Updated February 22, 2018 15:15:14

Photo: The ASX200 may not have moved much, but investors were busy buying and selling. (AAP: Mick Tsikas)

The ASX avoided the big sell-off on Wall Street overnight, but the largely flat overall market belies some big swings in fortunes on companies trotting out results.

Nine back in the black

Free-to-air TV operator Nine Entertainment led the pack in terms of positive response from investors with its return to profitability seeing shares jumping 20 per cent in morning trade.

Nine turned around its $240 million half-year loss from last year — which was impacted by a big write down on the value of TV licence — into a $116 million profit.

At midday (AEST) Nine's shares hit $2.02 — the highest level since June 2015.

Nine said the improved performance was due to a number of factors, including a higher share of metropolitan TV advertising market, the sale of its Willoughby head office in Sydney, and a $17 million cut in broadcast fees it is obliged to pay.

Chief executive Hugh Marks described the result as "strong" across the entire business, including digital publishing.

"Positive free-to-air TV ratings momentum combined with our focus on the 25-to-54-year-old demographics is translating to improving revenue share," Mr Marks said.

"We will continue to invest in our future — there is much work still to do, but as can be seen from these results, the benefit to our shareholders is becoming increasingly clear."

Flight Centre's shares soar to near record

Travel agent Flight Centre has caught the same updraft driving Qantas's strong performance reporting a 37 per cent increase in half-year profit to $102 million.

At midday (AEDT) Flight Centre's shares were up more than 10 per cent to $55.42, just shy of its record high hit in November 2014.

Both its profit and interim dividend (60 cents per share) were at the top end of consensus forecasts from analysts.

The big uplift came form Flight Centre's offshore business, while domestic margins were broadly flat.

The good news for travellers was commentary from the company that airfares appeared to have stabilised at low levels.

Citi's Bryan Raymond said it was encouraging the company was operating strongly as the economic cycle stabilised and improved profitability in offshore operations was another positive.

"Consensus is likely to move near the top end of the guidance range, a 4 to 5 per cent earnings upgrade," Mr Raymond wrote in a note to investors.

Investors sour on Bellamy's and Blackmores

China-focussed health food and supplement businesses Blackmores and Bellamy's both produced solid jumps in interim profits, and both were immediately sold off.

Supplement maker Blackmores reported a 20 per cent increase in first half net profit to $34 million on a 9 per cent rise in top line sales revenue.

That was not good enough for investors who sent shares plummeting 15 per cent to $136.30 in morning trade.

Blackmores has shed about a third of its value since peaking at more than $200 a share two years ago.

Investors in organic baby food maker Bellamy's also spat the dummy, despite a tripling in first half profit.

Net profit jumped from $7.2 million this time last year to $22.4 million.

While that looked good, investors took heed of the fact the second half would be weaker, given consumption of infant formula tends to peak over winter in China.

Shares were down almost 6 per cent at 1:00pm (AEST) to $14.95

Adieu Westfield

Having been a fixture on the ASX boards since the mid 1960s, Westfield may well have filed its last result with a handy 14 per cent rise in full-year profit.

The $1.6 billion profit was mixed for its expected new owners, the Paris-based Unibail Rodamco, who tossed a $32 billion bid at Westfield's shareholders late last year.

The increase was largely the driven by higher property valuations, while speciality store sales were softer.

Westfield Corporation was spun out of Westfield Group and contained the company's big overseas shopping malls in the US, UK and Europe.

Westfield's Australian assets live on, rebadged as Scentre.

So is this it for the Westfield name on the ASX? Oui, le plus probable.

As Westfield co-chief executive Peter Lowy said, "There is no plan B" to the sale of the business to the French.

Shares were largely unmoved as the takeover bid is baked into Westfield's price.

Topics: company-news, tourism, media, food-and-beverage, stockmarket, australia

First posted February 22, 2018 14:51:21