Local shares were lower leading into the lunch break, snapping a three day winning streak. The ASX 200 was down over 120 points, or about 1.8 per cent, to 6,933 before the break. The move lower followed weaker markets on Wall Street overnight which fell about 1 per cent.
All sectors were in decline, with energy and materials leading losses, both down about 2.5 per cent. Woodside Petroleum (WPL) was down 2.7 per cent, while Santos had retreated 3.3 per cent by midday. BHP had also retreated about 3.0 per cent, while Fortescue Metals Group (FMG) was down 2.7 per cent. Industrials were down 2.0 per cent while financials had fallen 1.6 per cent.
EML Payments (EML) has experienced a significant selloff today, down 37.3 per cent. Its Irish regulated subsidiary received correspondence from the Central Bank of Ireland ‘raising significant regulatory concerns’ relating to ‘anti-money laundering/counter terrorism financing risk and control frameworks & governance.’
Artificial intelligence company Appen (APX) is up 11.5 per cent after providing a trading update, announcing a new organisational structure. It will change its reporting currency from AUD to USD and has maintained its FY21 guidance. It expects underlying EBITDA for the year to be US$83-$90m.
Webjet (WEB) released its FY21 result today showing revenue of $38.5m, expenses of $163.8m, an EBITDA loss of $125.3m and a net loss of $156.6m. The average monthly cash burn was $5.5m and no dividend was declared. WEB was down 1.0 per cent.
ResMed (RMD) is trading ex-dividend for its 3.5c per share interim dividend today, set to be paid to eligible investors on 17 June. G8 Education (GEM) and Eagers Automotive (APE) are also meeting investors at their AGMs today.
In economic news, Westpac-Melbourne Institute Consumer Confidence index (May) fell 4.8 per cent to 113.1. The Australia Wage Price Index (March quarter 2021) rose by 0.6 per cent to be up 1.5 per cent on the year. In US economic data, housing starts fell by 9.5 per cent in April after rising 19.8 per cent in the previous month. Building permits rose 0.3 per cent last month.
The AUD buys 77.9 U.S. cents. So far, 2.4b units have been traded worth $2.5b with 492 stocks higher, 721 lower and 392 unchanged.
Published by CommSec