Stocks

Out-of-home advertiser Ooh! Media shares have been climbing higher after releasing a better-than-expected result for the first half of the 2022 financial year. OML had been oversold since the start of the year as digital advertising spending starts to wane off from the pandemic boom and advertising spending set to fall on weaker economic outlook. However, for OML, it’s likely to be the other way around, being heavily impacted by the pandemic, while reopening will see advertising shift their budgets away (or limit their increase) from digital and increase allocation towards out of home, which has its awareness recovery to pre-pandemic levels.   The result was buoyed by the ease in covid restrictions and opening of international borders increasing advertising spend back in the sector. Accordingly, revenue was up +10% from last year to $276.1m, and operating earnings (EBITDA) soared +62% from last year to $51.5m.

BHP shares were higher after delivering a bumper result for the 2022 financial year, beating marketing expectations. BHP delivered its second-largest profit to date with underlying profit coming in at US$21.3 billion, which does not include the profit generated from the sale of its petroleum assets to Woodside. The full-year dividend came in at US$3.25 per share, well ahead of analyst expectations. Iron ore prices continue to remain elevated (on a 10-year view still above $100/tonne) but the standout was coal operations, as its prices have surged recently and held up much better, benefitting from the Ukraine invasion.

Shares of wastewater treatment business DEM have had a difficult 2022, despite the company not releasing any “bad” news.

Contact shares rose after delivering its 2022 full-year result which was mostly in line with expectations – operating earnings (EBITDA) came in at $537m, with a full-year dividend of $0.35 per share.