AU Morning Wrap: ASX Slips Ahead of CPI; Weebit Nano, Credit Corp Fall

Moomoo News AU wrote a column · Jan 30 17:48

G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 backs off record after tech shares drop
• ASX slips ahead of CPI
• Stocks to watch: Credit Corp, Origin Energy, Liontown Resources
- Moomoo News AU

AU Morning Wrap: ASX Slips Ahead of CPI; Weebit Nano, Credit Corp Fall

Wall Street Summary

Technology shares slipped as investors awaited earnings from industry heavyweights that have pushed the $S&P 500 Index(.SPX.US)$ to fresh records.

The benchmark index edged down 0.1 per cent Tuesday, while the $Dow Jones Industrial Average(.DJI.US)$ added 0.3 per cent, or 134 points, for a new record. The tech-heavy $Nasdaq Composite Index(.IXIC.US)$ fell 0.8 per cent, its worst day in almost four weeks.

AU Market Watch

Australian shares have opened moderately lower, as traders await today's headline inflation figures and tomorrow's rate call by the US Federal Reserve.

The $S&P/ASX 200(.XJO.AU)$ is 16.2 points, or 0.2 per cent lower at 7.584. The benchmark remains about 50 points shy of its all-time high reached in August 2021.

In a tepid start to the session, none of the ASX's 11 sectors have moved more than 1 per cent in either direction. Utilities are the best performing, up 0.8 per cent, buoyed by Origin Energy, which is up 1 per cent.

Stocks to Watch

$Weebit Nano Ltd(WBT.AU)$: Weebit Nano is the worst performing on the benchmark, down 6.5 per cent to $3.61. In its latest quarterly report, the semiconductor tech developer said it expected no royalty payments 2024 as clients using its technology continued to ramp up to production.

$Champion Iron Ltd(CIA.AU)$: Champion Iron's December quarter results were boosted by record production and high iron ore prices. Shares are 5.3 per cent higher at $8.57.

$Credit Corp Group Ltd(CCP.AU)$: Credit Corp is 5.8 per cent lower at $16.63. The Australian debt collecting giant said it was on track to come in at the bottom end of its profit guidance, after posting a net loss in its most recent half-year.

$Origin Energy Ltd(ORG.AU)$: Origin Energy chief executive Frank Calabria pointed to fresh investments in large-scale batteries and UK affiliate Octopus Energy as validating the electricity and gas supplier's opportunity in renewables. Shares are 1.1 per cent higher at $8.39.

$Liontown Resources Ltd(LTR.AU)$: Lithium hopeful Liontown Resources says it remains in talks with the lending syndicate that withdrew a $760 million loan facility which was intended to help bring the developer's WA lithium project to fruition. Shares are 2 per cent lower at $1.01.

$IGO Ltd(IGO.AU)$: IGO has dipped 3.1 per cent to $7.49 after placing its Cosmos nickel project on care and maintenance, following a review of the mine’s prospects amid a deteriorating nickel price.