AU Morning Wrap: ASX Falls, Weighed by Banks; Appen Sinks 18%
G'day, mooers! Check out the latest news on today's stock market!
• Wall St falls on inflation jitters
• ASX falls, weighed by banks
• Stocks to watch: Appen, NAB, CSR
- Moomoo News AU
• Wall St falls on inflation jitters
• ASX falls, weighed by banks
• Stocks to watch: Appen, NAB, CSR
- Moomoo News AU
Wall Street Summary
The major U.S. stock indexes slipped Tuesday as investors awaited key inflation data and worries about the U.S. debt ceiling loomed over markets.
The $S&P 500 Index(.SPX.US$ fell 0.5%. The $Dow Jones Industrial Average(.DJI.US$ eased 0.2%, or about 57 points. The $Nasdaq Composite Index(.IXIC.US$ fell 0.6%.
AU Market Watch
The $S&P/ASX 200(.XJO.AU$ fell 0.3 per cent, or 18.7 points, to 7245.4 in the opening minutes of trade, weighed down by losses across the financials sector.
Banking stocks were broadly lower; $National Australia Bank Ltd(NAB.AU$ sank 3.5 per cent to $26.40 and $Bank of Queensland Ltd(BOQ.AU$ fell 3.9 per cent to $5.68.
Appen plunged 18 per cent to $2.59 after warning that it expects revenue to decline materially in FY23 compared to FY22.
CSR dropped 1.8 per cent to $5.37 following its full-year result. Mayne Pharma fell 5.8 per cent to $3.87 after announcing a share buyback.
Redbubble edged 0.5 per cent higher to 41.7¢ after announcing further cost-reduction measures to accelerate its return to cash flow positive.
Stocks to Watch
$SRG Global Ltd(SRG.AU$: Industrial services company SRG Global has upgraded its FY23 EBITDA guidance to a range of $79 million to $80 million.
This includes a contribution in the range of $4.5 million to $5 million from the company's recently acquired Asset Care business for the four month period of March 1 to June 30 this year.
$Mayne Pharma Group Ltd(MYX.AU$: Mayne Pharma has announced an on-market share buyback program for up to 10 per cent of the company's issued capital.
The buyback will be funded from Mayne Pharma's current cash reserves.
The company said it intended to maintain a conservative balance sheet following completion of the buyback and would continue to assess the merits of this capital management plan as market conditions evolve.
$Redbubble Ltd(RBL.AU$: Online designer marketplace Redbubble says it is implementing further cost-reduction measures to accelerate its return to cash flow positive.
The group is aiming to reduce its operating expenditure by a further $13 million to $15 million on an annualised basis. Most of the cost savings will be achieved by reducing the company’s workforce by about 23 per cent, or 75 roles.
$CSR Ltd(CSR.AU$: Building products manufacturer CSR reported net profit after tax, before significant items, of $225 million for the year ended March 31, up 17 per cent on the previous year. Statutory net profit after tax fell to $219 million from $271 million.
Trading revenue of $2.6 billion was up 13 per cent, with earnings before interest and tax, before significant items, of $330 million, up 13 per cent.
$Appen Ltd(APX.AU$: Tech services company Appen says the challenging external operating and macroeconomic conditions that were noted in its FY22 result have persisted into FY23.
For the fourth months ending April 30, the company reported revenue of $95.7 million, down 21.4 per cent on the same period last year. Gross profit was down 24.7 per cent to $35.8 million and the company reported an underlying EBITDA loss of $12.4 million.
Dividends Paid: None
Listing: None
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
Read more
Comment
Sign in to post a comment
Moomoo News Official Account
Australian stock market news that is available at your fingertips
3835Followers
6Following
110KVisitors
Follow