ASX continues slide as energy drags
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The news: The Australian sharemarket ended the day lower as the energy sector dragged.
The numbers: The benchmark ASX 200 fell 0.5% to end at 7,931.7, with nine out of 11 sectors finishing in red.
The worst performing sector was energy, down 1.62%, followed by materials (-0.86%). Despite a lift in global oil prices after US President Joe Biden ended his re-election campaign, oil and gas majors in the local market fell. Beach Energy (-2.57%), Woodside Energy (-2.29%), Karoon Energy (-2.14%), Santos (-0.69%) and Ampol (-0.11%) were all trading lower.
Woodside also announced that it would buy US LNG developer Tellurian for $1.3 billion.
South32 slumped 12.57% after the global miner said it would write down the value of its Worsley Alumina business in Western Australia due to delays in environmental approvals.
Meanwhile, DroneShield plummeted 21.43% after releasing its quarterly earnings that saw its revenue fall over 50% quarter-on-quarter.
Cromwell ended 2.44% lower after its portfolio revaluation slashed $115.5 million off assets.
The best performing sector was consumer staples (up 0.65%), followed by consumer discretionary (0.14%).
Iress, up 9.77%, was the best performing company across the ASX 200 after the financial services software group flagged a jump in first-half earnings.
Insignia Financial shares rose 5.88% after it upgraded its full-year profit guidance and announced that a $10 million remediation fine paid to the prudential regulator would not necessitate a capital raise.
The Australian dollar is lower buying 66.63 US cents.
The context: Wednesday will see quarterly results from Woodside and Iluka Resources.
Later this week, Macquarie will hold its annual general meeting, and the latest US manufacturing purchasing managers’ index and GDP figures will be released.
