AU Morning Wrap: Brickworks Tumbles 6% After Profit Slump

Moomoo News AU wrote a column · Sep 28, 2023 08:35

G'day, mooers! Check out the latest news on today's stock market!
• US stock market selloff pauses, nasdaq edges up
• ASX falls as oil jumps
• Stocks to watch: Brickworks, Atlas Arteria, Washington H Soul Pattinson
- Moomoo News AU

AU Morning Wrap: Brickworks Tumbles 6% After Profit Slump

Wall Street Summary

Stocks have broadly fallen since last week's Federal Reserve meeting, when central bankers raised their interest-rate forecasts for next year. Investors are also weighing the impact of higher energy prices on inflation, which the Fed's interest-rate increases this year have sought to tame, and a potential government shutdown.

The $S&P 500 Index (.SPX.US)$ closed nearly flat. The $Nasdaq Composite Index (.IXIC.US)$ added 0.2%, while the $Dow Jones Industrial Average (.DJI.US)$ edged down 0.2%.

AU Market Watch

The Australian sharemarket fell 0.2 per cent at market open after a jump in the oil price overnight and fresh highs for the yield on US 10 year Treasuries hit investor sentiment and sent the local currency tumbling below US63.4¢.

The benchmark $S&P/ASX 200 (.XJO.AU)$ was down 16.1 points to 7014.2, weighed by sharp losses in consumer discretionary stocks.

Trading is subdued in Sydney trading ahead of August retail sales that are due at 11.30 a.m. The Australian dollar was 0.7 per cent lower as the greenback extended its climb for a sixth day. The Bloomberg dollar spot index lifted 0.4 per cent.

WTI crude hit fresh one-year highs as stockpiles in the largest US storage hub dropped to the lowest since July 2022.

Stocks to Watch

$Brickworks Ltd (BKW.AU)$ dropped 6 per cent and was among the worst performers on the gauge after it reported a 54 per cent sell of in net profit to $395 million in the 2023 financial year 2023. Total revenue rose 8 per cent to $1.18 billion and it declared a final dividend of 42¢ a share and a full-year dividend of 65¢ a share.

$Washington H Soul Pattinson & Co Ltd (SOL.AU)$ fell 3.7 per cent following a fall in full-year group profit to $759.3 million and an 18.6 per cent boost to its fully franked final dividend to 51¢ a share. Chief executive the investment portfolio "performed strongly, returning 12.3 per cent when adding back dividends".

$Premier Investments Ltd (PMV.AU)$ edged up 0.2 per cent. It reported a 9.7 per cent increase in sales to $1.64 billion in financial year 2023. The retail giant, whose brands include Just Jeans, Portmans, Smiggle and Peter Alexander, declared a final fully franked dividend of 60¢ a share, up 11.1 per cent on the prior corresponding period.

$Atlas Arteria Ltd (ALX.AU)$ dropped 2 per cent after the toll roads operator said that its lucrative French tollroad APRR, which contributes most of its profits, will be hit with a new tax by French authorities.

Listing: Pioneer Lithium (PLN) at 11:00 am

Economic Calendar (AEST):

11:30 am: Australia Retail Sales

10:30 pm: US Q3 GDP

Source: Dow Jones Newswires, AFR

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