AU Morning Wrap: ASX Drops; Magellan Falls 5%

Moomoo News AU wrote a column · Jul 5, 2023 19:31

G'day, mooers! Check out the latest news on today's stock market!
• Wall Street slips as traders parse Fed minutes
• ASX drops; mining and energy stocks fall
• Stocks to watch: South32, Whitehaven Coal, Magellan
- Moomoo News AU

AU Morning Wrap: ASX Drops; Magellan Falls 5%

Wall Street Summary

Wall Street declined, with traders poring over the Federal Reserve minutes to gauge what action the US central bank will take later this month.

The $S&P 500 Index(.SPX.US)$ slipped 0.2 per cent following the release of the minutes of the Fed's last policy meeting, edging down from its highest level since April 2022. The $Dow Jones Industrial Average(.DJI.US)$ fell 0.4 per cent. The $Nasdaq Composite Index(.IXIC.US)$ gave back 0.2 per cent.

AU Market Watch

The $S&P/ASX 200(.XJO.AU)$ dropped 0.9 per cent, or 62.2 points to 7191 at market open, led by a sell-off in mining and energy stocks.

All 11 of the industry sectors were in the red with materials recording the most losses.

Mining stocks were down 1.7 per cent. $BHP Group Ltd(BHP.AU)$ shares dropped 1.7 per cent, $Fortescue Ltd(FMG.AU)$ shed 1.5 per cent, $Rio Tinto Ltd(RIO.AU)$ lost 1.2 per cent, $South32 Ltd(S32.AU)$ declined 2.2 per cent and Liontown dropped 3.4 per cent.

The energy sector lost 0.8 per cent. $Yancoal Australia Ltd(YAL.AU)$ shed 1.5 per cent, $Whitehaven Coal Ltd(WHC.AU)$ dropped 1.6 per cent and $Woodside Energy Group Ltd(WDS.AU)$ edged lower 0.7 per cent.

Consumer discretionary stocks were also among the worst performers. $Domino's Pizza Enterprises Ltd(DMP.AU)$ shares declined 1.7 per cent, $ARB Corp Ltd(ARB.AU)$ tumbled 4.6 per cent and $IDP Education Ltd(IEL.AU)$ shed 1 per cent.

Magellan Financial Group shares dropped 5 per cent after it disclosed $2.1 billion in outflows in the month of June.

$Block Inc(SQ2.AU)$ shares rallied 6.3 per cent and was among the best performers.

Stocks to Watch

$Cirrus Networks Holdings Ltd(CNW.AU)$: Perth-based IT systems consultancy Cirrus Networks says it's expecting a boost to its revenue, up 8 per cent to $112 million for financial year 2023.

The company says its earnings before interest, taxes, depreciation, and amortisation is up 126 per cent to $4.8 million on the prior year.

$Magellan Financial Group Ltd(MFG.AU)$: Magellan Asset Management has disclosed $2.1 billion in net outflows for the month of June.

Total funds under management was at $39.7 billion, down from the $41.4 billion recorded in May.

Magellan has banked $11 million in performance fees for the year ended June 30.

Trading Ex-div: None

Dividends Paid: $ALS Ltd(ALQ.AU)$

Listing: None

Source: Dow Jones Newswires, AFR

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