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The Aussie market is on track for its largest daily decline since July 31 with the ASX 200 falling 78 points or 1.3% to 6,083 around midday. The index has also easily given back all the gains made over the first two days of the week. Just yesterday, the ASX 200 briefly hit a 5 month high of 6,199. The weak start for the Aussie market is in stark contrast to the record closing highs for the S&P500 and NASDAQ on Wall Street.

None of the sectors have escaped the selling with broad based declines. Falling hardest are the financials with the big four banks sliding by at least 2% each after yesterday’s brief respite, the major banks have fallen in four of the past 5 sessions. Bank losses today are contributing 21 pints or the broader ASX 200 declines. Other heavyweights including miner BHP Group (BHP), down 1%, Transurban (TCL) easing 3% and Telstra (TLS), slipping 2.8% are other drags. TLS is trading ex-dividend today along with AGL Energy (AGL). AGL is down 4%.

On the positive side of things, ZipCo (Z1P) has surged 20% and hit new all-time highs this morning. The Buy-now paylater provider announced a partnership with eBay Australia as part of its launch of Zip Business. Z1P’s partnership with eBay will allow small businesses to access flexible lines of credit to help cover short-term expenses, buy inventory and manage cash flow. Other BNPL providers like Sezzle (SZL) and Splitit (SPT) are both higher but Afterpay (APT) is softer.

On the reporting front, Cleanaway Waste (CWY) is up 7% with the release of its FY20 profit results. Both underlying profit and earnings rose with the company also then lifting its final dividend by 10% on the year before to. Seven Group (SVW) is up 0.7% as revenue rose 12% to $4.56 billion but net profit fell on an impairment due to its ownership of Seven West Media. Elsewhere, Whitehaven Coal (WHC) is falling 12% as FY profit fell steeply on lower coal prices. WHC also decided not to pay a final dividend. Retailer Lovisa (LOV) is also weaker, down 6% as sales were hampered by COVID related temporary store closures. Net profit fell 70% to $11.2 million.

The AUD is firmer against the greenback buying 72 US cents. So far, 3b units have traded worth $3.4b with 462 stocks higher, 717 lower and 365 unchanged.

Published by CommSec