Swings and misses
This earnings season was defined by "once in a generation" swings in the share prices of some of the bluest of blue-chip names on the ASX. The jury's still out on what's driving it.
The earnings season now effectively over saw the benchmark ASX 200 reset its record close multiple times, and even break through the 9,000 mark for the first time.
But what really captured investors’ attention was the dramatic moves in share prices, with several blue-chip names plummeting, and other names recording huge one-day gains, despite delivering results that were not that out of whack with market expectations.
James Hardie (-28%) faced its sharpest selloff since 1973, while Woolworths (-15%) saw its worst day since 1994. Neither has recovered. CSL was also whacked with a 17% share price drop and now sits 19% lower than at the start of the month.
At the other extreme, and at the smaller end of the index, Nine Entertainment surged 8% on its results day, only to give back all of those gains in the following session and end the week about 4% lower. Temple & Webster suffered a similar fate.
