The local sharemarket extended its declines to a second straight session, reflecting sentiment seen on Wall Street on Friday, with the ASX 200 falling by 1.4 per cent or 94 points to 6667.8. All sectors and roughly 93 per cent of stocks in the ASX 200 finished in negative territory. Interest-rate-sensitive sectors like Tech and Property fell, down by 2.6 per cent and 1.8 per cent, respectively, while the market’s heavy-weight Financials sector lost 1.5 per cent. Miners declined by 0.9 per cent, but major miners like BHP Group (BHP), Fortescue Metals (FMG) and Rio Tinto (RIO) all notched gains. Amid the broader sell-off and despite oil prices reaching five week highs. Energy stocks snapped a nine-day winning streak after slumping 1.2 per cent.
Johns Lyng Group (JLG) was the worst performer in the ASX 200 today, after it fell 14.8 per cent. This comes after the insurance construction company advised that its CEO and Managing Director, Scott Didier, has ‘sold 4,000,000 shares’ (7.5 per cent of his holdings in JLG) to fund ‘relocation and living expenses’. JLG also re-confirmed its sales revenue & EBITDA guidance for FY23.
Tyro Payments (TYR) rose 1.7 per cent and was up by as much as 3.7 per cent earlier in the session. The EFTPOS terminal provider said that its transaction value jumped by 59 per cent over the year to $10.4 billion. TYR also upgraded its FY23 earnings by around 19 per cent, partly driven by a cost reduction program targeted to reduce its annualised cost base by $11 million (3 per cent of revenue).
Core Lithium (CXO) has awarded Primero with a 5-year operations and maintenance contract for its Finniss Lithium mine. Primero is a subsidiary of construction and mining service provider, NRW Holdings (NRW). The contract is an extension to the Engineering, Procurement & Construction (EPC) contract CXO awarded Primero with in September last year. CXO shares rose 0.9 per cent today.
Tabcorp Holdings (TAH) has made a $33 million investment into Dabble Sports, a socialised digital wagering platform. TAH says that the investment provides it with exposure to Dabble’s ‘innovative product capability and strength in the younger customer segment’. TAH shares hit a two-week high and rose by 1.6 per cent.
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Today, 2.9bn shares were traded, worth $5.5bn. 364 stocks rose, 986 fell & 397 finished unchanged.
In the US tonight, the Columbus Day holiday (also known as Indigenous Peoples’ Day) is observed. The stock market is open but bond markets are closed.
Looking further ahead the highlight this week will be Thursday’s US inflation data. According to Bloomberg forecasts, CPI is expected to rise by 8.1 per cent over the year (0.2 percent over the month)
Originally published by Divik Nigam – (Author), CommSec
