Stocks of the Hour: Myers, Domain, Wesfarmers & Telstra

Bouncing back from the havoc of Covid-19, department store Myers (ASX:MYR) unveiled a $51.7 million profit for their full-year. The retail giant suffered a $13.4 million loss from the year. Despite the setback, total sales spiked higher by 5.5 per cent to $2.6 billion. The retail giant declared no final dividend in light of the uncertainty around current lockdowns. Shares in Myer Holdings (ASX:MYR) closed 16.7 per cent higher at $0.59.

Real estate property giant Domain Holdings (ASX:DHG) has inked a deal worth up to $159 million to acquire Insight Data Solutions. The spending spree will expand Domain’s marketplace into the corporate and government sector where IDS plays in. The deal is slated to complete in mid-October with a $60 million cash payment. Shares in Domain Holdings Australia (ASX:DHG) closed flat at $5.25.

Retail conglomerate Wesfarmers (ASX:WES) sweetened the deal to takeover Priceline owner, Australian Pharmaceutical Industries (ASX:API) for $770 million. The sweetened offer was enough for API’s board to open its books to Wesfarmers for due diligence. Washington H. Soul Pattison and Company (ASX:SOL) who owns 19.3 per cent shareholding in API is in favour of the revised offer. Shares in Wesfarmers (ASX:WES) closed 0.6 per cent higher at $56.98.

Telecom giant Telstra (ASX:TLS) is set to slash $500 million of costs in a bid to focus on growth after it unveiled its T25 strategy and its plans around future payouts to shareholders. It also intends to have 80 per cent of all mobile traffic to be on its 5G network by 2025, and is already in early planning stages, on what it will take to support 6G networks. Through delivery on its commitments, the company is confident in maintaining a minimum 16 cents per share fully franked dividend. Shares in Telstra Corporation (ASX:TLS) closed 0.5 per cent higher at $3.95.

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Source: Finance News Network