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Market Close: Financials drag ASX lower youtu.be/OlGdkL2LAVA
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Market Close 11 Nov 25: Financials drag ASX lower
Aussie shares slipped on Tuesday, dragged down by a sharp 6.6% fall in $CBA. The #ASX200 lost 17 points or 0.2% to close at 8,819. Despite eight of 11 sectors finishing higher, financials (-2%) weighed on the market. Utilities led gains, while miners and energy provided support.
A majority of the US Senate on Monday voted to approve legislation to end a record-long, 41-day shutdown of the US federal government, as voting continued. #ausecon
Shares of Cromwell Property Group $CMW rise 1.7% to $0.463, heading for their best day since October 22, if gains hold. Co to buy 19.9% stake in Straits Real Estate's Australian industrial portfolio for $47.6 million.
Coronado Global Resources $CRN plunges as much as 33.8% to $0.245; set for steepest intraday pct decline ever. Co's net loss attributable widens to $281.9 mln in nine months to September vs year-ago $54.8 mln.
Price indicators in the survey all eased back in the month with purchase costs running at a quarterly rate of 1% and labour costs at 1.5%. However, the capital utilisation rate ticked up to 83.4, from 83.3, suggesting the level of activity remains high. #ausecon
"Economic growth has improved but we are starting at a point with little slack in the economy. Capacity utilisation is still high and wage and margin pressures continue to be significant factors impacting business confidence," said Auld. #ausecon
"Overall, the positive trend in business conditions suggests the economy has held onto the momentum gained since late 2024,” said @NAB Chief Economist Sally Auld. #ausecon
The survey from @NAB showed its index of business conditions rose one point to +9 in October, the highest level since March 2024. A business confidence index fell one point to +6, still above the long-run average. #ausecon
A measure of Australian business conditions picked up in October as firms reported better sales and profits, while gauges of costs and prices eased back further and looked to be well-behaved. #ausecon
Financial technology firm Iress $IRE rises as much as 4.6% to $9.78, their highest since January 22. Analysts at Jefferies say $IRE newly introduced cash-adjusted EBITDA margin better aligns reported profit with cash generation and welcomes the company’s savings program.
Shares of Australian engineering firm Monadelphous $MND rise as much as 7.5% to $26.87, hitting their highest level since February 18, 2013. Analysts at Jefferies hike price target for $MND to $18/share from $17 following upbeat half-year and annual forecast.
Technology stocks lost 1.5%, with New Zealand-based accounting software giant Xero $XRO falling 1%.
Financials, however, limited the benchmark's gains by losing 1.3%, with two of the "Big Four" banks falling. #CBA, the country's biggest bank by market value, fell 4.3%, hitting its lowest since October 15 after it reported a marginal rise in its first quarter cash profit.
Health stocks rose 0.7%, with CSL $CSL, once Australia's priciest stock, rising 1.2%.
Energy stocks added 0.7%, driven by higher global oil prices. The sector hit its highest level since September 17 and was on track for a fourth straight session of gains.
Commodity stocks extended their gains with bellwether miners gaining 1.3%, touching their highest level since October 31 on higher copper prices. Mining giant BHP Group $BHP rose 0.2% and lithium miner Pilbara Minerals $PLS added 3.1%.
Australian shares were muted on Tuesday as gains in miners and gold stocks were offset by weakness in financials, with top lender Commonwealth Bank of Australia $CBA slipping after posting its first quarter results. The S&P/ASX 200 index rose by 0.1% to 8,843.80 points.
Australian gold stocks rise as much as 3.6%, their highest level since October 22 as bullion rallies. Industry heavyweight Northern Star Resources $NST rises 3.6% while smaller rival Evolution Mining $EVN gains 3.7%.
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