ASX breaks 10-day winning streak
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The news: The ASX broke its 10-day winning streak as the market tracked losses on Wall Street with a drag from utilities.
The numbers: The benchmark ASX 200 fell 0.04% to end at 8,023.9, despite five out of 11 sectors ending in red.
The worst performing sector was utilities, down 1.41%, followed by energy (-0.98%).
Inghams was the worst performer on the ASX 200, with shares plunging 19.9% as analysts anticipated downgrades for FY25 after the poultry supplier posted a weaker-than-expected outlook.
Jumbo Interactive shares plummeted 16.14% as a softer-than-expected FY25 outlook failed to impress investors.
Accent Group shares slumped 15.08% after the Athlete’s Foot and Hype DC chain owner reported a 32.9% slide in full-year profit to $59.53 million, missing analyst expectations.
Spark NZ fell 7.4% after the New Zealand telco failed to meet its downgraded earnings guidance.
Fletcher Building shares dropped 6.71% after it announced that the New Zealand Commerce Commission said it would initiate legal proceedings over volume rebates.
ANZ shares fell 2.3% after APRA increased the bank’s capital overlay by $250 million following the misreporting of bond trading data.
Latitude shares ended 1.71% lower despite rebounding to a solid half-year profit on the back of strong volumes and flagged increasing margins due to price increases.
The best performing sector was telecommunication services, up 0.47%, followed by AREITs (0.37%).
The best performer across the ASX 200 was Fisher & Paykel as it surged 11.35% after upgrading its full-year profit guidance.
Pacific Current shares gained 3.18% after the asset manager reported an 18% rise in funds under management.
PolyNovo shares edged 0.77% higher, clawing back early losses, after its profit jumped during FY24.
The Australian dollar is buying 67.22 US cents.
The context: This weekend will see the continuation of the Jackson Hole Economic Policy Symposium held in Wyoming. Central bankers, finance ministers, academics and financial market participants from around the world will attend.
Monday will see earnings season continue with reporting from Kogan, Pilbara, Bendigo & Adelaide Bank, Perpetual, The Star Entertainment Group, Viva Energy, Endeavour and NIB.
