Woolworths released first-quarter sales results on Wednesday and hosted its AGM yesterday. The results were mixed with Australian grocery sales outperforming while Big W and NZ underperformed.
JB HI-FI updated the market yesterday with its first-quarter sales and AGM. A similar story to Woolworths almost with JB Australia performing well, the Good Guys flat and JB NZ disappointing.
ASX 200 closed up 15 points at 6827 (0.2%), down only 1% for the week. Banks better after a run yesterday, the Big Bank Basket up to $171.72 (+0.7%). CBA leading the charge up 0.8%. MQG remain under pressure ahead of results due soon, down 0.5%. Insurers slid as yields stabilised, QBE down 1.7% and…
ASX 200 closed up 15 points at 6827 (0.2%) down only 1% for the week.
TECHNICAL SUMMARY
S&P/ASX Small Ords on a 52-week low.
Consumer staples oversold on a weekly basis and hit a 52-week low. Both WOW and COL oversold on a daily basis.
Lots going on – none of it great. Cash is King. Alphabet bombs on weak cloud result (rest of the result was OK). Big Tech in official correction – NASDAQ down 10% from a recent top. No AI Boom trade this results season then. Bond yields higher again both here and there. CPI number prompts “Two rate rise” talk.
Our market slots in behind Wall St down another 40 at midday as bond yields rise and we worry about a rate rise
PLS has released September Quarter earnings this morning – Key points from the release are:
Revenue has fallen 42% compared to Q2, coming in at $493m.
144kT of Spodumene Concentrate was produced (down 11% from prior Q).
A similar amount was sold at a realised price of US$2240/T.
ASX 200 fell 42 points to 6812 (-0.6%),2023 closing low despite a small rally into the close. Resources held up relatively well on some more Chinese stimulus and a falling AUD. BHP up 0.5%, and RIO up 1.2%. Lithium stocks on the nose, although some big winners, in AZS on a bid from SQM up…
