AU Morning Wrap: ASX Slips; Domino's Pizza Shares Plunge
G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 marks highest close since April 2022
• ASX slips; Domino's shares plunge
• Stocks to watch: Domino, Woodside Energy, Paladin Energy
- Moomoo News AU
Wall Street Summary
U.S. stocks climbed Monday, driving the $S&P 500 Index (.SPX.US)$ to its highest level in more than a year, as investors looked ahead to a busy stretch packed with key economic reports and the Federal Reserve's latest interest-rate decision.
Coming off its fourth straight week of gains, the S&P 500 rose 0.9% to 4338.93, its highest close since April 2022. The $Dow Jones Industrial Average (.DJI.US)$ ticked up 0.6%, or about 190 points, while the tech-heavy $Nasdaq Composite Index (.IXIC.US)$ advanced 1.5%.
AU Market Watch
The $S&P/ASX 200 (.XJO.AU)$ slipped 0.1 per cent, or 6 points to 7116.4 at market open, weighed down by losses in the energy and materials sectors.
Energy stocks dropped 2 per cent at the start of the trading session. $Woodside Energy Group Ltd (WDS.AU)$ shares fell 2.2 per cent. $Santos Ltd (STO.AU)$ lost 2.3 per cent. $Whitehaven Coal Ltd (WHC.AU)$ was among the worst performing large cap stocks, losing 2.6 per cent. $Karoon Energy Ltd (KAR.AU)$ declined 2.3 per cent.
$Paladin Energy Ltd (PDN.AU)$ was an exception, its shares rallied 7.6 per cent.
The major miners also recorded losses. $BHP Group Ltd (BHP.AU)$ shares dropped 1.5 per cent. $Fortescue Ltd (FMG.AU)$ fell 1.4 per cent. $Rio Tinto Ltd (RIO.AU)$ shed 1.6 per cent.
$Domino's Pizza Enterprises Ltd (DMP.AU)$ fell in red, its shares cratered 7.4 per cent after the company said it was expecting financial year 2023 sales to be below expectations.
Stocks to Watch
$Rio Tinto Ltd (RIO.AU)$: Home-grown lithium and nickel producer IGO has poached Rio Tinto emerging star Ivan Vella to be its next chief executive, underlining the rising profile of Australia's critical minerals sector.
Mr Vella is expected to relocate to Perth to run IGO after spending the past two years in Canada overseeing Rio's aluminium division, its second-biggest source of revenue behind Australian iron ore.
$Domino's Pizza Enterprises Ltd (DMP.AU)$: Domino's says sales increased in the second half of the financial year, but the pizza chain expects them to fall below expectations for financial 2023.
In the latest trading update, the company said same store sales increased 0.2 per cent.
It expects non-recurring costs in FY24 of $80 million to $93 million before interest and tax.
Domino's said the process to shut its "underperforming" 27 stores in Denmark by end of FY23 will improve next financial year's earnings before interest and tax by about $25 million to $30 million.
$Cedar Woods Properties Ltd (CWP.AU)$: Cedar Woods Properties has downgraded its full-year forecast on net profit to $30 million.
The company previously expected earnings in FY23 to exceed its FY22 net profit of $37.4 million.
It cited adverse weather conditions and supply chain constraints as reasons for construction delays to projects.
Listed telco, computing and data centre services provider Macquarie Technology Group was raising $130 million on Monday morning.
The offer was priced at $58.50 a share, a discount to the $63.29 last close.
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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