AU Morning Wrap: Miners, Tech Lift ASX; Austal Sinks on Profit Downgrade
G'day, mooers! Check out the latest news on today's stock market!
• Dow's winning streak extends to 12 sessions
• Miners, tech lift ASX; Austal sinks on profit downgrade
• Stocks to watch: Mineral Resources, Corporate Travel, Austal
- Moomoo News AU
• Dow's winning streak extends to 12 sessions
• Miners, tech lift ASX; Austal sinks on profit downgrade
• Stocks to watch: Mineral Resources, Corporate Travel, Austal
- Moomoo News AU
Wall Street Summary
U.S. stocks climbed Tuesday, with a rally in 3M shares helping lift the Dow Jones Industrial Average to its 12th consecutive day of gains.
On a busy day of earnings, the $Dow Jones Industrial Average(.DJI.US$ rose roughly 27 points, or 0.1%, to 35438.07, its highest close since February 2022. The $S&P 500 Index(.SPX.US$ gained 0.3%, while the tech-heavy $Nasdaq Composite Index(.IXIC.US$ climbed 0.6%.
AU Market Watch
The $S&P/ASX 200(.XJO.AU$ is up 0.2 per cent in early trade as the iron ore miners including $BHP Group Ltd(BHP.AU$, $Rio Tinto Ltd(RIO.AU$ and $Fortescue Ltd(FMG.AU$ all extended strong gains from yesterday as China's Politburo promised more economic stimulus and Beijing reshuffled key government positions.
Mineral Resources is also up 2.1 per cent on a production update, with iron ore junior Champion Iron surging 4.4 per cent.
Corporate Travel is down 2.6 per cent to $19.32 after it updated its earnings guidance for financial 2023, while shipbuilder Austal has plunged 18.3 per cent after warning cost blowouts have forced it to slash its profit guidance.
The interest rate sensitive real estate sector is lower ahead of key June quarter inflation data due out at 11.30am this morning.
Stocks to Watch
$Bellevue Gold Ltd(BGL.AU$: Gold explorer Bellevue Gold said the construction of its underground gold mine and processing plant was on track, with production activities now under way at its West Australian mine.
For the 12 months ending June 30, it posted no sales and an operating cash loss of $12 million. As at the period end, it had cash on hand of $64.7 million.
$Catapult Group International Ltd(CAT.AU$: Sports analytics business Catapult Sports said its revenue growth for the June quarter topped 20 per cent and confirmed it expects to turn free cashflow positive over the 12 months to March 31, 2024.
The group also said it expects churn as a measure of customers cancelling contracts to remain at record low levels below 5 per cent.
$Mineral Resources Ltd(MIN.AU$: Iron ore and lithium producer Mineral Resources said its lithium spodumene shipments were 34,000 dry metric tonnes (dmt) in the June quarter to take FY 2023 shipments to 143,000 dmt.
This is marginally below the revised guidance of 150,000 dmt. The FY2023 free on board cost is expected to be within guidance of $925-$975/dmt it said.
$Corporate Travel Management Ltd(CTD.AU$: Corporate Travel Management said it expects financial 2023 EBITDA (operating income) guidance to finish between $165 million and $170 million, with a second half underlying EBITDA between $113.7 million and $118.7 million.
$Kogan.com Ltd(KGN.AU$: Online retailer Kogan.com said it expects to post adjusted EBIT (excluding one-off costs) of $3 million over the second half of financial 2023, versus a loss of $8.3 million in the prior corresponding six-month period.
It said gross sales fell 22.5 per cent over financial 2023 to $373.7 million as interest rate rises hurt consumer spending. It said it expects to return sales growth in financial 2024.
$Austal Ltd(ASB.AU$: US shipbuilder Austal said updates to its towing, salvage and rescue ship program have resulted in it slashing earnings guidance for financial 2023 from a profit of around $58 million to a loss up to $10 million.
Chief executive Paddy Gregg said, "This is clearly a disappointing financial result for Austal given the success that we have had recently winning new projects to expand our US operations."
Listing: None
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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