ASX 200 (XJO) up, A2 Milk (ASX:A2M) shares rise 5%

The ASX 200 (ASX: XJO) is currently up about 0.15%, with some shares helping push the ASX higher.

2 big gains

The ASX 200 is currently being led by two of the ASX’s popular growth shares.

The A2 Milk (ASX: A2M) share price is up more than 5% as the infant formula business continues to perform well during the difficulties of COVID-19.

Shares of car portal business Carsales (ASX: CAR) are up around 5% after giving an update.

Carsales has tried to provide an estimate of its FY20 numbers. Its ‘adjusted’ figures includes around $26 million of revenue that’s billed but not charged pursuant to the COVID-19 support package, the company says this better reflects the underlying activity of the business.

Adjusted revenue is expected to be between $419 million to $423 million, which would be growth of 0% to 1%. The adjusted net profit after tax (NPAT) is expected to be between $134 million to $138 million, this would be growth of 2% to 3%.

The car portal business also released some estimated statutory numbers. Reported revenue is expected to be between $393 million to $397 million, which would be a decline of 5% to 6%. Reported net profit is expected to be between $120 million to $124 million, which would be a decline of 6% to 9%.

Since the last update overall leads and traffic volumes have continued to improve according to the company. Between 22 April 2020 and 16 June 2020 lead volumes have grown “very strongly” on the prior corresponding period in 2019.

BHP (ASX: BHP) pinches CSL’s (ASX: CSL) CFO

The chief financial officer (CFO) of CSL has decided to leave to join BHP.

CSL said that Mr Lamont has overseen a transformation of the company’s finance function during a period of significant growth of the company since he joined in January 2016. The giant healthcare business said he was influential on several important projects including reshaping the company’s Enterprise Resource Planning.

Mr David Lamont said: “I am delighted to rejoin one of the best companies in the world. BHP has strong values and a robust financial position, making this an exciting opportunity to be part of a team that can generate returns to shareholders over the long term and make a positive difference to local communities and global markets. I look forward to working with Mike and the team.”

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