The local market snapped four straight days of gains and finished near session lows, with the ASX 200 down 0.87 per cent or 59.4 points to 6785.7. 5 (of 11) sectors and 59 per cent of stocks in the ASX 200 lost ground. A slump in the iron ore price weighed on major iron ore miners Fortescue Metals (FMG), BHP Group (BHP) and Rio Tinto (RIO), which fell by 8.15 per cent, 5 per cent and 4.4 per cent, respectively. This weighed on the broader Mining
sector, which posted its biggest decline (4 per cent) in around a month. The Big 4 banks however all finished in positive territory, rising by at least 0.3 per cent.
Over the week, the Aussie market rose 1.6 per cent and recouped losses it posted over the past fortnight. Eight sectors and around 77 per cent of stocks in the ASX 200 finished in positive territory. Novonix (NVX) was the best performer for the second consecutive week, and gold miners Ramelius Resources (RMS), Evolution Mining (EVN) and Gold Road Resources (GOR) also rose by at least 12.5 per cent.
Macquarie Group (MQG) released its interim results. In comparison to 2H22, its profits fell by 13 per cent to $2.3 billion. This was, however, 13 per cent higher than the profit it posted in 1H22. Its result was supported by improvements across all its divisions except Macquarie Capital, whose earnings fell by 12 per cent against 1H22. MQG also declared a $3.00-interim dividend. MQG shares were up by as much as 4 per cent earlier today, but
finished on a flat note.
ResMed (RMD) shed 5 per cent after releasing its first-quarter results. While its revenues, gross margins and profits all improved, its profits were below analyst estimates. RMD also declared a dividend of US4.4 cents-per-share.
Iress (IRE) has completed the $100 million on-market share buyback program it announced in July 2021. Over 9 million shares have been acquired, at a volume weighted average price of $10.996 (11.7 per cent premium to yesterday’s close). IRE shares rose for the fifth straight day, adding another 1 per cent.
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Brainchip (BRN) released its earnings yesterday, and fell 21.2 per cent, making it today’s worst performer. Further, it was also this week’s worst performer, losing 23 per cent.
In the week ahead, a number of key economic data points are issued. Both the Reserve Bank of Australia (RBA), and the Federal Reserve (US) are scheduled to hand down their interest rate decisions. Markets expect both the RBA and the Fed to hike their rates by 25 basis points and 75 basis points, respectively.
The US earnings season continues tonight with Exxon and Chevron expected to release earnings updates.
Today, 3.3bn shares were traded, worth $6.9bn. 514 stocks rose, 684 fell & 408 finished unchanged.
Originally published by Divik Nigam – (Author), CommSec
