AU Evening Wrap: Incitec Pivot Tumble Drags ASX Lower
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• Top gainers: $SkyCity Entertainment Group Ltd (SKC.AU)$, $Infratil Ltd (IFT.AU)$, $Domain Holdings Australia Ltd (DHG.AU)$
• Top losers: $Incitec Pivot Ltd (IPL.AU)$, $Sandfire Resources Ltd (SFR.AU)$, $Imugene Ltd (IMU.AU)$
- moomoo News AU
The $S&P/ASX 200 (.XJO.AU)$ fell 0.5 per cent on their third day of losses as investors kept to the sidelines after Wall Street retreated on disappointing earnings and worries about the economy.
Wages rose at the fastest pace since 2012 in the first quarter but came broadly in line with forecasts, a result that may cause the Reserve Bank to pause interest rate increases next month following the surprise lift to 3.85 per cent early this month.
Fertiliser maker $Incitec Pivot Ltd (IPL.AU)$ was the biggest laggard, down 7.8 per cent after a decline in first-half underlying earnings to $361.9 million came well short of analyst forecasts. It was the biggest share decline in two years.
Shares in global malt supplier $United Malt Group Ltd (UMG.AU)$ bounced 2.3 per cent as investors cheered a positive outlook despite swinging to a net loss of $14 million and scrapping an interim dividend.
In contrast, retailer $Best & Less Group holdings Ltd (BST.AU)$ stock skidded 3.9 per cent after it slashed net profit guidance to between $10 million and $12 million for the second half of the year, from $18 million and $20 million previously expected.
Shares in the big banks and mining companies fell.
$Rio Tinto Ltd (RIO.AU)$, $BHP Group Ltd (BHP.AU)$ and $Fortescue Ltd (FMG.AU)$ retreated between 0.3 per cent and 0.8 per cent, defying stronger prices of iron ore on improving demand from China.
$Temple & Webster Group Ltd (TPW.AU)$ rocketed 19 per cent after reiterating guidance of an earnings increase of between 3 per cent and 5 per cent. It was the biggest daily share gain since August last year.
S&P/ASX 200 Movers for Wednesday (17/5)
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2. Search for and tap on ".XJO"
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2. Search for and tap on ".XJO"
3. Roll down to see "Constituent Stocks"
4. You can filter the list based on "%Chg"
10 Top-Traded AU Stocks for Wednesday (17/5)
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2. Tap your finger on "Market" and "AU"
3. Roll down and tap on "Main Board"
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1. Open moomoo app
2. Tap your finger on "Market" and "AU"
3. Roll down and tap on "Main Board"
4. You can filter the list based on "Turnover"
Source: Dow Jones Newswires, The Market Herald
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