Have a good evening everyone - we'll be back tomorrow from 9am.
Heavy selling Telstra pulled the ASX into the red, as investors bunkered down and focused on a raft of company results.
Telecommunications was easily the worst performing sector while a pickup in base metals prices and iron ore provided support for the miners.
The benchmark S&P/ASX 200 Index fell 0.3 per cent to 5779.2 points, despite nudging above 5800 during the session.
Telstra stock slumped to a five-year low after management decided to cut dividends from 31 cents to 22 cents and takes the company away from its current practice of paying out almost all underlying profit to shareholders. The stock closed down 10.6 per cent to $3.87, its biggest one-day slide in more than eight years.
"The size of Telstra's losses has had the biggest impact on the market but there's plenty of individual news to keep investors busy," said James Gerrish, senior client adviser at Shaw & Partners.
"There isn't a broadbased market theme."
There was widespread selling in the big four banks; ANZ Bank was off 0.7 per cent, Commonwealth Bank of Australia slipped 0.8 per cent, National Australia Bank fell 0.4 per cent and Westpac closed down 0.5 per cent.
The resource giants BHP Billiton and Rio Tinto both bumped up 1 per cent and 1.2 per cent respectively, following strong gains in metals prices and a 6 per cent rally in Chinese iron ore futures on Thursday.
In other equities news, Cochlear shares enjoyed their best trading day in 18 months after the pioneering hearing implant maker boosted its final dividend by 17 per cent. Investors sent the stock rocketing up 7.2 per cent.
There was lots of movement around Treasury Wine Estates; investors initially sent the stock tumbling 3 per cent in early trade after the company missed guidance, but then there was a change of heart and the share price ended up climbing 3 per cent higher at the close.
QBE shares tumbled 7.1 per cent after the insurer posted a 30 per cent increase in net profit to $US345 million, despite poor performance in its emerging market business.
Blood products giant CSL has simplified the way it structures executive pay and added a novel "take-home pay" table to its annual report in an attempt to head off a "second strike" against chief executive Paul Perreault's remuneration.
Mr Perreault was paid $US8.18 million ($10.25 million) in the year to June 30, including $US4.2 million in cash salary and bonuses and just under $US4 million in long-term and share-based incentives, about the same as in 2016.
But his "take-home pay" – outlined in a separate "mums and dads" table suggested by the Australian Shareholders' Association as a way to defuse rows over executive pay – came in at $US7.4 million.
The proposal and remuneration report passed but votes of 26-27 per cent against constituted a "first strike" under remuneration rules adopted a decade ago amid an uproar over excessive executive pay. A "second strike" can spill the board and force directors to seek re-election.
The company has given shareholders a return of 236 per cent since 2012, compared with an 80 per cent return from the S&P ASX 200 index.
Chairman John Shine promised after last year's first strike on pay to communicate executive pay matters better this year. He said today that "as a global biopharmaceutical company, it is critical that we have a remuneration structure that is fair and competitive in the nearly 60 countries in which we operate".
Professor Shine said CSL had been committed to addressing the concerns outlined by shareholders in 2016 and had "met with shareholders around the world to address the challenges set by them. We have heard a desire for a remuneration model that is simpler and more transparent, rewards real achievement and aligns executives with shareholder interests".
In either case, Mr Perreault's pay fell well short of the $US10.7 million maximum, which critics – who voted against a proposal to award him $US5.1 million of performance options and rights over four years at last year's annual meeting - said he could earn in 2016-17 if he snared all the bonuses and incentives on offer. Some of the incentives were to vest in future years.
There's no doubt that US stock valuations are stretched by historical standards, the $1 trillion question is will that spark a plunge in share prices anytime soon.
John Higgins, chief markets economist at Capital Economics says 'no', pointing to still ultra-low interest rates.
"The bears argue that the stock market is overvalued because the equity yield (of 5.6 per cent) is low by the standards of the past," Higgins says.
"But the equilibrium level of the equity yield is a function of the equilibrium levels of investors' required real return from 'risk-free' assets and the equity risk premium, which have fallen in our view.
"So we do not think it makes sense to assume that the equity yield will inevitably revert to its long-run average. In our opinion, the equilibrium level of the equity yield now is probably about 4.5 per cent, which is equivalent to a price/earnings ratio of 22.2."
Currently the S&P500's 12-month forward P/E is 18.9, or well above the long-term average of 14.1.
Higgins adds that despite concerns about high share prices in the US technology sector, its valuation does not appears to be stretched relative to that of the broader market, unlike during the dot com bubble
AFR companies editor James Thomson admires the achievements of Treasury Wine's management:
Finally a bit of sanity from investors, who managed to resist the temptation to bash a blue chip for a result slightly below consensus.
Treasury Wine Estates delivered earnings before interest, tax andthe SGARA agricultural accounting standard (its preferred measure of underlying profits) of $455.1 million for 2016-17.
That was up 36.2 per cent on the previous year, but it was just below analyst expectations for EBITS of about $464 million.
In a market that has been prepared to kill its darlings – see the smashing Domino's took earlier this week – the miss might have had Treasury chief executive Michael Clarke nervous.
But Treasury shares rose 3.4 per cent on Thursday morning to $13.05. The stock is now up 40 per cent over the past 12 months and not too far off its record of $13.75 in June.
The result is a ripper, and demonstrates the fruits of Clarke's labour over the past three years.
EBITS rose by double digits in every one of its regions, with earnings in Australia and New Zealand up 24 per cent, Europe up 46 per cent (excluding foreign exchange movements) and in Asia by an impressive 47 per cent.
Even the struggling American division, which Clarke has now taken personal responsibility for, saw EBITS rise 44 per cent.
But what's most impressive is the incredible recovery in EBITS margins.
Clarke has promised the market he could get margins into the high teens by the 2019-20 financial year. He delivered a 19 per cent margin today, three years ahead of schedule.
To put the size of this achievement in further context, consider this: when Treasury released its half-year results in February 2014, just days before the former food executive was appointed, the company reported its margins were running at just 5.6 per cent.
By realigning Treasury's portfolio to focus on premium brands, by building sales and by cutting costs – another $39 million in expenses slashed in 2017, taking the cumulative total of his cost-cutting program to $80 million since it launched in 2016 – Clarke has changed the company.
Telstra executives have defended their decision to cut dividends, a move that has shaken investors and pushed Telstra shares to a five-year low.
Telstra expects to pay total dividends of 22 cents a share in the 2017-18 financial year - down from 31 cents in the year just ended - after reassessing its payout policy.
The move takes the company away from its current practice of paying out almost all underlying profit to its 1.4 million shareholders, to paying between 70 and 90 per cent of underlying profit - a ratio chief executive Andrew Penn says is "more in line with global peers and local large companies."
"We realise this is a material reduction from the historic level of our dividend and we do not underestimate the impact on our shareholders," Penn said. "This is about setting the business up for success in the future."
He said Telstra's board had not taken the resetting of its dividend policy lightly, and was seeking to balance returns to shareholders with the long-term strategy and sustainability of the company.
Chief financial officer Warwick Bray said the change will support a strong balance sheet and offer flexibility during an uncertain period of digital disruption, increasing competition and the transition to the national broadband network.
"Our world is changing," he said."Technology innovation is accelerating, we're seeing new competitors."The business needs to transform, and our dividend policy needs to match."
Shares are still down 8.3 per cent at $3.97.
Economists are weighing in on this mornings jobs data. Here's a taste of what the eggheads (and we mean that in the nicest possible way, as fellow eggheads) are telling their clients:
Citi's Josh Williamson says the ABS release has "something for everyone":
July's solid employment increase didn't erode spare labour market capacity. Employment increased by 27.9K in July, while the unemployment rate fell slightly to 5.6% from a revised 5.7% reading last month.
If that was the end of the story, the data would arguably be viewed as positive. However, the numbers came with the loss of 20k full-time positions and a 0.8% decline in aggregate hours worked. Coming on the back of the soft 0.4% private sector wages growth data for Q2, the July labour force data do not suggest that wages growth will pick-up in Q3 outside some influence from the stronger-than-expected regulated increase in minimum wages. Furthermore, the strong employment gains in recent months have been unable to lower the unemployment rate from an average of 5.6% and annual growth in both employment and the labour force look like they have peaked.
UBS's George Tharenou says despite the trend in jobs improving, the unemployment rate is "too high for wages to lift":
Overall, employment growth strengthened to 2% y/y, the best in over 2 years, and consistent with booming business conditions. Unemployment also held near a cycle low at 5.6%, but is still too high for a sharp lift in wages. Hence, the onus remains on jobs to stay solid and lift wages in order to avoid lower consumption amid a looming housing correction and consumer gloom. Indeed, faster jobs in recent years failed to translate to wages (see chart). Hence,while the minimum wage decision will likely see [growth in] the wage price index pick up to a still modest 2½% ahead, we still don't see enough evidence yet for the RBA to change their policy stance.
CBA economist John Peters is more upbeat:
In a nutshell, the latest labour force numbers confirmed that the national labour market continues to pick up some seriously solid momentum. The pace of employment growth (and particularly full‑time jobs growth) has clearly cranked up more than a few notches as 2017 has progressed. Over the past six months, monthly jobs growth has averaged 33k per month. The current pace of jobs growth is well above the 20k needed to accommodate the ever expanding population.
The split between full‑time and part‑time jobs growth has altered substantially in the past six months or so. And in the right direction towards full‑time jobs creation. Indeed, full time jobs growth has averaged around 35.1k per month over the past six months. Full time jobs actually contracted in calendar 2016. In sharp contrast, the pace of part‑time job growth has come right off the boil with an average monthly employment contraction of around 2.1k in the six month since January.
From a policy perspective, with broad based wages growth of under 2% pa at present against the backdrop of a high level of underutilisation in the labour market (i.e. spare capacity) wages are not likely to push underlying inflation higher into the RBA's 2‑3% target anytime soon. Thus today's strong jobs data does not in any way alter our view that any RBA rate hike is still a long way off. We see the RBA remaining on the bench for the whole of 2017 with any prospective hike not coming into play until late 2018.
It's official, we have passed through to an alternative world of pure irony...
Andrew "Twiggy" Forrest (yes, the chairman of Fortescue) has won a High Court appeal challenging mineral sands miners' rights to operate on his family cattle station, Minderoo.
The court ruling could potentially throw the validity of tens of West Australian mining leases into doubt.
This morning, the High Court approved an appeal by Mr Forrest's private company Forrest & Forrest which challenged the validity of mining lease applications lodged by small, private companies Yarri Mining and Onslow Resources over part of Minderoo.
The applications were lodged in 2011 to allow the companies, run by local businessman Warren Slater, to mine sand from around the Ashburton River, which runs through the station.
Forrest & Forrest argued the mining lease applications did not meet the requirements of the Mining Act because a document which needs to be submitted with the applications, a mineralisation report, was not submitted at the same time.
A mineralisation report for each application was lodged two months later and the mining lease was recommended for approval by the mining warden. The High Court said Thursday submitting the documents "was a condition precedent to the exercise of the powers" to grant a mining lease under the act.
Lawyers have said the decision could bring the validity of other mining leases into question as any lease which shares the same "flaw" could now be declared invalid by a court.
Cochlear shares are on track for their best day in 18 months, after the pioneering hearing implant maker boosted its final dividend by 17 per cent to $1.40 a share and foreshadowed further growth in 2018.
The dividend surprise was off the back an 18 per cent lift in net profit and earnings per share for Cochlear, which leads the global market in hearing implants from its base at Macquarie University in Sydney's northern suburbs.
Shares are up 7.9 per cent at $11.21.
The company earned $223.6 million after tax on sales of $1.24 billion for the year to June 30 and foreshadowed a net profit of $240 million to $250 million in 2018, an increase of 7 per cent to 12 per cent, based on an $US80¢ Australian dollar.
AFR Chanticleer columnist Tony Boyd writes on this morning's Telstra earnings announcement:
The 30 per cent cut to Telstra's dividend ends a decade-long payout bonanza and marks the start of a continual decline in shareholder returns.
Telstra's large retail shareholder base must get used to the fact that the roll out of the NBN broadband network has put an end to Telstra operating like a fixed-interest bond paying out 100 per cent of its earnings.
Telstra's dividend was one of the most predictable and secure income streams in Australia. It was 28 cents a share from 2006 to 2013 and then rose gradually to 31 cents a share in 2016 and 2017.
The company returned about $13 billion to shareholders between 2015 and 2017 through dividends and buybacks.
The cut in the annual dividend from 31 cents to 22 cents a share in 2018 is a taste of things to come.
The new payout ratio of 70 to 90 per cent of underlying earnings could see the dividend cut to 15 cents a share by 2020 based on the company's earnings trajectory.
Chief executive Andy Penn is doing his best to make up the $3 billion hit to earnings from the NBN. So far he has come up with a $1.5 billion cost cutting plan and $500 million from strategic initiatives.
That leaves another $1 billion in earnings or cost cutting to fill the gap. His task will become more difficult as the NBN moves to completion because every NBN subscriber connected through Telstra earns a profit margin one tenth of the margin earned on Telstra's network.
The only silver lining from the NBN is the possibility of a $3 billion buyback funded by the monetisation of the long term annual payments from NBN. But this is a complex proposal that requires many government approvals.
Penn is grappling with lower profit margins in mobiles from more intense competition. The competition is coming from existing players and from new entrants.
The housing and infrastructure boom on the eastern seaboard is triggering price rises for pre-mixed concrete and aggregates used in construction, with Australia's biggest cement supplier expecting to lift prices for the second time this year.
Adelaide Brighton chief executive Martin Brydon said that demand was continuing to rise, particularly in Melbourne and Sydney and a second round of prices rises for a range of products was anticipated later in 2017.
"It's economics," Mr Brydon said. "Melbourne is going gangbusters. Everyone knows how strong Sydney is," he said.
The company had already instituted a round price rises for various products on April 1. And Mr Brydon said no final decision had been made but Adelaide Brighton was also expecting to raise prices again later in calendar 2017.
"I think it's likely we will follow the market," he said. He said 2018 was looking very strong for the property construction industry, while the rising number of big infrastructure projects on the drawing board augured well for future demand.
"Next year looks strong again," he said.
Adelaide Brighton is Australia's biggest cement supplier and about one third of its revenues are derived from selling cement and other building products to the residential construction market.
Despite all that positive talk, the company announced a 10.9 per cent drop in net profit after tax to $68.7 million for the six months ended June 30, 2017. Revenue increased by 4.7 per cent to $718.4 million.
Shareholders will be paid a steady first half dividend of 8.5¢ per share on October 5.
Mr Brydon said the company was facing an $8 million rise in electricity costs in calendar 2017, but he said some of the measures being implemented by the South Australian Government to introduce more competition and new electricity generation should help over the medium term.
The shares are up 3.5 per cent at $5.86.
Small appliance maker Breville Group said a new partnership with Nespresso in North America helped offset a continued decline in earnings due to discount retailers pushing more private label products and the expiry of the a Philips distribution agreement.
The $1.3 billion company expects global business conditions to be "no less challenging" this new financial year compared with last year.
Revenue for the 2017 full year was up 5.1 per cent to $605.7 million. Earnings before interest and tax (EBIT) was $79 million, increasing by 7.2 per cent. Net profit after tax was up 7.3 per cent to $53.8 million, taking basic earnings per share higher to 41.4c.
The Sydney-based company has two operating operating segments and also has products under the Sage brand.
Sales of global products, which sells premium appliances designed and developed by Breville sold into 65 countries, rose 9.9 per cent to $469.6 million, or 14.3 per cent in constant currency terms, and earnings rose 11.1 per cent.
Sales of distributed and third-party products such as Kambrook and Philips for the year fell 8.8 per cent to $136.2 million and earnings plunged 22.5 per cent.
Breville said the distribution result was better this half than the first half when earnings tumbled 36 per cent, thanks to a distribution agreement with Nespresso.
Breville recently acquired Aquaport, an Australian business operating in the water and air purification categories, which will be included within the distribution segment.
Breville said it bought the business due to revenue upside in New Zealand and cost structure synergies and it may drive broader global product opportunities.
Breville, which is 27 per cent owned by Solomon Lew's Premier Investments, increased its final dividend to 15cps (partially franked) up from 14cps a year ago.Payment is due October 6, 2017.
The shares have jumped 6 per cent to $10.88.
A few reactions (and charts) to today's jobs data:
Ten consecutive months of jobs growth doesn't happen too often - not since mid-2010 #ausbiz pic.twitter.com/9DyIx00Ob9
— Alex Joiner (@IFM_Economist) August 17, 2017
It has fallen recently but part-time employment has accounted for 55 per cent of employment growth over the past five years #ausbiz #auspol pic.twitter.com/lcYpwdfiWP
— Callam Pickering (@CallamPickering) August 17, 2017
Even with that swing back from full to part time, we still have strong jobs growth & 83% of jobs created in last in Australia are full time. pic.twitter.com/SGz4wLCVPo
— Robert Rennie (@R0bertRennie) August 17, 2017
..leading jobs indicators (ANZ jobs ads, skilled vacancies, NAB emp component, ABS vacancies) still point to solid jobs growth pic.twitter.com/UH5dBFB8Xg
— Shane Oliver (@ShaneOliverAMP) August 17, 2017
Bitcoin's meteoric rise is leading some investors to argue the cryptocurrency is a better hedge against inflation and turmoil than gold, according to Morgan Stanley.
Equity strategist Tom Price said he's been fielding more cryptocurrency questions after prices recently soared past $US4000 a bitcoin, a fivefold increase from November 2016. They're currently at $US4341, according to coinmarketcap.com.
Both bitcoin and gold offer similar benefits as a store of value, such as being fungible, durable, portable, divisible and scarce, but it's too soon to call bitcoin a superior investment, he says.
"Over millenia, gold has demonstrated its ability to endure and preserve value under all circumstances," Price said in an August 14 report. "By contrast, bitcoin's global platform literally requires the lights to stay on."
The enthusiasm for bitcoin has reached a frenzy in recent weeks as more companies roll out improved trading technology. Earlier this month, a plan to move some data off the main network was activated in an effort to quicken trade execution and broaden access, helping to fuel the optimism.
By comparison, moves in gold have been muted. Prices are approaching $US1300 an ounce after climbing 11 per cent this year on the back of a weaker dollar and worries over heightened military tensions between North Korea and the US.
The ASX 200 has briefly surpassed 5800 points after solid gains in the miners and a well received Cochlear (+7.6%) result more than offset the plunge in Telstra shares and heavy losses in IRESS (-6%) and QBE (-4.7%) on their earnings updates.
A 2.6 per cent gain in Wesfarmers hasn't hurt either, while the big banks are all wallowing around, so at least not dragging.
We have been here before - at 5800 points that is. As we pointed out earlier in the week, the benchmark index has bounced around in a 100-point range for a few months now, as the chart below shows.
Today's big-ticket economic data is in and it's mostly good news from the jobs market: the unemployment rate remained at 5.6 per cent in July, as 27,900 new jobs were created.
That's about double the number of new jobs in June and more than the 20,000 tipped by economists.
However, the new employment opportunities were mostly part-time, as the economy added 48,200 part time jobs, while losing 20,300 full-time ones, ending the surge in full-time jobs we've seen over the past month.
The participation rate edged up to 65.1 per cent, from 65.0 per cent in June.
The Aussie dollar, already on the ascent, rose about two-tenths of a cent to the day's high of US79.49¢, before slipping back to US79.40¢.
Trend full-time #employment growth continues: https://t.co/wibDQqDuAW#ausecon pic.twitter.com/ECs9CXYqzv
— AU Bureau of Stats (@ABSStats) August 17, 2017
Australia's second-largest listed gold miner, Evolution Mining, has announced a new dividend policy after posting a record net profit result for the 2017 financial year.
Evolution's net profit for the year came in at $217.6 million, a strong turnaround from a net loss of $24.3 million in 2016.
Revenue climbed 11 per cent to $1.5 billion while EBITDA jumped 17 per cent to $713.9 million.
The strong result was driven by higher production volumes, lower costs and a healthy gold price. And Evolution expects the momentum to continue in 2018.
After producing a record 844,124 ounces of gold in 2017, Evolution has forecast production of 820,000 to 880,000 ounces for 2018. It wants to lower its costs too, from $907 an ounce in 2017 to between $850 and $900 an ounce.
Evolution chairman Jake Klein said the gold miner's performance allowed it to lower net debt and announce a higher dividend, the company's ninth consecutive dividend and its first that is fully franked.
"These results and robust outlook have enabled us to further increase the final dividend to a fully-franked 3¢ per share under the new dividend policy of a payout ratio of 50 per cent of after tax earnings," Mr Klein said.
Evolution has paid a revenue-linked dividend since February 2013, last tweaking the rate from 2 per cent to 4 per cent of annual revenue in June 2016.
The company said the change to a earnings-linked policy was driven by "the continued growth over the past year and the recent inclusion in the ASX 100, coinciding with the group moving to a tax paying position."
Evolution finished the year with $37.4 million cash in the bank for net debt of $399 million.
Investors like it: the shares are up 4.2 per cent at $2.36
Vocus Group has booked more than $1.5 billion in write-downs spread across its Australia and New Zealand businesses and updated the market on its earnings.
Valuations across the telecommunications sector have dropped significantly in the last 12 months as the industry face headwinds from greater competition and the National Broadband Network.
Following a review of its assets and goodwill, Vocus decided to take $1.3 billion of non-cash impairments on its Australian business and a further $199 million on its New Zealand business.
The write-down is a recognition the landscape for Australian telcos has changed dramatically and analysts had forecast such a move.
The goodwill on the telco's balance sheet has increased following a wave of mergers and acquisitions.
In the last two years Vocus has completed a $1.2 billion merger with Amcom, a $3.8 billion merger with M2 Group and finally bought Nextgen for $807 million.
"The review has been undertaken utilising the detailed five year business plans for each of the three operating divisions and group services," the company said in a statement to the ASX.
"These plans have been developed over the last few months taking into account the current competitive market environment, in particular in the consumer broadband sector in both Australia and New Zealand."
Vocus will report its full-year results next week and today it said its unaudited underlying earnings before interest, tax, depreciation and amortisation have come it at $366.4 million, within the company's guided range of $365 million to $375 million.
Unaudited [operating] net profit is below the company's guidance of $160 million to $165 million, coming it at $152.3 million. Vocus downgraded guidance in May.
Vocus is subject to two indicative $3.50 per share bids, valuing the telco at $2.2 billion, from private equity giants Affinity Equity Partners and Kohlberg Kravis Roberts & Co.
Vocus shares are off 2.1 per cent at $3.21.
A lack of lottery jackpots and poor weather that cancelled several race meets has hit Tatts Group's 2017 result, but the company said its luck had begun to turn in the new financial year.
Chief executive Robbie Cooke said the group had made a "powerful" start to 2018, benefiting from a Oz lotto jackpot run that helped a 25 per cent rise in after-tax profits for July.
But Tatts announced its net profit fell 5.7 per cent to $220.5 million in 2017 and revenue was down 5.1 per cent to about $2.8 billion.
Net costs related to the pending merger with Tabcorp reached $23.4 million, with Tatts expecting the deal to be completed in the last quarter of the calendar year.
The Tatts result included a $137.8 million revenue hit from only having 31 major jackpots of $15 million or more in 2017 compared with 45 in the previous year. The lotteries division suffered a 5.9 per cent revenue fall to $2 billion and pre-tax earnings declined 9.2 per cent to $290 million.
"Our lotteries operation exited 2016 with the strongest jackpot run in history," Mr Cooke said. "Matching, let alone beating, this record and the revenue it generated in 2017 was always going to be against the odds."
Tatts said 14.5 per cent of all lottery ticket sales were now conducted via digital channels and there were 1.7 million active digital lottery customers, up from 1.4 million in 2016.
Tatts will pay a final 8¢ per share dividend on October 3. The stock us up 1.3 per cent at $3.98.
Alright, we are going to return to Telstra in a bit, but there are plenty of other reports coming through.
ASX Ltd has reported a 1.9 per cent or $7.9 million lift in net profit of $434.1 million largely in line with expectations for net profit of $435 million.
Analysts from Macquarie noted that while the net profit was broadly in line with expectations that the result slightly undershot consensus estimates for revenue and EBITDA.
At the opening of the market, shares in ASX edged 0.1 per cent lower to $53.60.
ASX CEO Dominic Stevens said the result was the fifth consecutive year of profit growth however the result was tempered by ongoing weakness in large cap capital raisings.
"The result was underpinned by growth in the cash market and derivatives trading activity, due in part to ongoing global uncertainty and pockets of volatility," Mr Stevens said.
"Despite the total amount of capital raised being lower, down 28.8 per cent, there were significantly more new listings in FY17, rising from 124 to 152, the most in six years, including many foreign and technology company listings."
Revenue at ASX rose 2.4 per cent or $17.8m to $761.4m and EBITDA was was up 1.3 per cent or $7.5m to $583.2m.
Earnings per share (EPS) rose 1.9 per cent to 224.5c a share against expectations of 220c. ASX announced a 0.8 per cent rise in the final dividend of 99.8c taking the full year dividend up 1.9 per cent to 201.8c a share.
Mr Stevens said that after chalking up a year in the role he was buoyed by the progress being made on using distributed ledger technology - the technology that underpins blockchain - as a potential successor to the CHESS system and would be able to make an assessment on the likelihood by 2017.
ASX said 450 stakeholders had visited the display suite and many international visitors had engaged with the company on its plans. ASX said it would make a final decision on feasibility by September.
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