• The ASX has extended its losses on Monday on risk-off sentiment
  • Energy and Mining led the losses
  • Two CEOs departed today


After losing 4% last week, the ASX retreated another 1.45% to a 3-month low on Monday as a fresh round of risk aversion hits the stock markets.

On Friday, Wall Street tumbled by around 2% on fears the Fed and its planned rate hikes could tip the world economy into a recession.

China is already feeling the pinch as its government made moves to stop traders betting against the Yuan, which is at a 2-year low.

The British pound is also at an all time low against the US dollar after plunging on Friday. The pound was under pressure after the UK Chancellor passed new tax cuts, a move seen as adding fuel to fire for UK’ s inflation woes.

McDonald’s has increased its menu prices in Japan, a country that hasn’t seen any real inflation for decades.

In China, the countdown to the 20th Communist Party Congress is under way as Xi Jinping seeks a controversial third term in power.

Back to the ASX, Healthcare was the best performing sector (up 2%) among a sea of red today.

The Energy sector meanwhile had its worst day since March 2020, down almost 6%, while Mining lost 5%.

Energy giants like Beach Energy (ASX:BPT) and Santos (ASX:STO) lost 6-8%.

We also saw a couple of untimely CEO exits today.

Produce farming company Costa Group (ASX:CGC) CEO, Sean Hallahan, will resign from his post effective today.

Hallahan has only been in the job for 18 months and oversaw Costa’s 20% share price plunge this year. Costa’s share price was down another 13% today after his exit was announced.

Star Entertainment (ASX:SGR) fell 3.5% after also announcing the departure of its acting CEO, Geoff Hogg.

Hogg’s final departure date is yet to be determined but in the meantime, Ben Heap will assume the role of Executive Chairman on an interim basis.



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CSL (ASX:CSL) was one of the best performing stocks today, up 3%, pushing the Healthcare sector higher on no specific news.



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Syrah Resources (ASX:SYR) lost 20% today after reporting that operations at its Balama Graphite Project in Mozambique have been interrupted by industrial action by a small contingent of local employees and contractors, which the company says is illegal.

As a result, Balama operations were halted and the company’s workforce was moved from site on Tuesday 20 September Mozambique time.

Syrah says it is working with Union and Mozambique Government representatives to progress negotiations and, concurrently coordinating the return of employees and contractors to the site as soon as possible.

Link Administration (ASX:LNK) shed 10% after confirming that the takeover bid from Dye & Durham has been terminated.

The merger has been in trouble from Day 1 after UK’s FCA said it would only approve the acquisition if $518 million was set aside to meet potential payouts relating to the role of Link’s UK unit LFS, which oversaw the collapsed funds run by fundie Neil Woordward.

Coal stocks Whitehaven Coal (ASX:WHC) and New Hope (ASX:NHC) tumbled 12% today on risk-off sentiment, reversing their gains last week.

Santos (ASX:STO) fell on the broadbased selloff, but the company announced that it will acquire the additional 12.86% option interest in the Mahalo Gas Project, per previously announced arrangements between itself and Comet Ridge.

The equity interests in the Mahalo Gas Project will now re-adjust to Comet Ridge 57.14% and Santos 42.86%.