AU Morning Wrap: ASX Falls; New Zealand Jobless Rate Rises to Two-Year High

The $S&P 500 Index (.SPX.US)$ fell 0.3%. The tech-heavy $Nasdaq Composite Index (.IXIC.US)$ fell 0.4%. The $Dow Jones Industrial Average (.DJI.US)$ rose 0.2%, or 71 points.

The $S&P/ASX 200 (.XJO.AU)$ dropped 0.8 per cent, or 58.1 points to 7392.6 at market open, following mWall Street amid concerns about earnings misses.

The real estate sector was the worst performer, tumbling 1.8 per cent. $Goodman Group (GMG.AU)$ shares dropped 2.3 per cent, Westfield parent $Scentre Group (SCG.AU)$ shed 1.8 per cent, $Stockland Corp Ltd (SGP.AU)$ lost 1.4 per cent and $Charter Hall Group (CHC.AU)$ declined 2.8 per cent.

Utility stocks also recorded sharp losses, down 1.6 per cent. $AGL Energy Ltd (AGL.AU)$ plunged 3.8 per cent and was among the worst performers, $APA Group (APA.AU)$ dropped 1.4 per cent and $Origin Energy Ltd (ORG.AU)$ slipped 0.7 per cent.

Insurance group $Prospect Resources Ltd (PSC.AU)$ rallied 2.7 per cent after it reported that it now expects to deliver $111 million in earnings in financial 2023. The group previously upgraded its full-year earnings guidance from $101 to $105 million to $104 to $108 million in February.

$BWP Trust (BWP.AU)$ shares fell 0.8 per cent following a 1 per cent decline to $113.56 million in full-year profit. It declared a final dividend of 9.27¢ a share.

$Westgold Resources Ltd (WGX.AU)$: Gold miner Westgold forecasts all-in sustaining costs of between $1800 and $2000 an ounce for financial 2024.

$Codan Ltd (CDA.AU)$: Metal detection manufacturer Codan says it has acquired UK software supplier Eagle NewCo for $22 million.

$BWP Trust (BWP.AU)$: Bunnings landlord BWP Trust has reported a 1 per cent decline in full-year profit.

$Prospect Resources Ltd (PSC.AU)$: Insurance group PSC now expects to deliver $111 million in earnings in the 2023 financial year.