AU Morning Wrap: Qantas Extends Its Decline; Pro Medicus Leaps 9%

Moomoo News AU wrote a column · Sep 25, 2023 19:33

G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 bounces from 3-month low, US 10-year yields hit 4.5%
• ASX dips, Liontown recoils
• Stocks to watch: Pro Medicus, Talon Energy, Lake Resources
- Moomoo News AU

AU Morning Wrap: Qantas Extends Its Decline; Pro Medicus Leaps 9%

Wall Street Summary

Bond yields continued upward, with the yield on the benchmark 10-year Treasury settling at the highest level since 2007.

Stock markets edged higher on Monday after major indexes had their worst weekly performance since March. The $S&P 500 Index(.SPX.US)$ rose 0.4% while the tech-heavy $Nasdaq Composite Index(.IXIC.US)$ added 0.5%. The blue-chip $Dow Jones Industrial Average(.DJI.US)$ gained 0.1%, or 43 points.

AU Market Watch

$S&P/ASX 200(.XJO.AU)$ drifted 0.4 per cent lower minutes after starting to trade on Tuesday, with property and tech leading losses.

$Qantas Airways Ltd(QAN.AU)$ extended its decline and was among the biggest laggards with a drop of 3 per cent.

Shares in mining company Coronado Global Resources inched up 0.3 per cent after Czech-based company Sev.en Global Investments acquired a 51 per cent stake from the Energy & Minerals Group.

Minerals producer $Liontown Resources Ltd(LTR.AU)$ fell 0.7 per cent after Gina Rinehart lifted her strategic stake, complicating battery chemical giant Albemarle's $6.6 billion takeover tilt at the lithium prize.

Shares in Air New Zealand dropped 1.4 per cent after the airline held off providing guidance due to uncertain and volatile macroeconomic factors including fuel prices and a weaker NZ dollar.

Suncorp Group shares nudged 0.2 per cent lower. Clive van Horen, chief of the banking unit, announced he will leave in December.

Imaging company Pro Medicus leapt 9.3 per cent after winning a $140 million contract with US-based Baylor Scott & White Health.

Oil and gas explorer $Talon Energy Ltd(TPD.AU)$ lifted 4 per cent on news it had started export of sales gas from its WA-based Walyering gas field. Its project joint venture partner Strike Energy rose 0.5 per cent.

Energy and healthcare were the only sectors in the black. All the majors banks and mining companies fell. Lithium stocks rose, with $Lake Resources NL(LKE.AU)$ topping the main index with a jump of 12 per cent.

Stocks to Watch

$Pro Medicus Ltd(PME.AU)$: Imaging company Pro Medicus won a $140 million 10-year contract with not-for-profit healthcare Baylor Scott & White Health (BSWH) to provide cloud-engineered services.

The roll out of the Texas-based outlet is expected in early 2024.

$Coronado Global Resources Inc(CRN.AU)$: Czech-based company Sev.en Global Investments will acquire a 51 per cent stake in mining company Coronado Global Resources from the Energy & Minerals Group (EMG).

Coronado Global Resources has three mining complexes in Australia and the US and has annual coal production of 16 million tonnes.

$Air New Zealand Ltd(AIZ.AU)$: Air New Zealand is holding off providing guidance due to uncertain and volatile macroeconomic factors, it said on Tuesday.

The airline noted adverse impact on its cost base from fuel prices and a weaker NZ dollar. Further complicating the outlook is Pratt & Whitney global engine issues affecting the fleet.

$Suncorp Group Ltd(SUN.AU)$: Suncorp Bank CEO Clive van Horen will leave on December 4 to join a non-bank employer, said Suncorp Group CEO Steve Johnston.

Mr van Horen will remain as CEO of Suncorp Bank until the end of the year.

After the market closed on Monday, The Star Entertainment, the embattled operator of casinos in Sydney, Brisbane and the Gold Coast, said it would seek to raise $750 million at a significant discount. It also said it had no plans to sell any assets.