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AU Morning Wrap: ASX Rises; AMA Plunges 32% on Earnings Downgrade

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Moomoo News AU wrote a column · Apr 16, 2023 19:26
G'day, mooers! Check out the latest news on today's stock market!
• US stocks ease, JPMorgan and Citi top earnings estimates
• ASX rises
• Stocks to watch: EML Payments, Lake Resources, AMA Group
- Moomoo News AU
AU Morning Wrap: ASX Rises; AMA Plunges 32% on Earnings Downgrade
Wall Street Summary
Big banks were among the few bright spots in stock markets Friday after posting stronger-than-expected earnings, though executives warned that recent stress in the financial sector is darkening their outlook for the U.S. economy.
Major indexes fell after a Federal Reserve official said that inflation remained stubbornly high and that the central bank needs to continue raising interest rates to slow the pace of lending. Data released this week showed that inflation eased in March but that underlying price pressures persisted.
Friday's declines ate into markets' modest gains for the week. The $Dow Jones Industrial Average(.DJI.US)$ dropped 143.22 points, or 0.42%, to 33886.47. The $Nasdaq Composite Index(.IXIC.US)$ fell 42.81 points, or 0.35%, to 12123.47. 0.3%. The $S&P 500 Index(.SPX.US)$ was down 8.58 points, or 0.21%, to 4137.64.
AU Market Watch
The $S&P/ASX 200(.XJO.AU)$ opened 0.04 per cent, buoyed by gains across the financials sector.
$Lake Resources NL(LKE.AU)$ added 6.5 per cent to 49¢ after Lilac increased its ownership of the Kachi project to 20 per cent.
Transurban rose 0.5 per cent to $14.81 after reporting that average daily traffic increased by 12.9 per cent in the March quarter compared to a year earlier, a record third quarter result for the business.
AMA Group plunged 32 per cent after downgrading its earnings guidance due to worse-than-expected margin compression.
Regis Resourced fell 9.1 per cent to $2.20 after updating its guidance due to lower lower than expected gold output in the March quarter.
$EML Payments Ltd(EML.AU)$ jumped 7 per cent to 61.5¢ after appointing Kevin Murphy as interim chief executive as the company commences a global search for a permanent CEO to replace Emma Shand who resigned from the role.
Stocks to Watch
$Regis Resources Ltd(RRL.AU)$: Regis Resources has revised its FY23 production and cost guidance after reporting lower than expected gold output in the March quarter.
The company reported gold production of 103,728 ounces for the period, driven by a slower than planned ramp up of the new Duketon Garden Well South underground, unplanned maintenance events at the Rosemont process plant and lower underground performance at Tropicana.
$Transurban Group(TCL.AU)$: Transurban says that average daily traffic increased by 12.9 per cent in the March quarter compared to a year earlier, a record third quarter result for the business.
Traffic was particularly strong in Sydney and Brisbane, with positive underlying performance, as well as contribution from new assets and enhancements that have come online over the past few years, the company said.
Melbourne traffic continued to improve.
$AMA Group Ltd(AMA.AU)$: AMA Group has downgraded its earnings guidance due to worse-than-expected margin compression.
The company now expects FY23 EBITDA (post-AASB 16) to be in the range of $60 to $68 million, compared to previous guidance of $70 million to $90 million.
The group expects to be operating cash flow positive for the second half of 2023 excluding principal elements of leases.
$Perenti Ltd(PRN.AU)$: Perenti subsidiary Barminco has been awarded a 12-month contract extension at Newcrest's Red Chris mine in Canada.
The extension enables Barminco to continue underground development works and is expected to deliver around $90 million of revenue over the 12 months.
Perenti said it does not forecast that the award of the contract will impact its current FY23 guidance range.
$Mineral Resources Ltd(MIN.AU)$: Mineral Resources, through its subsidiary Lithium Resources, has increased its holding of Essential Metals to 19.55 per cent.
Essential said it is not currently aware of MinRes' intentions in acquiring a shareholding in the company through its recent on-market share purchases.
Dividends Paid: $Nufarm Ltd(NUF.AU)$
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more
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