• Local shares slumped 1pc on Friday
  • The market is cautiously awaiting Fed Jerome Powell speech later tonight
  • Accent Group jumped 16.5pc after earnings report

 

The ASX slipped by 1% on Friday, taking its loss for the week to -0.5%.

The tech sector was the major drag today as local traders tracked Nasdaq movements overnight.

Major tech plays like Wisetech (ASX:WTC) and Xero (AS:XRO) were down by around 4% at the close. In the discretionary sector, online fashion retailer Cettire (ASX:CTT) tumbled 10% on no specific news.

Today was also another hectic day for earnings on the ASX – see details below.

Meanwhile, the market is anticipating a speech by the US Fed Reserve chairman later tonight at the annual gathering of the world’s top central bankers in Jackson Hole, Wyoming,

Many expect Powell to be more measured in his words.

“I just think he’s going to play it about as down the middle as possible,” said Joseph LaVorgna, chief economist at SMBC Nikko Securities America.

“He doesn’t want to get himself boxed into a corner one way or another.”

Elsewhere, Japan’s release of treated radioactive wastewater into the Pacific Ocean has sparked outrage across China, with Chinese authorities now banning all seafood imports from Japan.

 

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Shoe retailer Accent Group (ASX:AX1) soared 15% after declaring a record full year. Total sales were $1.57 billion, up 24% on the pcp, while NPAT was $88.7 million, up from $31.5 million in FY22.

Strong sales were achieved across all major banners including Platypus, Skechers, TAF, Hype DC, Vans and Dr Martens. During the year, Accent opened 80 new stores which takes its total store count (including websites) to 821.

Entertainment group Ardent Leisure (ASX:ALG) was up after losses were trimmed by 71% to $17 million. Following the sale of Main Event business last year, Ardent is now solely focused on its Theme Parks & Attractions business in Australia, which generated revenues of $84m for the full year.

 

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Pilbara Minerals (ASX:PLS) slumped 8% despite reporting a 326% increase in full year Statutory Profit after Tax to $2.4b. Final dividend was 14cps, versus zero in FY22.

Pilbara also announced 64% increase in spodumene concentrate produced to 620.1 thousand tonnes (kt) (versus FY22: 377.9kt), supported a 68% increase in sales to 607.5kt.

IAG Insurance (ASX:IAG) fell 3% after revealing that it was being sued by securities watchdog ASIC concerning the pricing of, and certain disclosures about how premiums are priced.

Infrastructure services provider Ventia Services (ASX:VNT) fell despite saying that its FY23 NPATA will be at the top end of the range for growth of 7 to 10% compared to FY22.

Lottery reseller Jumbo Interactive (ASX:JIN) declined after revealing that “FY23 represents only the second year in the last decade where lottery ticket sales have declined.”

The company’s full year revenue however was up 13.9% to $118.7 million, and underlying EBITDA was up 6.9% to $58.9 million.

Electronic conveyancing business PEXA (ASX:PXA) fell 6% as bottom line NPATA fell 71% to $17.6m.

“We navigated considerable market headwinds while also investing for future growth, diversifying our revenue streams and increasing our reach in Australia and the UK,” said PEXA CEO, Glenn King.

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