AU Morning Wrap: ASX Falls; Tech Stocks Drop; Gold Road Tumbles 6.9%

Moomoo News AU wrote a column · Jun 21, 2023 19:40

G'day, mooers! Check out the latest news on today's stock market!
• Tech stocks drag down indexes
• ASX falls; Gold Road tumbles 6.9%
• Stocks to watch: WiseTech, Gold Road, BHP
- Moomoo News AU

AU Morning Wrap: ASX Falls; Tech Stocks Drop; Gold Road Tumbles 6.9%

Wall Street Summary

A pullback in tech shares weighed on stock indexes Wednesday, a sign investors were taking a breather after a multiweek rally that lifted the S&P 500 to its highest level in more than a year.

All three major indexes fell for the third straight session on Wednesday, with the $S&P 500 Index(.SPX.US)$ slipping 0.5% and the tech-heavy $Nasdaq Composite Index(.IXIC.US)$ dropping 1.2%. The $Dow Jones Industrial Average(.DJI.US)$ gave up 0.3%, or about 102 points.

AU Market Watch

The $S&P/ASX 200(.XJO.AU)$ fell 0.6 per cent, or 43.2 points to 7271.7 at market open, weighed down by technology and mining stocks.

The information technology sector was the worst performing, down 1.9 per cent. $WiseTech Global Ltd(WTC.AU)$ shares dragged lower 1.9 per cent. $Xero Ltd(XRO.AU)$ declined 1.9 per cent, $Nextdc Ltd(NXT.AU)$ fell 1.5 per cent and $Technology One Ltd(TNE.AU)$ dropped 1.8 per cent, $Megaport Ltd(MP1.AU)$ dropped 2.4 per cent.

Mining stocks also fell in the red. $BHP Group Ltd(BHP.AU)$ shares fell 1.3 per cent, $Amcor PLC(AMC.AU)$ lost 1.3 per cent and $Northern Star Resources Ltd(NST.AU)$ declined 2.8 per cent. $Gold Road Resources Ltd(GOR.AU)$ tumbled 6.9 per cent after it lowered its forecast on annual production from the company's Gruyere mine.

Stocks to Watch

$Fletcher Building Ltd(FBU.AU)$: Fletcher Building has announced that former Downer EDI executive Sandra Dodds will join the company's board as a non-executive director.

The company says her appointment will be effective September 1. Dodds is currently on the board of Snow Hydro, Beca and Contact Energy.

$Gold Road Resources Ltd(GOR.AU)$: Gold Road Resources has lowered its forecast on annual production from the company's Gruyere mine.

Gold Road is now projecting its annual production at between 320,000 and 350,000 ounces, down from its prior forecast of 340,000 to 370,000 ounces.

Production for the June quarter is anticipated to be 72,000 to 76,000 ounces.

$De Grey Mining Ltd(DEG.AU)$: De Grey Mining has confirmed a deal to acquire a 50 per cent stake in a project being developed by Novo Resources in Western Australia.

It comes as The Australian Financial Review's Street Talk column revealed on Wednesday night that the gold miner will invest about $25 million over the next four years in Novo's Becher gold project, which sits next to De Gray's project in the Mallina basin.

$Northern Star Resources Ltd(NST.AU)$: Northern Star Resources says its board has approved the development of the $1.5 billion expansion of the company's Kalgoorlie gold mine.

$Helloworld Travel Ltd(HLO.AU)$: Travel booking agency Helloworld has announced that it will acquire 100 per cent of Express Travel Group for $70 million.

The transaction is expected to settle in early August.

Trading Ex-div: None