ASX falls as WiseTech, Car Group drag
Make us a preferred source
Make us a preferred source on Google
The news: The Australian sharemarket started the week lower, weighed down by the tech sector, with WiseTech leading the decline after confirming two new complaints against its founder, Richard White.
The benchmark ASX 200 fell 0.34% to end at 8,482.8, with eight out of 11 sectors finishing in red. Tech was the worst performing sector, down 1.38%.
Biggest fallers:
- Car Group (-6.51%) — Its first-half results fell short of market estimates for pro forma EBITDA and adjusted net profit after tax.
- JB Hi-Fi (-4.56%) — Reversed early gains despite posting higher profit and sales for the half year and increased its interim payout.
- WiseTech (4.39%) — Richard White, his wife Zena Nasser, and investment fund RealWise Management are facing legal action over breaches of Fair Work protections, according to court filings.
Biggest winners:
- Star Entertainment (13.64%) — Confirmed that its Brisbane casino had received acquisition offers. Also, the Federal Court heard that The Star’s execs failed to act on ‘brazen’ junket operator conduct.
- Ansell (8.13%) — Reported double-digit growth in first-half sales and EBIT, and increased its full-year adjusted earnings per share guidance.
- Champion Iron (3.75%), BlueScope Steel (1.81%) — Both shares rose after US President Donald Trump vowed to impose a 25% tariff on all steel and aluminium imports. However, aluminium producers South32 (-1.71%), Rio Tinto (-1.2%) and Alcoa Corporation (-0.19%) all fell
Other news:
- Pilbara Minerals (-1.35%) — Flagged a first-half loss amid low prices and writedowns.
- Incitec Pivot (-1.01%) — Appointed its financial controller as its interim chief financial officer and cut its full-year production guidance at Phosphate Hill.
- Westpac (-0.03%) — Appointed Debra Hazelton and David Cohen to its board.
- Generation Development Group (halted) — Has agreed to buy investment manager Evidentia Group for $320 million, in a deal that will be part-funded through an equity raise.
- Domino’s (0.2%) — Received rating and price target upgrades from analysts following its announcement on Friday that it would close 205 loss-making stores.
- GQG Partners (3.1%) — Marked a return to growth in funds under management in January.Beach Energy (4.03%) — Morningstar called the oil and gas explorer's stock "materially undervalued".
The Australian dollar is buying 62.75 US cents.
What’s ahead: Tuesday will see Breville, Charter Hall Infrastructure REIT, CSL, Region Group, SGH, Seven West Media, and VGI Partners all post their earnings.
