The COB from ausbiz

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Cereal offenders 🥣

Season 3, Ep. 135

Details within the Commonwealth Bank’s full year results were clearly enough to bolster confidence in the broader banking sector, resulting in big gains for the majors and regional players. ANZ jumped 3.5%, Westpac 1.8% and NAB 1.6%, boosting the financial sector to a 0.5% gain. Performances elsewhere were less convincing. IT was walloped 3.8% following profit warnings from US chip manufacturers, weak earnings reports after the bell on Wall Street and news Elon Musk has been selling down his Tesla stake. Losses across healthcare, consumer discretionary and materials exceeded 1%. Telecommunications and REITs fell by 0.9% and 0.8% respectively. At the individual level, Megaport and Computershare were hammered, falling 5% apiece as analysts reacted to their earnings reports. Gold miner St Barbara delivered an update resembling a lead balloon, falling 11% to take out the title of biggest laggard. City Chic fell 7.5% on broker activity, while A2 Milk soured after failing to gain access to the lucrative US baby formula market, sliding 6.7%. Graincorp bucked the trend, lifting 5% on another profit guidance upgrade. Dare we call it a cereal offender? Imugene took out top spot, rising 6.4% as it announced new drug trials were underway. The S&P/ASX 200 eased 0.5% to close at 6993.


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