ASX 200 Index rises as four shares decline amid mixed financial results
The ASX 200 Index is up 0.9% despite declines in four shares: Beach Energy, Myer, PEXA, and Pinnacle Investment Management, influenced by various financial updates.
The S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and is pushing higher, currently up 0.9% to 8,492.1 points.
However, four ASX shares have failed to follow the market higher today.
1. Beach Energy - The share price for Beach Energy is down 4% to $1.45. Investors have been selling off shares following the company's half-year results. Although Beach reported a 5% increase in sales revenue to $990 million and a 20% increase in underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) to $587 million, it has narrowed its production guidance for the full year, adjusting its upper target from 21.5 MMboe to 20.5 MMboe. Despite boosting its interim dividend by 50% to 3 cents per share, the narrower guidance seems to have unsettled investors.
2. Myer - The Myer share price has decreased by 2% to 87.2 cents. Premier Investments Ltd (ASX: PMV) announced that it has distributed 1,151.5 million Myer shares to eligible shareholders due to the Apparel Brands demerger. This appears to have led some investors to sell the shares immediately.
3. PEXA - The PEXA share price has fallen by 4% to $12.32 following an update from the property settlements company. PEXA revealed it expects to recognise a non-cash impairment charge of approximately $15 million linked to a minority investment. Consequently, it anticipates that the specified items will impact profits by $35 million to $40 million, which is an increase from a previous estimate of $15 million to $20 million. Furthermore, PEXA is now expecting a tax expense of $40 million to $45 million instead of the earlier guidance of $13 million to $18 million.
4. Pinnacle Investment Management - The Pinnacle Investment Management share price is down 1.5% to $25.63, which may be attributed to profit-taking after strong gains earlier in the week. Despite today’s decline, Pinnacle's shares are up over 130% from this time last year, largely driven by its robust performance in FY 2024 and FY 2025. Earlier this week, they reported a 151% increase in half-year net profit after tax to $75.7 million.
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