AU Morning Wrap: ASX Falls, NAB Tumbles 7.5% at Open
G'day, mooers! Check out the latest news on today's stock market!
• Fed raises interest rates to 16-year high, Powell hints at a pause
• ASX falls; financials sector dropped 3.4 per cent
• Stocks to watch: National Australia Bank, Commonwealth Bank, Vulcan Energy
- Moomoo News AU
• Fed raises interest rates to 16-year high, Powell hints at a pause
• ASX falls; financials sector dropped 3.4 per cent
• Stocks to watch: National Australia Bank, Commonwealth Bank, Vulcan Energy
- Moomoo News AU
Wall Street Summary
U.S. stocks dropped Wednesday, giving up their initial gains, after the Federal Reserve approved raising interest rates to their highest level in 16 years.
The $S&P 500 Index(.SPX.US$ slipped 0.7%, while the $Dow Jones Industrial Average(.DJI.US$ declined 0.8%, or 270 points, and the $Nasdaq Composite Index(.IXIC.US$ lost 0.5%.
AU Market Watch
The $S&P/ASX 200(.XJO.AU$ fell 0.3 per cent, weighed down by banks stocks as US bank sell-offs hit investor sentiment.
The financials sector dropped 3.4 per cent with all the major banks in the red. National Australia Bank shares shed 7.5 per cent even as it reported a boost to the bank's cash earnings in its half-year results. NAB was the worst performing stock at market open.
$CommBank(CBA.AU$ shares dropped 3 per cent. $Westpac Banking Corp(WBC.AU$ fell 3.8 per cent. $ANZ Group Holdings Ltd(ANZ.AU$ declined 3.2 per cent.
The consumer staples sector also recorded losses. $Woolworths Group Ltd(WOW.AU$ shares dropped 1 per cent. $Coles Group Ltd(COL.AU$ fell 0.4 per cent. $Endeavour Group Ltd(EDV.AU$ fell 1 per cent.
Stocks to Watch
$National Australia Bank Ltd(NAB.AU$: National Australia Bank has reported that its cash profit jumped 17 per cent to $4.07 billion in the half-year.
The big four bankdeclared an interim dividend of 83¢ per share.
Earnings in NAB's business banking division increased 19.9 per cent to $1.714 billion.
$Briscoe Group Ltd(BGP.AU$: Homeware retailer Briscoe Group said sales increased 2.8 per cent to $NZ181.2 million ($169.3 million) when compared with the same quarter last year.
First quarter sales for the Group's homeware segment increased by 2.9 per cent to $109.9 million, while sporting goods sales increased by 2.8 per cent to $71.3 million.
$Austin Engineering Ltd(ANG.AU$: Mining equipment Austin Engineering has downgraded its profit guidance with its net profit now expected to be in the range of $17 to $19 million.
The revised range is down from the previous figure of $24 million.
$Vulcan Energy Resources Ltd(VUL.AU$: Lithium play Vulcan Energy Resources was expected to launch a $109 million raising on Thursday morning.
Fund managers expected Vulcan to offer shares at $5.10 a pop, or a 17.2 per cent discount to the last close of $6.16.
Listing: None
Source: Dow Jones Newswires, AFR
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