ASX falls as Macquarie slumps
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The news: The Australian sharemarket fell for the third consecutive day as the wider financial sector slid, with Macquarie Group among the worst performers after announcing its first-half earnings.
The benchmark ASX 200 lowered 0.5% to end at 8,118.8, with nine out of 11 sectors finishing in red. Financials was one of the worst performers, down 0.92%, as the big four CBA (-0.46%), NAB (-1.52%), Westpac (-0.06%) and ANZ (-0.26%) all fell.
Biggest news:
- Macquarie Group (-3.59%) — Reported a first-half profit of $1.6 billion, a 14% rise year on year but missed consensus by 6.7%.
Quarterly earnings:
- Amcor (-4.3%) — Posted a lift in Q1 profit and announced it would sell its 50% stake in the Bericap North America joint venture.
- Westgold Resources (-3.73%) — Reported that its all-in sustaining cost in the first quarter was up $79 million from the previous quarter due to its integration with Karora’s Southern Goldfields operations.
- Steadfast (-1.27%) — Reaffirmed its full-year guidance and reported an increase in net profit and revenue for Q1.
Other news:
- Corporate Travel Management (-4.84%) — Some analysts cut their FY25 earnings forecast after the company warned that its Europe revenue growth could be at risk.
- James Hardie (-1.72%) — Jarden analysts downgraded their rating on the stock to ‘overweight’ from ‘buy’ and cut its price target to $52 on a softer US outlook.
- Kelsian Group (-2.3%) — Secured a five-year extension of ferry services contracts in the Northern Territory worth $25.7 million.
- Liontown Resources (-1.82%) — Jarden slashed its target price on the miner due to low lithium prices and rising costs at its flagship Kathleen Valley operation.
- Capricorn Metals (3.01%) — Raised $200 million to fully fund the expansion of its Karlawinda mine and the development of its Mount Gibson project, via an institutional placement.
The Australian dollar is buying 65.7 US cents.
What’s ahead: Tonight will see the latest US unemployment rate figures released.
Next week will see the Reserve Bank make its next monetary policy decision, while AGM and quarterly earnings season continues.
