ASX drops, Paladin Energy plummets
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The news: The Australian sharemarket edged lower as gold miners and Paladin Energy dragged.
The benchmark ASX 200 fell 0.13% to end at 8,255.6 despite seven out of 11 sectors finishing in green.
Biggest movers:
- Paladin Energy (-28.93%) — Cut its full-year production guidance and withdrew all other guidance, due to ongoing challenges with the ramp up of its Langer Heinrich Mine in Namibia. It was the worst performer across the ASX 200.
- Gold miners — Made up seven of the bottom worst performing ASX 200 stocks after spot gold fell to a one-month low. Bellevue Gold (-6.71%) fell the most.
- Block (10.7%) — Tracked gains on the NYSE overnight after Piper Sandler analysts initiated coverage on the stock with an ‘overweight’ rating. It was the best performer across the ASX 200.
Annual general meetings:
- Lifestyle Communities (-1.58%) — Told shareholders it experienced a spike in cancellations following media reports of unethical conduct at one of its projects.
- Platinum Asset Management (-0.86%) — Received a second strike on its remuneration report but has avoided a board spill.
- Bigtincan (ended flat) — Hit back at minority owner Forager Funds after it urged shareholders to reject the company’s merger with US-based Investcorp AI Acquisition Corp.
- Coles (0.06%) — Chair James Graham said it has been "disappointing" that cost-of-living issues have been politicised and targeted at supermarket operations.
Other news:
- Aurizon (-2.59%) — Reaffirmed full-year earnings will be lower than last year and expanded its share buyback program by another $100 million.
- Aristocrat Leisure (-1.04%) — Announced the sale of its Plarium mobile gaming business for up to $1.25 billion.
- NIB (-0.67%) — Flagged a first-half operating loss on the back of “extraordinary growth” in New Zealand claims.
- Brambles (-0.26%) — Announced that it would exit the Indian market with the sale of its CHEP India unit to local returnable packaging services provider LEAP India.
- Liontown Resources (4.17%) — Tracked general lithium stock gains despite analysts making downgrades on the miner after it unveiled a revised mine plan on Monday.
The Australian dollar is buying 65.51 US cents.
What’s ahead: Events on Wednesday include:
- Earnings: Aristocrat Leisures, James Hardie, Life360, CBA and Light & Wonder.
- AGMs: Beach Energy, Contact Energy, Endeavour Group, Hotel Property Investments, Johns Lyng Group, Medibank and Sims.
- Economic: Australia’s wage price index.
