AU Evening Wrap: ASX 200 Lower as Consumer Stocks Dumped and CBA Disappoints
Market Performance
Australia's $S&P/ASX 200 (.XJO.AU)$ closed 1.1% lower at 7721.6, snapping a five-session run of gains amid weakness in shares of banks and consumer-facing companies.
The benchmark index opened lower and kept falling through the day, finishing around its session lows. Lenders $ANZ Group Holdings Ltd (ANZ.AU)$, $National Australia Bank Ltd (NAB.AU)$ and $CommBank (CBA.AU)$ lost between 1.1% and 2.2% after the latter -- Australia's largest bank by market capitalization -- reported a 5% fall in 3Q cash earnings. Rival $Westpac Banking Corp (WBC.AU)$ traded ex-dividend and lost 5.6%. Entertainment retailer $JB Hi Fi Ltd (JBH.AU)$ fell 4.5% after posting a trading update. With consumer spending under pressure from higher interest rates, fellow discretionary retailers Premier Investments, $Wesfarmers Ltd (WES.AU)$ and $Harvey Norman Holdings Ltd (HVN.AU)$ lost between 3.2% and 3.8%.
Top News
Hedge Funds Renew Attack on the Yen, Bet Drop Back to 160
Days after suspected government intervention to support the currency, leveraged funds are re-entering bets the yen will slump back toward a 34-year low in the coming weeks, according to option traders.
CBA Profit Falls to $2.4B, 'Momentum' Improves
Commonwealth Bank said "slightly lower margins" had reduced profits over the three months ended March 31 to $2.4 billion as higher interest rates saw late loan repayments rise.
Orica's Earnings Bolstered by Lower Costs
The world's No. 1 commercial explosives maker, Orica, has reported a 10 per cent increase in earnings due to lower input costs, beating analyst estimates.
Aussie Broadband Snares Regulatory Win in Singapore
Internet broadband provider Aussie Broadband has got approval from a Singapore regulator, the Infocommunications Media Development Authority, to increase its stake in Superloop to up to 19.9 per cent.
Source: Dow Jones Newswires, AFR, ASX
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
Read more
Comment
Sign in to post a comment
Moomoo News Official Account
Australian stock market news that is available at your fingertips
4260Followers
6Following
127KVisitors
Follow