• The ASX is down almost 1pc today
  • China’s concerns are weighing on markets
  • Aussies still confident stock portfolio will go up in 1 year


The ASX 200 dropped by -0.85% today as concerns about the Chinese economy weighed on markets.

Today’s session saw a selloff across the region following news on Chinese property developer, Country Garden.

The embattled company, once China’s biggest developer, has failed to make coupon payments on its US dollar bonds, amid concerns that China’s problem is about to grow bigger.

‘The China market is in a difficult spot,” Sherwood Zhang, a Hong Kong-based fund manager at Matthews Asia told SCMP.

“I can only say the downside is limited,” he added.

Iron ore prices also slumped today following the news, with Singapore futures down by more than 2%.

That dragged miners on the ASX lower, with the likes of BHP (ASX:BHP) and Fortescue (ASX:FMG) down by around 1-2%.

Lithium miners were also dragged lower, with Pilbara Minerals (ASX:PLS) and Allkem (ASX:AKE) slipping by 4-5%.


Aussies still optimistic on equities

Meanwhile, a survey shows that Australian (and UK-based) investors continue to trade with confidence despite market pullback.

According to IG’s latest Customer Sentiment Survey, 54% of Australian investors believe the ASX will rise in the next six months (from around 44% at the beginning of the year).

More significantly, even though more than 50% of Aussie investors saw decreases in their portfolios over the past six months, 74% of Aussie investors are expecting their portfolios to rise in the next 12 months.

Defensive stocks were favoured by investors in both Australia and the UK. More specifically, energy, semiconductor and technology hardware stocks were the top three sectors.

The survey also showed that only 51% of Aussies are concerned with the local economy.



Swipe or scroll to reveal the full table. Click headings to sort.

Wordpress Table Plugin

JB Hi-fi (ASX:JBH) rose after reporting a 4.3% increase in total sales for the year. Bottom line NPAT however was down 3.7% to $524.6m.

Group CEO, Terry Smart said that with the heightened uncertainty in the retail environment, both its brands (JB Hi-Fi and The Good Guys) remain well positioned to leverage their low-price market position.

“As we have continued to demonstrate, we will adapt and respond to the changing retail conditions to ensure we remain the number one destination for shoppers and grow our market share,” Smart said.

Carsales (ASX:CAR) rose after announcing that revenue grew by 53% on pcp to $781 million for the full year. The company’s bottom line net profit  also quadrupled to $645.6 million, and it declared final dividend per share of $0.325.



Swipe or scroll to reveal the full table. Click headings to sort.

Wordpress Table Plugin

Beach Energy (ASX:BPT) fell almost 5% after reporting a 24% decrease in underlying NPAT to $385 million.

Beach, however, said FY24 will be a significant year, with drilling and major project delivery across the portfolio. The full-year production guidance for FY24 is set at 18.0 – 21.0 MMboe.

Bendigo and Adelaide Bank (ASX:BEN) dropped despite solid full-year results.

Total income was up 14% on pcp to $1.93 billion, while statutory net profit up by 1.8% to $497 million. Dividend per share meanwhile was up 15.1% to 61c.

Lendlease Group (ASX:LLC) fell after announcing an after tax loss of $232m for the full year.