AU Morning Wrap: ASX Falls 0.2%; South32 Plunges at Open
G'day, mooers! Check out the latest news on today's stock market!
• 42% of S&P 500 market cap reports this week
• ASX falls 0.2%; South32 plunges
• Stocks to watch: South32, Fortescue Metal, Commonwealth Bank
- Moomoo News AU
• 42% of S&P 500 market cap reports this week
• ASX falls 0.2%; South32 plunges
• Stocks to watch: South32, Fortescue Metal, Commonwealth Bank
- Moomoo News AU
Wall Street Summary
U.S. stock indexes finished up Friday with the $S&P 500 Index(.SPX.US$ rising 0.1%. Meanwhile, the $Nasdaq Composite Index(.IXIC.US$ added 0.1%, and the $Dow Jones Industrial Average(.DJI.US$ increased 0.1%.
The Russell 2000 Index of small-cap stocks gained 0.1%, while the Cboe Volatility Index was up 1.8%.
AU Market Watch
The $S&P/ASX 200(.XJO.AU$ fell 0.19 per cent at market open, led by a significant loss in the materials sector.
Miners were among the worst performing stocks with South32 tumbling 9 per cent amid cuts to its March quarter production. Iron ore giant Fortescue Metal shares fell 4.6 per cent, it reported a drop to its production.
The big four banks were all in the green. $CommBank(CBA.AU$ shares increased 0.9 per cent. $Westpac Banking Corp(WBC.AU$ added 0.5 per cent. $National Australia Bank Ltd(NAB.AU$ rose 0.7 per cent. $ANZ Group Holdings Ltd(ANZ.AU$ shares were up 0.5 per cent.
Stocks to Watch
$Fortescue Ltd(FMG.AU$: Iron ore giant Fortescue's production was lower in the March quarter when compared to the prior period.
Iron ore mined was reported to be 50.3 million metric tonnes, down 9.7 million metric tonnes from the second quarter of 2023 financial year. Iron ore shipped was recorded at 46.3 million metric tonnes, 3.1 million metric tonnes lower than the previous period.
$South32 Ltd(S32.AU$: Mining company South32 says its overall March quarter production has been lower than expected due to adverse weather conditions, but still remains on track to meet its 2023 financial year guidance at the majority of its operations.
$BlueScope Steel Ltd(BSL.AU$: Steel producer BlueScope has upgraded its half-year earnings guidance to be in the range of $700 million to $770 million – approximately $270 million above its prior guidance range.
The company credits the improved outlook to its United States mill North Star, where it now expects a result around 50 per cent higher than 1HFY2023.
$Duratec Ltd(DUR.AU$: Engineering contractor Duratec has upgraded its revenue guidance and earnings before interest and tax in its half-year results.
The revised revenue range is between $465 million and $495 million, up approximately $35 million from its prior range. EBITDA is reported to be $36 million to $39 million, up approximately $4 million.
The company credited its stronger than expected half year performance to faster estimated timeframes with projects and profit contribution from its 2022 acquirement of Wilson's Pipe Fabrication.
Trading Ex-div: None
Listing: None
Source: Dow Jones Newswires, AFR
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