AU Morning Wrap: ASX Flat; CPI Ahead

Moomoo News AU wrote a column · Feb 27 17:39

G'day, mooers! Check out the latest news on today's stock market!
• Nasdaq approaches its record high
• ASX treads water; CPI ahead
• Stocks to watch: Flight Centre, Light & Wonder, Neuren Pharmaceuticals

Wall Street Summary

The technology-heavy Nasdaq Composite resumed its climb Tuesday, closing within striking distance of a record high hit in 2021.

The gauge rose 0.4 per cent, off 0.1 per cent from its record of 16057.44. The S&P 500 was little changed for much of the day before closing up 0.2 per cent. The Dow Jones Industrial Average lost 96.82 points, or 0.2 per cent. All three are on track to close out the month with gains.

AU Market Watch

Australian equities are holding steady, with investors taking cues from an inconclusive session on Wall Street and anticipating key inflation data expected later in the day. The $S&P/ASX 200(.XJO.AU)$ hovering close to its previous close at 7662, while the All Ordinaries has seen a slight decline, down 4 points at 7917.

The market is finding some support from the energy and mining sectors, as a result of slight increases in oil and commodity prices. Notably, shares of lithium mining companies have experienced a surge, with industry players like $Pilbara Minerals Ltd(PLS.AU)$, $Liontown Resources Ltd(LTR.AU)$, and $IGO Ltd(IGO.AU)$ each enjoying a rise of over 5 per cent.

Additionally, technology stocks are witnessing gains, propelled by a significant 4 per cent uptick in $Nextdc Ltd(NXT.AU)$, which announced post-trading yesterday a robust 31 per cent jump in revenue, reaching $209.1 million for the first half of the fiscal year.

Stocks to Watch

$Flight Centre Travel Group Ltd(FLT.AU)$: Flight Centre has slipped 6.9 per cent despite boasting its "second-best start to the year" after reporting total transaction values had jumped in the first half of FY2024.

$Light & Wonder Inc(LNW.AU)$: Gaming technologies business Light & Wonder ha jumped 5.9 per cent to $154.92 after swinging back to profit in 2023, following a jump in gaming revenue.

$Perpetual Ltd(PPT.AU)$: Perpetual has slipped 3.3 per cent to $24.10. The wealth manager declared a 65¢ dividend following a jump in profit in its half-year report, but has kept schtum on the ongoing strategic review that would separate its corporate trust and wealth management businesses.

$Neuren Pharmaceuticals Ltd(NEU.AU)$: Neuren Pharmaceuticals has dived 10 per cent to $19.34 after US sales of its Daybue drug came in below expectations.