AU Morning Wrap: Banks, Miners Drag ASX Lower, Qantas Flags $400m Buyback
G'day, mooers! Check out the latest news on today's stock market!
• Nasdaq falls for third straight session ahead of Nvidia earnings
• Banks, miners drag shares lower
• Stocks to watch: Fortescue, Qantas, Lovisa
- Moomoo News AU
Wall Street Summary
The Nasdaq Composite pulled back Wednesday, dropping for a third consecutive trading session, ahead of a highly anticipated earnings report from chip giant Nvidia.
The tech-heavy index fell 0.3 per cent. The S&P 500 rallied late in the session to close up 0.1 per cent. The Dow Jones Industrial Average also managed a gain of about 48 points, or 0.1 per cent. All three indexes are up for the month and year, with the S&P 500 up 4.4 per cent in 2024.
AU Market Watch
The $S&P/ASX 200 (.XJO.AU)$ fell 0.2 per cent in early trade as falls among the banks and miners were offset by gains in the energy and consumer sectors.
On a busy day of local earnings the best performers were discount jeweller Lovisa, cheese merchant Bega, and financial advice group Insignia Financial, with all gaining more than 5 per cent.
Stocks to Watch
$Fortescue Ltd (FMG.AU)$: Fortescue lifted its interim dividend 44 per cent to $1.08 per share on a strong iron ore price over the six months to December 31.
$Qantas Airways Ltd (QAN.AU)$: Qantas flagged a $400 million buyback as its profits slipped. Shares gained 3 per cent in early trade.
$Lovisa Holdings Ltd (LOV.AU)$: Lovisa grew net profit 12 per cent to $53.5 million for the first half. Shares added 8 per cent.
$Medibank Pvt Ltd (MPL.AU)$: Medibank lifted sales and profits, despite significant cybersecurity costs on the back of an online hack.
$Nine Entertainment Co. Holdings Ltd (NEC.AU)$: Nine cut its dividend by 33 per cent on a "markedly weaker" ad market.
$Pilbara Minerals Ltd (PLS.AU)$: Pilbara Minerals' profit sunk as it revealed the impact of a lithium price crash over the six months to December 31.
$IGO Ltd (IGO.AU)$: IGO said its profits collapsed 53 per cent on the back of the weak lithium price.
Key Events
Listing: None
Economic Calendar (AEDT):
9:00 am: Australia Manufacturing and Services PMI (Feb)
8:00 pm: Eurozone Manufacturing and Services PMI (Feb)
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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