• The ASX was up 0.35% on Friday, down 0.6% for the week
  • Coles said its sales increased by 6.5% in the quarter
  • Property group Mirvac cut earnings guidance

 

The ASX pared gains after opening higher by 1% in the morning. At day’s close, the index finished 0.2% higher but lost 0.7% for the week.

Staples and Healthcare sectors fell 1% each, while the Real Estate overperformed, up 1%.

Major banks posted gains as fears of further banking meltdown contagion in the US eased.

Coles (ASX:COL) was down 2% after reporting a 6.5% increase in group revenue to $9.97 billion for the third quarter.

Coles said it opened one new store and closed two stores, taking the total network to 841 supermarkets during the quarter.

Meanwhile, Australia’s March quarter PPI rose 1% on-quarter and 5.2% on-year.

Key drivers for the increase were rises in electricity and gas prices. Building construction materials also increased amid strong demand in non-residential construction.

Australia’s total credit growth also rose 6.8% on-year versus 7.8% a year ago. Housing credit growth remained at 0.3% on-month, while personal credit growth slowed to -0.3%.

 

New BoJ governor keeps rates steady

Elsewhere, the new Bank of Japan (BoJ) Governor Kazuo Ueda has presided over his first BoJ’s monetary policy decision outcome.

Ueda kept Japan’s ultra-low interest rates steady, but announced a broad review of its monetary policy, including revising its forward guidance. The JPY slumped after the decision.

India’s defense chief and his Chinese counterpart have met amid strained relations over their contested Himalayan border. China said that it hoped the two militaries will work together to strengthen mutual trust.

Closer to home, the Property Council of Australia has praised Prime Minister Anthony Albanese’s plan to halve the withholding tax on foreign investment.

The Council said this could help fuel the delivery of as many as 150,000 apartments over the next decade.

 

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Emerald Resources (ASX:EMR) rose 7% after announcing that it  achieved its March 2023 quarter guidance with gold production of 28.8koz at an AISC of US$793/oz.

EMR has also maintained its June 2023 full year guidance, with gold production remaining at 25-30koz per quarter with AISC US$740 – US$810/oz.

Porperty company Mirvac Group (ASX:MGR) rose 4% despite cutting its earnings guidance for FY23 due to sustained adverse weather conditions impacting residential settlement.

The company also provided guidance, saying that it now expects FY23 operating earnings per share of at least 14.7 cents a share, from at least 15.5 cents in the previous guidance.

 

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