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Webjet stocks dip as EBITDA downgraded: Aus shares close 0.3% higher

Australian Business News
Australian Business News
24 days ago|5 views
It has been a positive day of trade for the Australian share market. After opening in the black the local bourse managed to gain momentum early in the session and track sideways for most of the day to close 0.3 per cent higher. As for the sectors, we saw strong performances from Real Estate, Health Care and Energy. Digital travel company, Webjet (ASX:WEB) took a hit today after one of its customers, Thomas Cook, entered compulsory liquidation. The S&P/ASX200 index: At the closing bell the S&P/ASX 200 index closed 19 points higher to finish at 6,750. Futures market: Dow futures are suggesting a rise of 107 points. S&P 500 futures are eyeing a rise of 12 points. The Nasdaq futures are eyeing a lift of 38 points. And the ASX200 futures are eyeing a 25 point rise tomorrow morning. Economic news: The Commonwealth Bank’s Flash Purchasing Manager’s Index was released today. The Flash Services PMI for September 2019 was 52.5 (compared to 49.1 in August 2019) showing an expansion in the service sector, compared to the decline in August. This performance beat market expectations with consensus predicting a contractionary figure of 45.3. The Flash Manufacturing PMI for September, however, was 49.4 (compared to 50.9 in August 2019). This signals a decline for the month of September, coming off the back of the expansion we saw in August. This unexpected decline is the first decline in the health of the manufacturing sector since the survey began in May 2016. Company news : Digital travel company, Webjet (ASX:WEB), has made its way onto the worst performer list today after one of its customers, Thomas Cook, entered compulsory liquidation. Thomas Cook is a customer of Webjet’s WebBeds B2B business and as at 23 September 2019, Thomas Cook owed Webjet approximately 27 million Euros in unpaid receivables. As a result, Webjet has revised its guidance for WebBeds for the 2020 financial year and is expecting a decrease of up to $7 million in EBITDA compared to its August estimate. Th...