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-- 243.750 AU Morning Wrap: ASX Falls, RBA Tipped to Lift Cash Rate
G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 starts week lower, short of bull market territory
• ASX falls; Baby Bunting tumbles over 20%
• Stocks to watch: Wesfarmers, a2 Milk, Paladin Energy
- Moomoo News AU
Wall Street Summary
Stocks fell Monday, leaving the S&P 500 just shy of entering a new bull market.
The tech-heavy $Nasdaq Composite Index (.IXIC.US)$ fell 0.1%. The blue-chip $Dow Jones Industrial Average (.DJI.US)$ slipped 200 points, or 0.6%. The $S&P 500 Index (.SPX.US)$ fell 0.2% to close 4273.79, just 19 points below a bull market, or a 20% rise from the low set last October.
The broad-based index has been in bear-market territory for 245 trading days, the longest such stretch since 1948, according to Dow Jones Market Data. It climbed for the three consecutive weeks ended Friday, driven by the tech sector. The Nasdaq has posted six straight weeks of gains.
AU Market Watch
The Australian sharemarket fell 0.7 per cent, or 47.9 points, to 7168.4 points at market open as traders await for the Reserve Bank's cash rate decision this afternoon.
Nine out of the 12 sectors were in the red, with consumer discretionary and staples stocks reporting losses.
$Wesfarmers Ltd (WES.AU)$ shares dropped 1.5 per cent, $Aristocrat Leisure Ltd (ALL.AU)$ fell 1.4 per cent and $Harvey Norman Holdings Ltd (HVN.AU)$ fell 2.5 per cent. $Baby Bunting Group Ltd (BBN.AU)$ shares tumbled 22.2 per cent after the company downgraded its expectations on FY23 profit.
But $The a2 Milk Co Ltd (A2M.AU)$ rallied 6.9 per cent after news that the company received the go-ahead on re-registration from Chinese authorities.
Energy stocks also retreated. $Woodside Energy Group Ltd (WDS.AU)$ fell 0.9 per cent and $Santos Ltd (STO.AU)$ dropped 1 per cent.
$Paladin Energy Ltd (PDN.AU)$ was an exception – its shares surged 4.9 per cent.
$BHP Group Ltd (BHP.AU)$ shares fell 0.3 per cent.
Stocks to Watch
$The a2 Milk Co Ltd (A2M.AU)$: The a2 Milk Company says it has received from Chinese authorities for the re-registration of its China label infant milk formula to be manufactured in line with the country's regulations.
The approval will allow New Zealand-based Synlait to manufacture for a2MC until September 2027. Production is expected to start later this month.
$Cooper Energy Ltd (COE.AU)$: Gas explorer Cooper Energy has downgraded its earnings and production guidance for FY23.
Its earnings before interest, taxes, depreciation, amortisation, and exploration expense (EBITDAX) was lowered to the range of $106 to $111 million from $115 to $133 million.
The revised guidance for production is now 3.53 million barrels to 3.56 million.
$Magellan Financial Group Ltd (MFG.AU)$: Magellan Funds Management has reported $500 million in outflows in May.
Funds under management is recorded at $41.4 billion. April’s figure was $42.7 billion.
The Australian Stock Exchange has revised its dividend payout ratio policy to a range of 80 to 90 per cent of net profit for FY24.
For the current financial year, its dividend payout ratio policy remained at 90 per cent of net profit.
$Perenti Ltd (PRN.AU)$: Gold miner Perenti says its now expecting revenue to be $2.9 billion in FY23, according to the company's latest update.
It previously expected revenue to be in the range of $2.8 billion to $2.9.
Earnings before interest and tax were also upgraded to a range of $260 million and $265 million.
$Baby Bunting Group Ltd (BBN.AU)$: Infant goods retailer Baby Bunting has downgraded its FY23 net profit to a range of $13.5 million to $15 million in its latest trading update.
Its previous guidance on net profit was in the range of $21.5 million to $24 million.
The company now expects sales to be in range of $509 million to $513 million and store sales to be in the range of -4 per cent to -5 per cent.
$Westgold Resources Ltd (WGX.AU)$: Gold miner Westgold Resources has announced a takeover offer for Musgrave Minerals.
Under the terms, Musgrave shareholders will receive one fully paid Westgold ordinary share for every 5.37 Musgrave shares held.
It first approached Musgrave on June 1. Westgold closed at $1.60 a share on Monday.
Listing: None
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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