AU Morning Wrap: Miners Decline, Zip Tumbles 7.5%

Moomoo News AU wrote a column · Feb 26 17:53

G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 retreats from record highs
• ASX falls; miners decline
• Stocks to watch: Coles, Zip, Alumina

AU Morning Wrap: Miners Decline, Zip Tumbles 7.5%

Wall Street Summary

U.S. stocks drifted lower ahead of fresh readings on the economy this week, in a subdued trading session after last week's Nvidia-fueled rally.

The S&P 500 fell 0.4 per cent, while the Dow Jones Industrial Average shed roughly 62 points, or 0.2 per cent. Both were coming off records Friday. The tech-heavy Nasdaq Composite slipped 0.1 per cent.

AU Market Watch

Shares eased minutes after opening, tracking losses on Wall Street, with property and miners leading losses offsetting gains in consumer-related stocks amid a busy session of corporate earnings.

The $S&P/ASX 200(.XJO.AU)$ fell 0.3 per cent lower or 21 points. Also undermining the mood was a profit drop by both Woodside Energy and supermarket giant Coles.

Miners came under pressure following a more than 3 per cent drop in iron ore futures on Monday. Both $Rio Tinto Ltd(RIO.AU)$ and $BHP Group Ltd(BHP.AU)$ shed more than 1 per cent and $Fortescue Ltd(FMG.AU)$ retreated 0.7 per cent.

Stocks to Watch

$Coles Group Ltd(COL.AU)$: Shares in Coles leapt 5.7 per cent even though its earnings before interest and tax (EBIT) fell 5.1 per cent for the first half to $1.06 million.

$Woodside Energy Group Ltd(WDS.AU)$: Woodside Energy rose 0.7 per cent despite a 37 per cent drop in full-year core profit after taking write-downs on oil and gas ventures in the US and Western Australia.

$Johns Lyng Group Ltd(JLG.AU)$: Property company Johns Lyng Group was the index's biggest laggard, down 13 per cent after posting results.

$Adbri Ltd(ABC.AU)$: Cement group Adbri lifted 1.3 per cent after its board gave the nod to CRH’s $2.1 billion buyout proposal.

$Zip Co Ltd(ZIP.AU)$: Payment platform Zip tumbled 7.5 per cent even though it turned deep red losses into profit.

$Alumina Ltd(AWC.AU)$: Takeover target Alumina collapsed 7.3 per cent after swinging to a net loss of $US150 million for the full year and withheld a final dividend.

$Altium Ltd(ALU.AU)$: Software company Altium contracted 1.2 per cent as it reported an 11.4 per cent jump in half year net profit.