AU Morning Wrap: ASX Falls; Qantas Drops on Joyce Departure
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• US markets closed
• ASX opens lower, Qantas drops on Joyce departure
• Stocks to watch: Qantas, Tietto Minerals, Link Administration
- Moomoo News AU
AU Market Watch
The Australian sharemarket has opened lower, amid a lack of direction from overnight US markets, which were closed for Labour Day.
The $S&P/ASX 200 (.XJO.AU)$ opened 33.6 points, or 0.5 per cent, lower at 7285.2. The All Ordinaries also opened 0.5 per cent lower.
Shares in Qantas dropped 0.5 per cent at the opening bell after outgoing CEO Alan Joyce brought forward his departure by two months in a pre-market announcement. He will step down tomorrow and Vanessa Hudson will step into the group CEO and managing director roles.
$Tietto Minerals Ltd (TIE.AU)$ plunged 20 per cent. In a pre-market update, the gold miner cut its H2 2023 gold production guidance to between 75,000 and 85,000 ounces from its newly opened West African mine.
$Link Administration Holdings Ltd (LNK.AU)$ fell 4.3 per cent and trades ex-dividend as of today.
Origin Energy, Northern Star Resources, Pilbara Minerals and Viva Energy Group are also trading ex-dividend as of today.
Meanwhile, the Reserve Bank of Australia will announce its latest cash rate decision later today, when it is widely expected to keep rates on hold for a third month.
Stocks to Watch
$Orora Ltd (ORA.AU)$: Packing giant Orora is looking to fund a $2.2 billion buyout of bottle manufacturer Saverglass SAS.
Saverglass makes bottles premium spirit and wine markets and is present in more than 100 countries.
$Qantas Airways Ltd (QAN.AU)$: Qantas chief executive Alan Joyce will depart the airline on Wednesday, bringing forward his retirement by two months amid a firestorm engulfing the company over illegal ticket sales and undue influence over government.
Mr Joyce advised the Qantas board that he would bring forward his retirement "to help the company accelerate its renewal", claiming he is leaving the company "fundamentally strong" and with a "bright future".
Listing: None
Source: Dow Jones Newswires, AFR
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