Fletcher Building, a prominent construction group, witnessed a significant 11% drop in its stock value following a reduction in its fiscal 2024 earnings guidance. The company attributed this decline to a “notable slowdown” in New Zealand house sales and a faltering property market in Australia.
The Australian Stock Exchange saw gains, led by energy companies as optimism over China’s economic rebound and rising commodity prices fueled market enthusiasm.
Australian shares fall sharply with retailers and banks hit hard by rising living costs and dampened consumer spending, signaling tougher economic times ahead.
Perpetual drops on KKR takeover. XJO flat in quiet trade
RBA leaves rates on hold, stocks continue to rally. AGL jumps on results. ANZ announces stock buyback
Real Estate and Technology help push XJO Higher. Westpac and Big 4 also higher
Promedicus rises to new highs. Block up on earnings. Macquarie drops on results
Woolworths shares down on missed forecasts. NAB higher after results. XJO higher and hovers around 7600 level
Energy shares down as oil drops. XJO falls under 7600 level
Worley falls as largest share holder sells stake. ASX edges higher
Boss Energy rises as production ramps up. ASX continues rebound
Higher CPI pushes back rate cut forecasts. The Australian Bureau of Statistics reported that the consumer price index increased by 1% in the quarter ending March, exceeding the market expectation of 0.8%. Year-over-year inflation slowed to 3.6% from 4.1%, still surpassing forecasts.
