AU Morning Wrap: ASX Opens 0.1% Lower; Pilbara Climbs on Mineral Upgrade
G'day, mooers! Check out the latest news on today's stock market!
• US stock market's weekly loss a warning shot to investors
• Pilbara climbs on mineral upgrade
• Stocks to watch: Block, Pilbara Minerals, Domain
- Moomoo News AU
• US stock market's weekly loss a warning shot to investors
• Pilbara climbs on mineral upgrade
• Stocks to watch: Block, Pilbara Minerals, Domain
- Moomoo News AU
Wall Street Summary
Investors parsing the health of the U.S. economy encountered smooth sailing in financial markets in recent months. This week may have provided a warning shot.
America's credit downgrade earlier in the week sparked a selloff in bonds and stocks, arresting markets' summer climb and growing confidence that the country can get inflation under control while escaping a recession.
All three major indexes dropped Friday to finish the week in the red, with losses spanning big banks, big tech and major automakers. The $Dow Jones Industrial Average(.DJI.US$ fell by 1.1% this week, while the tech-heavy $Nasdaq Composite Index(.IXIC.US$ dropped 2.9% and the $S&P 500 Index(.SPX.US$ fell 2.3%.
AU Market Watch
The $S&P/ASX 200(.XJO.AU$ dropped 0.1 per cent, or 7.6 points, to 7317.7 in the opening minutes of trade, weighed by losses in the healthcare sector.
$Block Inc(SQ2.AU$ sank 10.8 per cent to $97.70 and $ResMed Inc(RMD.AU$ dropped 4.5 per cent to $29.31 after reporting their results on Friday.
Pilbara Minerals climbed 1.8 per cent to $5.08 after announcing a "substantial increase" in mineral resources at its Pilgangoora operation.
$GUD Holdings Ltd(GUD.AU$ firmed 0.9 per cent to $10.07 after selling its water pumps division to Waterco for $64.9 million.
Dexus Convenience Retail REIT edged 0.8 per cent lower to $2.52 after swinging to a statutory net loss after tax of $8.4 million for the year ended June 30.
Domain Holdings fell 2.7 per cent to $3.93 after announcing that its chief financial officer John Boniciolli will leave the company to become CFO of TPG Telecom. TPG Telecom eased 0.5 per cent to $5.43.
Stocks to Watch
$Pilbara Minerals Ltd(PLS.AU$: Pilbara Minerals has announced a "substantial increase" in mineral resources at its Pilgangoora operation in Western Australia's Pilbara region.
The updated mineral resource, which represents a 36 per cent increase in total resource tonnage when compared with the June 30 mineral resource statement, now contains 4.75 million tonnes of lithium oxide.
$TPG Telecom Ltd(TPG.AU$: TPG Telecom has advised that chief financial officer Grant Dempsey has decided to retire from full-time employment to spend more time with his family and has resigned.
Mr Dempsey will remain in the role of CFO until November 13 and continue with the company in an advisory capacity to ensure a full handover until early to mid-2024.
TPG Telecom has appointed former $Domain Holdings Australia Ltd(DHG.AU$ CFO John Boniciolli as group CFO, effective November 13.
$Estia Health Ltd(EHE.AU$: Estia Health has entered into a scheme implementation agreement with Bain Capital, under which Bain has agreed to acquire Estia for $3.20 a share.
The consideration represents a 50 per cent premium to Estia's closing share price of $2.14 on March 21, before Bain’s proposal. It also implies an equity value of around $838 million, and an enterprise value of $959 million.
$Dexus Convenience Retail REIT(DXC.AU$: Dexus Convenience Retail REIT (DXC) reported a statutory net loss after tax of $8.4 million for the year ended June 30, due to $41.3 million of asset devaluations.
That compares to the prior year's net profit after tax of $82.6 million.
DXC delivered on its FY23 guidance with funds from operations (FFO) and distributions per security of 21.6¢ a share. That represents a 5.3 per cent decline on the prior year.
Trading Ex-div: None
Dividends Paid: None
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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