ASX ends lower as energy and financial stocks shed 1%
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The news: The Australian sharemarket ended lower as Bendigo and Adelaide Bank and Westpac led losses across banking stocks following the release of their latest earnings.
The ASX 200 fell 0.22% to end at 8,537.1, as 6 out of 11 sectors finished in green.
Biggest ASX 200 fallers:
- Bendigo Bank (-15.3%) — Reported a slump in first-half cash earnings and statutory profit.
- Westpac (-4.1%) — Saw a 9% drop in December quarter profit, while its core net interest margin fell 2 basis points to 1.81%.
- Gold miners — Five gold miners were among the 10 worst performing ASX 200 stocks, after gold prices settled over 1.5% lower on Friday.
Biggest ASX 200 gainers:
- Audinate Group (26.6%) — Reported an improved profit in the second quarter and signalled moderate strengthening in the second half of the fiscal year.
- A2 Milk (19.7%) — Upgraded its full-year revenue growth guidance and declared its first ever dividend.
- BlueScope Steel (13%) — Posted first-half earnings towards the top end of its guidance range as it edged out consensus estimates.
Earnings news:
- GPT Group (4.5%) — Narrowed its full-year loss but saw its investment real estate valuation fall by $770.7 million.
- Lendlease (0.5%) — Swung to a first-half profit, bolstered by cost savings from the group's divestment of its international construction operations.
- New Hope (0.7%) — Notched 22% growth in half-year underlying earnings before tax, though realised coal prices declined.
- Aurizon (-0.6%) — Reported a dip in first-half profit and lowered its full-year earnings expectations.
Other news:
- Energy sector (-1.5%) — The prospect of increased oil supply from Iraq and Russia weighed on global crude prices. Woodside Energy (-2.9%) — which also reported its latest reserve figures this morning — was worst hit.
- The Star Entertainment Group (12.5%) — Received a $650 million debt financing proposal from US asset manager Oaktree Capital Management. Also, The Star's former chief casino officer Gregory Hawkins settled with the corporate regulator over claims he breached his responsibilities on anti-money laundering and counter terrorism financing compliance.
- Cochlear (4.7%) — Mounted a recovery after Friday's 13.4% selloff, as UBS upgraded its rating on the hearing implant maker from 'sell' to 'neutral'.
The Australian dollar is buying 63.69 US cents.
What’s ahead: Companies reporting on Tuesday include BHP, Mineral Resources, and Dexus.
The RBA will announce its latest decision on interest rates.
