global XRS, as specified in the ASX release, still cost upwards of $17.7 million for an 11-year old model, according to avbuyer.com.

“Market never likes it when founder-operators sell down shares. May as well go big, rip the plaster off and own it. Makes the announcements much more entertaining to read,″⁣ someone quipped.

The firm notes that cash returns have been a big focus of the earnings season just passed, with total dividend payments up 70 per cent over the past half year.

An estimated $45 billion worth of dividends will be paid out between the end of July and the first week of October, most of which will be weighted to the end of that period.

“Overall, corporate Australia has had a strong financial year, partly supported by fiscal and monetary stimulus,” CommSec said in a note to clients.

Wesfarmers - which will pay investors a 90 cent final dividend on September 22 - was last down 3.4 per cent at $57.93 on Wednesday.

The retail and industrial conglomerate also plans a return of up to $2 per share in the coming months after last week reporting a huge year for sales.

Even with the storm-clouds surrounding the casino business, JP Morgan values it at just over $5 billion. Crown shares are down 0.2 per cent at $9.29 today.

“Considering current share price levels, the operating business has been almost removed which raises the question of whether the market anticipates no casino operating in Melbourne, as it has not assigned said-value to Star Entertainment.”

JP Morgan was also happy to have a stab at what punishment AUSTRAC might mete out over the money laundering allegations and came up with a figure of $44.4 million.

This puts Crown closer to the Tabcorp level of penalties which was $45 million, rather than the $1.3 billion handed down to Westpac.

Meanwhile, Macquarie’s gaming team are playing their cards close to their chest, saying the Crown Melbourne Royal Commission outcome next month is likely to set a precedent for the Crown Sydney and Perth licences.

It has a price target of $11 even though it also values the PropCo business at up to $5.2 billion.

It says that while the value is appealing - Crown is trading on just 8.8 times EBITDA compared to a long-term average of 10.6 - it is not prepared to gamble on what outcome the various jurisdictions will come to on Crown’s casino licences.