AU Morning Wrap: ASX Rises; Credit Corp Slumps 23%

Moomoo News AU joined discussion · Oct 18, 2023 07:51

G'day, mooers! Check out the latest news on today's stock market!
• US yields surge to 17-year highs
• ASX rises, buoyed by energy and healthcare stocks
• Stocks to watch: Credit Corp, Southern Cross Media, Cettire
- Moomoo News AU

AU Morning Wrap: ASX Rises; Credit Corp Slumps 23%

Wall Street Summary

U.S. government bond yields hit fresh decade-plus highs Tuesday after another hot economic-data release fueled concerns that interest rates could remain elevated for longer.

Stocks wavered between gains and losses before closing little changed. The $S&P/ASX 200 (.XJO.AU)$ fell less than one-tenth of a percent, while the $Dow Jones Industrial Average (.DJI.US)$ added less than one-tenth of a percent. The $Nasdaq Composite Index (.IXIC.US)$ was 0.3% lower.

AU Market Watch

The Australian sharemarket edged up at the start of trading on Wednesday.

It comes even as shares slipped in New York as techs reversed, paced by Nvidia, and US bond yields surged higher after retail sales pointed to resilient consumer demand and the prospect that rates may need to rise still higher.

The benchmark $S&P/ASX 200 (.XJO.AU)$ rose 0.2 per cent or 12.9 points to 7069, buoyed by energy and healthcare stocks.

Stocks to Watch

$BHP Group Ltd (BHP.AU)$: BHP Group shares were flat. The mining giant named Whitehaven Coal as the preferred bidder of its Daunia and Blackwater coking coal mines in Queensland.

$Cettire Ltd (CTT.AU)$: Cettire shares rose 4 per cent. The online luxury goods retailer doubled its revenue to $167.4 million, its latest trading update showed.

$Woodside Energy Group Ltd (WDS.AU)$: Woodside Energy edged up 0.4 per cent. The oil producer narrowed its full-year production guidance to 183 to 188 million barrels of oil, according to its latest trading update.

$Liontown Resources Ltd (LTR.AU)$: Liontown Resources has asked the ASX for more time as it finalises funding for Kathleen Valley. The trading halt has been extended to Friday's opening bell.

$REA Group Ltd (REA.AU)$: REA Group edged up 0.1 per cent after activist investor Starboard Value LP pressed News Corp to sell its 61 per cent stake in the Australian real estate listings company.

$Credit Corp Group Ltd (CCP.AU)$: Credit Corp shares plunged 23 per cent after the consumer finance slashed its financial year 24 guidance. It expects earnings per share at 55¢ to 66¢, down from the previous guidance of 132¢ to 147¢.

$Southern Cross Media Group Ltd (SXL.AU)$: Southern Cross Media rallied over 15 per cent after it received a takeover offer from ARN and Anchorage. It values the target at 94¢ a share.

Trading Ex-div: $Newcrest Mining Ltd (NCM.AU)$, $K&S Corp Ltd (KSC.AU)$

Dividends Paid: $Nick Scali Ltd (NCK.AU)$, $Super Retail Group Ltd (SUL.AU)$, $Sims Ltd (SGM.AU)$

Listing: $CGN Resources Ltd (CGR.AU)$

Economic Calendar (AEST):

1:00 pm: China Q3 GDP

1:00 pm: China Industrial Production, Retail Sales and Fixed Asset Investment

1:00 pm: China Unemployment Rate

5:00 pm: UK Inflation

11:30 pm: US Building Permits

Source: Dow Jones Newswires, AFR

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