ASX drops; WiseTech rallies
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The news: While poor quarterly earnings dragged down the Australian sharemarket, WiseTech managed to reverse early losses, ending as the best performer across the ASX 200.
The numbers: The benchmark ASX 200 fell 1.66% to end at 8,205.7, with 10 out of 11 sectors finishing in red.
Some of the biggest movers across the ASX 200 were:
- Metcash (-5.92%) — Goldman Sachs analysts downgraded the company to ‘sell’ due to its lagging digital transformation and intensifying competition; and
- WiseTech (3.87%) — Reversed early losses after its CEO Richard White and wellness entrepreneur Linda Rogan settled their legal battle in the Federal Court today.
Quarterly earnings today included:
- Viva (-6.32%) — Flagged softer retail conditions, lower tobacco sales and higher overheads across its convenience and mobility businesses;
- Audinate (-6.18) — Warned its full-year profit is expected to be lower than expected amid a number of challenges;
- Iluka (-3.87%) — Posted a drop in third quarter production amid subdued demand and an ongoing pause at its SR1 kiln;
- Deep Yellow (-3.9%) — Flagged that global uranium supply environment was "dire". Peers Boss Energy (-2.39%) and Paladin Energy (-1.92%) also fell;
- Transurban (-1.81%) — Reaffirmed its FY25 distribution guidance but noted that traffic had fallen in Melbourne during the September quarter due to construction;
- Mirvac (-0.69%) — Reaffirmed its full year guidance as it reported a boost to residential sales during the September quarter; and
- Stanmore (3.8%) — Lifted production and sales in the September quarter and reiterated full-year guidance.
In other news today:
- Magellan (-2.1%) — Chair Andrew Formica told its AGM that it has struggled to get back onto fund manager recommended lists after being taken off due to senior departures.
- REA (0.06%) — JP Morgan analysts upgraded the real estate platform to ‘overweight’ ahead of its first-quarter report and trading update;
- NRW Holdings (0.4%) — Has been awarded a mining services agreement with Stanmore SMC worth $1.6 billion; and
- Hotel Property Investments (2.57%) — Its directors urged shareholders to reject a “best and final” takeover offer from Charter Hall (-4.19%) and Hostplus they say is “not compelling”.
The Australian dollar is buying 66.89 US cents.
What’s ahead: Wednesday’s events include:
- Quarterly results: Perseus Mining; and
- AGMs: Fletcher Building, Tabcorp, Ebos Group, National Storage REIT, Service Stream, and Mystate.
