AU Morning Wrap: ASX Falls; Carsales, JB Hi-Fi Rally
G'day, mooers! Check out the latest news on today's stock market!
• US stock market's summer rally cools off
• ASX opens 0.4% lower
• Stocks to watch: Beach Energy, Carsales, JB Hi-Fi
- Moomoo News AU
• US stock market's summer rally cools off
• ASX opens 0.4% lower
• Stocks to watch: Beach Energy, Carsales, JB Hi-Fi
- Moomoo News AU
Wall Street Summary
The summer stock market rally has started to cool after the S&P 500 fell modestly for a second consecutive week.
The tech-heavy $Nasdaq Composite Index(.IXIC.US$ was Friday's worst major index performer, falling 0.7% to a one-month low. The $S&P 500 Index(.SPX.US$ slid 0.1% and the $Dow Jones Industrial Average(.DJI.US$ added 0.3%.
AU Market Watch
The $S&P/ASX 200(.XJO.AU$ tumbled 0.4 per cent, or 30 points, to 7310.1 in the opening minutes of trade on Monday, weighed by losses in the industrials and financials sectors.
Beach Energy dropped 6.3 per cent to $1.56 after reporting a 24 per cent drop in full-year profit, while Aurizon tumbled 2.8 per cent to $3.59 after its net profit fell 46 per cent to $276 million.
Bendigo & Adelaide Bank fell 2 per cent to $9.01 after its full-year profit fell short of some analyst expectations.
$CAR Group Ltd(CAR.AU$ jumped 2.7 per cent to $25.28 following its full-year results which showed its profit quadrupled to $646 million.
$JB Hi Fi Ltd(JBH.AU$ firmed 1.6 per cent to $47.97 after reporting a 4.3 per cent jump in revenue last year to $9.63 billion which was higher than some estimates.
$Bank of Queensland Ltd(BOQ.AU$ eased 0.3 per cent to $5.99 on news chief executive Patrick Allaway will continue in his role.
Stocks to Watch
$Centuria Industrial REIT(CIP.AU$: Centuria Industrial REIT, which owns a $4 billion portfolio of logistics assets, swung to a statutory loss of $77 million over the 12 months to June 30 after writing down asset values by $153.6 million or 2.1 per cent over the 2023 financial year.
This compared with statutory profit of $367.5 million in the 2022 financial year, after it booked a $326 million valuation uplift.
$Bendigo and Adelaide Bank Ltd(BEN.AU$: Bendigo and Adelaide Bank lifted cash profits 15.3 per cent to a record $576.9 million, and pushed its full-year dividend up to 61c per share in the 2023 financial year.
While short of some analyst expectations, chief executive Marnie Baker said it was a strong result.
$Lendlease Group(LLC.AU$: Lendlease reported a statutory loss after tax of $232 million for the year ended June 30, largely due to a $295 million provision because of industry-wide action by the UK government relating to residential buildings.
$Beach Energy Ltd(BPT.AU$: Gas producer Beach Energy reported a 24 per cent drop in full year profit on Monday, hurt by lower domestic gas production and sales on the east coast
Domestic gas production and sales fell in the full year, dragging net profit down to $385 million.
Beach produced 19.5 million barrels of oil equivalent (mmboe) last financial year – an 11 per cent drop compared with 21.8 mmboe a year earlier. Sales volume slipped 7 per cent to 20.7 mmboe.
Source: Dow Jones Newswires, AFR
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