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AU Evening Wrap | AI Worries Weigh Down ASX; BoQ Celebrates Best Day in Two Years

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Moomoo News AU wrote a column · Oct 16 14:31
AU Evening Wrap | AI Worries Weigh Down ASX; BoQ Celebrates Best Day in Two Years
The $S&P/ASX 200 (.XJO.AU)$ closed 0.41% lower at 8284.7, stepping back from a record high as most sectors ended in negative territory. The decline was led by commodity, consumer, utility, and technology stocks, mirroring the trend in U.S. markets.
Major players like $BHP Group Ltd (BHP.AU)$ and $Rio Tinto Ltd (RIO.AU)$ saw a 1.1% drop, alongside a decrease in lithium stocks. The energy sector slipped 0.7% due to lower oil prices, while retail sectors like discretionary and staples also faced losses. Technology stocks took the biggest hit, declining by 1.35% as investors opted for safer investments. On the positive side, the financial sector was a lone gainer, edging up by 0.3%. Key banks such as $CommBank (CBA.AU)$, $Westpac Banking Corp (WBC.AU)$, $National Australia Bank Ltd (NAB.AU)$, and $ANZ Group Holdings Ltd (ANZ.AU)$ saw modest gains between 0.4% and 0.8%, with $Bank of Queensland Ltd (BOQ.AU)$ standing out with a 6.5% surge following a strong annual cash profit report.
Despite 10 of the 11 sectors ending lower, the financial sector stood out as the top performer, posting a gain of 0.27% for the day.
AU Evening Wrap | AI Worries Weigh Down ASX; BoQ Celebrates Best Day in Two Years
AU Evening Wrap | AI Worries Weigh Down ASX; BoQ Celebrates Best Day in Two Years
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Financial Stocks Ride High on Bank of Queensland's 6.5% Rise
Financial stocks surged today, led by a remarkable 6.5% increase in Bank of Queensland shares, marking its largest single-day gain in two years. The surge was fueled by the regional lender's impressive 130% rise in annual profit, propelling its shares to an 18-month peak of $6.68. This positive momentum extended to the big banks, with ANZ climbing 0.8% to $31.40, contributing to a 5.4% increase in the ASX 200 bank index since its low on October 4. According to Chris Weston, the head of research at Pepperstone, there is a strong wave of optimism towards financial stocks globally, with investors capitalizing on any market dips to strengthen their positions.
On the flip side, financial services company Challenger faced a 4.6% decline to $6.51 due to underwhelming earnings growth.
Evolution Mining Shares Reach 3.5-Year High Following Quarterly Report Release
Evolution Mining reported a production of 193,554 ounces of gold in the first quarter of fiscal 2025, slightly lower than the 212,070 ounces produced in the previous quarter but exceeding the consensus estimate of 189,000 ounces. Copper output also decreased to 19,059 tonnes in the September quarter from 20,318 tonnes in the June quarter of fiscal 2024. The company recorded an all-in-sustaining cost of A$1,569 per ounce. Additionally, Evolution Mining saw a group cash flow of A$108 million, leading to an A$81 million increase in cash balance to A$484 million. The company's shares rose by 6.8% Wednesday and reached their highest level since May 2021.
China's Zeekr Launches EV in Australia, Eyes New Zealand Next
Chinese EV maker Zeekr has launched its first model in Australia as part of its strategy to expand into Oceania, with plans to introduce a total of two models for the region in 2024. The company aims to establish Oceania as a key overseas market, with both models set to be introduced in New Zealand later this year. Zeekr's premium brand, Geely, has received a positive response to its sport utility vehicle X and multi-purpose vehicle 009 in Australia, with over 2,500 expressions of interest already registered. T
he Australian market has become increasingly appealing to Chinese EV manufacturers due to rising trade barriers in other regions such as Europe and the U.S. Australia's lack of domestic car manufacturing and its supportive policies for EV adoption, including new vehicle efficiency standards set to be implemented from 2025, make it an attractive market for Zeekr and other Chinese automakers. Zeekr is optimistic about the growth potential in Oceania and is eyeing it as one of its major overseas markets, alongside Southeast Asia and Latin America. In addition to the current models, Zeekr plans to introduce the 7X medium-sized SUV in Australia next year to further capitalize on the region's growing demand for EVs.
Source: AFR, ASX
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