AU Morning Wrap: ASX Slips as Materials Fall; KMD Brands Dip After FY23 Results
G'day, mooers! Check out the latest news on today's stock market!
• Highest Treasury yields in more than 15 years drag US stocks lower
• ASX slips as materials fall; KMD Brands dip after FY23 results
• Stocks to watch: KMD Brands, Transurban, Sims
- Moomoo News AU
Wall Street Summary
Bond yields reached their highest levels since at least 2007, putting pressure on stocks ahead of the Federal Reserve's next interest-rate decision.
The specter of high bond yields lasting for an extended period dug into stocks in early trading Tuesday, though shares of tech and healthcare companies recovered later in the day. The benchmark $S&P 500 Index (.SPX.US)$ slipped 0.2%, the $Dow Jones Industrial Average (.DJI.US)$ lost 0.3% and the $Nasdaq Composite Index (.IXIC.US)$ fell 0.2%.
AU Market Watch
Shares have opened modestly lower, tracking declines on Wall Street ahead of a key rate decision from the US Federal Reserve, expected later tonight.
The $S&P/ASX 200 (.XJO.AU)$ opened 26.2 points, or 0.4 per cent, lower at 7181.4. The All Ordinaries also fell 0.4 per cent.
Materials stocks are leading the fall, with sector heavyweight $BHP Group Ltd (BHP.AU)$ opening 1 per cent lower.
Sports and outdoor goods seller KMD Brands is 1.3 per cent lower after flagging cost-of-living pressures on its Kathmandu brand in its most recent full-year report. Group sales hit a record $NZ1.1 billion ($1.01 billion), up 12.6 per cent on the previous year. Net profit was down 0.6 per cent to $NZ36.6 million compared with 2022’s figures.
Scrap metal company $Sims Ltd (SGM.AU)$ is 0.3 per cent lower after finalising the terms to sell its 50 per cent stake in LMS Energy, a bioenergy and methane abatement company, for $272.1 million.
Stocks to Watch
$KMD Brands Ltd (KMD.AU)$: Sports and outdoor goods seller KMD Brands managed to grow sales in FY23, thanks to its Rip Curl and Oboz brands, despite cost-of-living pressures hitting its Kathmandu segment late in the reporting period.
In its full-year report, group sales hit a record $NZ1.1 billion ($1.01 billion), up 12.6 per cent on the previous year. Net profit was down 0.6 per cent to $NZ36.6 million compared with 2022’s figures.
$Transurban Group (TCL.AU)$: Outgoing Transurban CEO Scott Charlton has been appointed as the incoming CEO of Sydney Airport.
He has brought his departure from the toll road operator forward to November 30 from the previously announced date of December 31. He will start his new role at Sydney Airport on December 1.
Incoming Transurban CEO Michelle Jablko will assume her role on October 19.
$Endeavour Group Ltd (EDV.AU)$: Endeavour Group non-executive director Colin Storrie will step away from the board at the end of the year.
Storrie first joined the board six years ago, having formerly worked as chief financial officer at AMP and Qantas.
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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