Local shares have fallen heavily in the early hours of trading on Friday. The ASX 200 is down near the lows of the day at lunch, down 60 points or 1% to 6,066. Losses so far today have pushed the index lower for a second week in a row.
Selling has been rather broad based with only the financials sector making any meaningful improvements
while the property sector is flat. Losses are across all other sectors with materials, technology and consumer discretionary experiencing some of the sharper falls.
The largest individual weights on the market include the major iron miners like BHP Group (BHP) which is down 2.1%, Fortescue Metals (FMG) is falling 2.4% and Rio Tinto (RIO) has eased 1.4% as iron ore prices fell in overnight trade. CSL Ltd (CSL) is another major drag, as is Wesfarmers (WES) and Afterpay (APT). On the flip side, three of the big four banks are higher with Westpac (WBC) and National Bank (NAB) both up close to 1.4%.
One of the biggest movers has been gaming company, PointsBet (PBH), which has surged 60% following the
announcement of a 5-year media betting partnership deal between its US subsidiary and NBC Sports. The company also released GY20 results and is looking to raise capital in the future.
Retailer, Harvey Norman (HVN) was one of the biggest names to release profit results today. Shares were up more than 2% at one stage but has since fallen back to be down 0.8%. HVN managed to lift sales globally by 7.6% to $8.2 billion with Australian franchisee sales outpacing worldwide sales with 9% growth. Sales momentum has also been maintained in the early parts of FY21.
Fruit grower, Costa Group (CGC) is rallying 8.5% even as its domestic produce was below some analyst expectations. International produce mostly exceeded expectations as did its FY21 outlook. Elsewhere, Shine Justice (SHJ) is up 4.5%, Resolute Mining (RSG) is down 2.5% and Boral Ltd (BLD) is 0.2% lower having all released profit results today.
The AUD remains around the best levels in 18 months having hit a high of 72.9 US cents in overnight trade and is now buying 72.73 US cents.
Published by CommSec