AU Morning Wrap: ASX Falls; REITs and Industrials Drop

Moomoo News AU wrote a column · Jun 30, 2023 08:33

G'day, mooers! Check out the latest news on today's stock market!
• Bank stocks lead market higher after clearing Fed tests
• ASX falls; REIT's and industrials drop
• Stocks to watch: Goodman Group, Charter Hall, Atlas Arteria
- Moomoo News AU

AU Morning Wrap: ASX Falls; REITs and Industrials Drop

Wall Street Summary

Most stocks ticked higher on Wall Street following the latest signs that the US economy remains stronger than feared.

The $S&P 500 Index (.SPX.US)$ rose 0.4 per cent and is on track for its sixth winning week in the last seven. The $Dow Jones Industrial Average (.DJI.US)$ gained 0.8 per cent while the $Nasdaq Composite Index (.IXIC.US)$ edged down by less than 0.1 per cent.

AU Market Watch

The $S&P/ASX 200 (.XJO.AU)$ fell 0.2 per cent, or 13.3 points to 7181.6 at market open, weighed down by real estate, industrials and consumer discretionary stocks.

The real estate sector lost 1 per cent led by losses in $Goodman Group (GMG.AU)$, down 0.9 per cent. $Charter Hall Group (CHC.AU)$ shed 1 per cent, $Mirvac Group (MGR.AU)$ dropped 1.1 per cent, $Dexus (DXS.AU)$ fell 0.9 per cent.

The industrials sector fell in the red. $Atlas Arteria Ltd (ALX.AU)$ was among the worst performers, down 1.8 per cent.

Baby formula manufacturer Bubs dropped 5.6 per cent after it lowered the revenue forecast for its China business.

Downer EDI rallied 1 per cent after revealing that it sealed a $4.6 billion contract to manufacture trains for the Queensland government.

Stocks to Watch

$BUBS Australia Ltd (BUB.AU)$: Baby formula manufacturer Bubs has lowered its forecast on FY23 revenue from its China business.

The full-year revenue is projected to be at the lower end of the previous forecast range of between $13.5 million to $13.8 million.

The division reported a revenue of $53.6 million in FY22.

$Medibank Pvt Ltd (MPL.AU)$: Medibank overnight has confirmed yet another class action claim has been filed against it due to last year's data breach, this time in the Victorian Supreme Court.

$Downer EDI Ltd (DOW.AU)$: Downer EDI has sealed a $4.6 billion contract with the Queensland government for its train manufacturing program.

Under the agreement, the company will design and manufacture 65 six-car passenger trains in Queensland.

Trading Ex-div: $Abacus Property Group (ABP.AU)$

Listing: None

Source: Dow Jones Newswires, AFR

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