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ASX closed red; Vmoto surged 9.5% on profit upgrade; Southern Dental Industries plunged 8%

  • The ASX200 closed 0.77% lower at 7390.10 points on Tuesday.
  • Vmoto surged 9.5% after upgrading profit guidance for FY21.
  • Southern Dental Industries plunged more than 8% on a trading update.

The Australian market continued its negative run into Tuesday, closing the session 0.77% lower at 7390.10 points as Ingham’s 5.6% tumble led the sell-off in consumer staples stocks.

Australia’s trade balance came in at a surplus of $9.4bn for November, but fell for a fourth consecutive month.

Australian retail sales for November rose 7.3% to a record $33bn, almost double the increase expected by economists. Record sales were reported in clothing, footwear and personal accessory retailing with growth of 38.2%.

The tech sector extended losses into afternoon trade to close the session more than 0.6% lower, weighed down by NOVONIX tumbling almost 9%.

Bitcoin is trading 0.19% lower over the last 24-hours at US$42,096.68 at 4:30pm AEDT.

Global electric vehicle company Vmoto jumped 9.5% today after upgrading its profit guidance for the 2021 financial year. During FY21 Vmoto has already achieved a number of key milestones including, in excess of 30,000 units sold in FY21, positive operational cash flows and no bank debt as at 31 December 2021. Today’s announcement outlined that Vmoto now expects to achieve a NPAT of between $7.5m and $7.8m for FY21 which will be the largest net profit ever achieved in Vmoto’s history.

Making headlines, Southern Dental Industries plunged more than 8% today after the dental supplies manufacturer released a trading update for the six-months ended December 31, 2021. Despite unaudited sales for the period increasing by 26% to a record first half performance of $46.2m, SDI announced that it has faced significant impact from elevated logistics costs and logistic disruptions.

And a shortage of chickens in Australia has led to fast food giant KFC reducing its menu in Australia.

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