ASX ends lower as big banks slide; Life360 leads tech rally

The news: The Australian sharemarket ended lower after opening in positive territory, as the big four banks all retreated, offsetting a surge in a number of embattled software stocks.

The benchmark ASX 200 index fell 0.26% to 8,955, with six of the 11 sectoral indices in positive territory.

Biggest movers:

• Life360 (+12.5%) — Led large gains by the market’s biggest tech stocks, including WiseTech Global (+12.4%) and Xero (+9.0%).
• Ora Banda (+10.3%) — Recorded a 21% increase in gold production in the March quarter, amounting to 38,766 ounces produced and 38,637 ounces sold.

Other news:

• Viva Energy (halted) — Entered a trading halt ahead of an announcement on the impact of a “significant fire at the Geelong Refinery”. Macquarie’s Mark Wiseman estimates the refinery is likely to operate at lower petrol and aviation gas production levels for between three weeks and three months.
• Insignia Financial (+0.2%) — Will de-list from the ASX after close of trading on Friday following approval by the Federal Court for its $3.3 billion buyout by US-based private investment firm CC Capital Partners.
• Fletcher Building (-2.4%) — Said it is lifting prices in response to rising diesel and fuel costs and warned of “early signs of demand softening”, including project delays.
• Netwealth (+5.9%) — Posted a total custodial net flows increase in funds under administration of 19.4% for the March quarter, despite volatility in the broader market during the period.
• AMP (+3.6%) — Reported a 45% jump in platforms net cashflows to $1.1 billion in the first quarter, boosted by new adviser relationships and stronger managed portfolio inflows.
• Flight Centre (+3.1%) — Completed its $200 million on-market share buyback, initially announced a year ago.
• Ansell (-3.7%) — Announced the resignation of chief financial officer Brian Montgomery, who will depart immediately to join US-based medtech company Hologic.
• ASX (+1.2%) — Saw its credit rating downgraded by S&P Global Ratings, due to what the ratings agency says are significant deficiencies in governance and risk management.