AU Morning Wrap: ASX Falls; Imugene Plunges
G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 falls a third day, extending an August stock slide
• ASX opens lower; materials lift, Imugene plunges
• Stocks to watch: Abacus Property, Coles, Imugene
- Moomoo News AU
Wall Street Summary
Treasury yields continued to climb on Thursday after strong labor market data renewed investor concern about rate hikes.
Stocks fell, extending August declines spurred in part by higher yields. The $S&P 500 Index (.SPX.US)$ and $Dow Jones Industrial Average (.DJI.US)$ both shed 0.8%, while the $Nasdaq Composite Index (.IXIC.US)$ was 1.2% lower. The tech-heavy Nasdaq, sensitive to higher rates, is down 7.2% this month.
AU Market Watch
The $S&P/ASX 200 (.XJO.AU)$ has opened lower following more overnight more pain on Wall Street, with the S&P 500 posting its worst three-session loss since March.
The tech sector is the worst hit, down 1.7 per cent: $WiseTech Global Ltd (WTC.AU)$ is down 1.3 per cent, $Nextdc Ltd (NXT.AU)$ has dropped 1.4 per cent and $Xero Ltd (XRO.AU)$ has fallen 1.5 per cent.
Materials sector is in the green, with $BHP Group Ltd (BHP.AU)$, $Rio Tinto Ltd (RIO.AU)$ and $Fortescue Ltd (FMG.AU)$ all up more than 1.5 per cent. Iron ore futures on the Singapore exchange are 0.62 per cent higher for September contracts.
The communications services, consumer staples and consumer discretionary sectors were also all down more than 1 per cent.
$Imugene Ltd (IMU.AU)$ was the worst performing stock, down 13.8 per cent after completing a $35 million share placement and launching a $30 million share purchase plan.
Shares in $Magellan Financial Group Ltd (MFG.AU)$ were the best performing at open, up 9 per cent. The international equities' manager will pay a final dividend of 39.8¢ and declared a special dividend of 30¢ to take full-year dividends to $1.167.
$Abacus Property Group (ABP.AU)$, which spun off its Storage King self-storage REIT at the start of August, was up 6.5 per cent. In its latest full-year report, teh trust confirmed it will pay a full-year distribution of 18.4¢ per security.
Coles has dropped 2.8 per cent. Construction cost blowouts at Cole's delayed customer fulfilment centres projects are now expected to come in around an extra $120 million.
Stocks to Watch
$Latitude Group Holdings Ltd (LFS.AU)$: Latitude's cash profit for the first half of 2023 has dived 88 per cent to $7 million, with the lender also removing its interim dividend.
It reflects a torrid time for the company, whose shares have plunged more than 25 per cent to $1.18 in the last 12 months. The period also includes the catastrophic data breach at Latitude, which was first discovered in March.
$Coles Group Ltd (COL.AU)$: Construction cost blowouts at Cole's delayed customer fulfilment centres projects are now expected to come in around an extra $120 million.
The supermarket giant said the dual Victoria and NSW projects, which Coles is developing with UK retail group Ocado, are now expected to cost a further $70 million and $50 million in project capital and operating expenditure, respectively.
$Magellan Financial Group Ltd (MFG.AU)$: International equities manager Magellan Financial Group has posted a net profit down 52 per cent to $182.6 million, on revenue down 22 per cent to $431.7 million. It’s been a torrid financial year 2023 for the firm, which saw total funds under management shrink from $61.3 billion to $39.7 billion.
Total institutional FUM stood at $21.4 billion, with retail at $17.8 billion as at June 30.
The group will pay a final dividend of 39.8¢ and declared a special dividend of 30¢ to take full-year dividends to $1.167.
Earnings per share tumbled to $1 over the year to June 30, versus $2.07 in financial 2022.
Dividends Paid: None
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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