The ASX 200 (ASX: XJO) is up more than 1% on two positive pieces of news.
The first bit of positive news is potential healthcare solutions for COVID-19. The first is that a vaccine being developed by the Oxford University team has triggered an immune response. The vaccine is called ChAdOx1 nCoV-19.
Also in the UK, Southampton-based biotech Synairgen announced that a potential treatment of COVID-19 cut the likelihood of a COVID-19 patient in hospital developing severe disease – such as needing ventilation – by 79%.
The other bit of news is that the federal government has extended the jobkeeper payment and jobseeker boost, though at lower rates. The jobkeeper payment will be reduced to $1,200 a fortnight, and jobseeker will be reduced from $550 to $250 a fortnight.
Here’s some ASX news:
BHP (ASX: BHP) news
The BHP share price is flat after announcing its FY20 production.
BHP said that it met its full year production guidance for iron ore, metallurgical coal and operated copper and energy coal assets.
However, petroleum production was marginally below guidance with lower than expected gas demand due to the impact of COVID-19 in the June 2020 quarter.
Record production was achieved at Western Australian Iron Ore (WAIO), Caval Ridge and Poitrel despite impacts from wet weather and COVID-19. Total iron ore production was 4% higher in FY20 to 248 Mt. The June 2020 quarter saw production up 11% compared to the March 2020 quarter.
FY20 copper production was up 2% to 1,724 kt, though production is FY21 is expected to be lower due to COVID-19 impacts and petroleum natural field decline.
Total FY20 petroleum production was down 10% to 109 million barrels of oil equivalent (MMboe).
FY20 production of metallurgical coal was down 3% to 41 Mt and energy coal production was down 16% to 23 Mt.
Kogan.com (ASX: KGN) unveils more growth
The Kogan.com share price is now down 2% after initially being up around 3% in reaction to its June 2020 business update.
Kogan.com reported more strong growth during the fourth quarter of FY20 compared to the fourth quarter of FY19.
Gross sales grew by over 95%, gross profit increased by more than 115% and adjusted EBITDA (click here to learn what EBITDA means) increased by around 150%. Adjusted EBITDA excludes foreign currency, share compensation and ‘one-off non-recurring items’.
The completion of the final quarter’s numbers meant that Kogan.com could reveal some FY20 numbers. Gross sales were approximately $94 million, gross profit was up more than $17 million and adjusted EBITDA was over $7.9 million. FY20 adjusted EBITDA grew by more than 57%.
Active customers grew to 2.18 million as at 30 June 2020. It added another 109,000 active customers in June 2020.
The eCommerce business said that it finished FY20 with $147 million and no debt, which doesn’t include the $20 million share purchase plan as part of the capital raising.
Kogan.com finished with total inventory of $113.1 million, with $80.6 million in the warehouse and $32.5 million in transit.
Ruslan Kogan, Founder and CEO of Kogan.com, said: “In early July we celebrated four years since listing the company on the ASX, and we are now proud to have delivered four consecutive years of significant growth in sales and earnings. Our business is booming as more customers than ever choose Kogan.com.”