Daily FNArena News - Australia

Supermarket sales growth for Coles is expected to decelerate in the next couple of quarters as gains from its collectables campaign lose momentum.

Flight Centre has cut pre-tax profit guidance for FY19 for the third time and broker opinions diverge regarding the longevity of the contributing factors.

Gold miner Northern Star Resources had a less-than-stellar March quarter, largely because of delays to the arrival of new mining equipment at Pogo.

The high-grade Monty copper-gold mine has made its first contribution to Sandfire Resources’ production in the March quarter but exploration remains critical to the medium-term outlook.

The main positive from the South 32 quarterly production numbers was the performance of manganese assets while thermal coal was a key point of weakness.

Brokers weigh up a subdued outlook for major banks ahead of interim reports in early May. Dividend reductions are considered highly probable, particularly at National Australia Bank.

Sales growth for the Brambles’ CHEP business reflected strong price realisation and customer expansion in the US, but the critical issue for brokers is easing cost inflation.

Cochlear has launched its MRI-compatible implant but brokers do not expect the new product will impact revenue and market share until FY20.

Elevated inventory persisted over the March quarter amid falling sales for Blackmores, which has recognised the need to reposition its business to better cater for the Chinese market.

The first quarter can be soft for seasonal reasons and mineral sands producer Iluka Resources has assured the market that sales remain in line with historical averages.