After a slightly softer start to Wednesday’s session, the Aussie market has somewhat recovered at lunch on Wednesday as it attempts to add to its seven session rally. The ASX 200 is mostly flat around midday, trading 2 points lower at 6,193. The moves lower follow losses on Wall Street overnight, with the major US indices falling for the first time in five sessions. Still, the local index remains around the best levels in seven weeks
Leading declines are names within the financials, materials and energy sectors with industrials also falling. But offsetting those declines are gains for healthcare, technology, consumer staples and discretionary.
The big four banks are all in the red with Westpac (WBC) down 1.5%. ANZ Bank (ANZ) is outperforming with the smallest loss of 0.3% while Commonwealth Bank (CBA) and National Bank (NAB) are down 0.8% and 1.1% each.
Bank of Queensland (BOQ) is bucking the weakness of financials with a gain of 3.3% after releasing its full year profit results. Despite the regional bank cutting its final dividend by 82% to 12 cents per share as cash earnings dropped 30% to $225 million. Still, the results were above analyst and market expectations.
Elsewhere, Afterpay (APT) is 2.6% higher and had hit another record high at $98.68 after financial crimes regulator, AUSTRAC, decided to take no further action against the BNPL provider after receiving the final external audit into its AML/CTF compliance. ZipCo (Z1P) isn’t faring as well, tumbling 4% after missing expectations for a September Quarter update. Revenue jumped 88% to $71.7 million while transaction volumes nearly doubled and 628,000 customers were added.
CSL Ltd (CSL) is up 1.7% having tightened its FY21 earnings guidance as it holds its AGM today. NPAT is now expected to be between $2.17 – $2.265 billion (cc), or growth of 3-8%. This tightens the previous range which at the low end was 0% growth.
The AUD is again weaker against the greenback on strength in the USD and lower commodity prices as it buys 71.63 US cents. So far, 2.6b units have traded worth $2.4b with 554 stocks higher, 560 lower and 393 unchanged.
Published by CommSec