the COB: disappointing updates | 24.10.24

Australian shares were mostly flat during Thursday’s trade as gains from financials were offset by a series of disappointing updates and quarterly reports from major companies.
The S&P/ASX 200 Index closed down 9.7 points or 0.12% to 8,206.

CBA shares rose 1% lifting the financial sector by 0.7%.

Fortescue, gold mining giant Newmont, bathroom supplier Reece and pallet maker Brambles all fell after releasing disappointing market updates.

The sell-off in WiseTech, triggered by misconduct allegations against CEO Richard White, accelerated with shares down 6%, falling below $100 per share for the first time since August. Morningstar says there’s a one-in-four chance of Richard White leaving the company he founded.

Elsewhere, HMC Capita halted its shares as it plans to raise $300 million for its $1.93 billion acquisition of Sydney data centre owner Global Switch Australia.

Tonight; American Airlines, UPS and Hasbro release earnings.



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