Afternoon update: ASX down 0.92%, Further earnings results released

By Peter Milios | More Articles by Peter Milios


The S&P/ASX 200 index is currently down 0.92 per cent, with the value at 7,272.80 points. The SPI futures have dropped by 73 points.

Breaking down sector performance, Communication Services is the top performer, witnessing a 0.55 per cent increase. Meanwhile, Materials is the worst-performing sector, seeing a decline of 1.6 per cent.

Among large-cap companies, (ASX:CAR) is leading the gainers, with a notable rise of 6.05 per cent, reaching a trading price of $26.10. Following closely are Boral (ASX:BLD) and BlueScope Steel (ASX:BSL).

However, Pilbara Minerals (ASX:PLS) stands out as the weakest large-cap performer, experiencing a considerable drop of 5.08 per cent, with its trading price at $5.04. This is accompanied by Allkem (ASX:AKE) and Mineral Resources (ASX:MIN) also witnessing declines.

In earnings-related news, Stealth Global Holdings (ASX:SGI) has reported historic financial results for the year, with Profit before tax up 86 per cent and EBITDA up 33 per cent from a year ago.

JB Hi-Fi's (ASX:JBH) annual results reveal a 25 per cent smaller final dividend, indicating challenges ahead as sales growth and earnings slowed significantly in the second half, possibly preparing for a tough fiscal year 2023-24, despite a 4.3 per cent rise in revenue to $9.6 billion.

And Bendigo and Adelaide Bank (ASX:BEN), the largest regional bank in the country, reports improved returns, with a 1.8 per cent rise in statutory net profit and a 15.3 per cent increase in cash earnings, resulting in a higher final dividend of 32 cents per share and an increased full-year payout of 61 cents per share.

Shifting to Asian markets, Japan's Nikkei index has suffered a loss of 1.05 per cent. Hong Kong's Hang Seng index is facing a more significant downturn of 2.43 per cent, while China's Shanghai Composite index has decreased by 0.68 per cent.

In terms of commodities and currency, gold is currently trading at US$1,944.80 per ounce. Light crude oil is experiencing a decrease of $0.69, trading at US$82.51 per barrel.

Lastly, the exchange rate reveals that one Australian dollar is equivalent to 64.67 US cents.

About Peter Milios

Peter Milios is a recent graduate from the University of Technology - majoring in Finance and Accounting. Peter is currently working under equity research analyst Di Brookman for Corporate Connect Research.

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