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Markets: ASX 200 falls 1.4% but logs weekly gain
The Australian sharemarket closed sharply lower on Friday as renewed concerns about artificial intelligence overinvestment and potential disruption to software companies weighed on sentiment. The S&P/ASX 200 fell 125.9 points, or 1.4%, to 8,917.6, with nine of the 11 sectors finishing in negative territory. Despite the retreat, the benchmark index held onto a 2.4% gain for the week. The Information Technology sector led the declines, as fears that AI-driven competition could erode profit margins across the software sector intensified. The sector has now shed 24.5% of its value since the start of 2026. Among the major names, WiseTech Global tanked 10.4%, TechnologyOne lost 7.1%, and Xero fell 4.5%. Healthcare stocks also came under significant pressure. Cochlear plunged 17.9% after reporting a 21% fall in net profit to $162 million, missing market expectations. The company warned that full-year profit would likely come in at the lower end of its $435 million to $460 million guidance range. CSL slipped 1.4%, while Fisher & Paykel Healthcare dropped 6.3%, ResMed fell 4.6%, and Pro Medicus lost 8.4%, compounding the sector’s weakness. Financial stocks also softened as investors locked in profits following recen
ASX
Trading floor: ASB, NCK, SKY in double-digit falls
Azzet reports on three stocks that look oversold following price moving updates today. Austal sinks after overstating its US earnings ~ Shares in Austal (ASX: ASB) were trading 22% lower by 2:10 pm AEDT (3:10 am GMT) after the shipbuilder fessed up to imponderables relating to previously stated earnings expectations by its U.S. subsidiary, Austal USA. While the stock has clearly been dragged down by the overall market today – down over 1% – investors appear to have overreacted to an accounting gaffe that’s forced Austal to revise full-year earnings guidance. Much of today’s overreaction may relate to a spate of recent accounts-related anomalies by other listed stocks, which have fashioned the market to think the worst and question management competence. Unsurprisingly, the accounting anomaly - discovered while preparing its interim results – has made the market more dubious about taking U.S. accounts at face value. In response to today’s guidance update, Citi has cut its target price for Austal by 12% to A$6.90. After identifying a US$17 million (A$23.88 million) overstatement linked to its U.S. subsidiary, Austal has revised full-year earnings guidance to $110 million, down from the $235 million originally flagged
ASX
ASX 200 to start lower as profit reporting continues
Shares in Australia are expected to open lower on Friday after Wall Street indexes fell sharply overnight, with corporate profits continuing to drive the Australian Securities Exchange (ASX). The ASX 200 index should start about 0.9% below the previous finish on the basis of trading in the March futures contract, which was last quoted just 78 points lower at 8,895 points. Burrell Stockbroking wealth adviser Adam Dight said bank results had been the highlight of the ASX reporting season to date, in which investors were learning about results for the first time in six months. “That's the thing with half-yearly reporting. All the analyst expectations are 65 days old. Nothing's been updated since December 10,” Dight said. “It's a bit of a Forrest Gump moment, reporting season is like a box of chocolates.” The tone was set in New York, where benchmarks finished weaker on Thursday (Friday AEDT) as the rotation out of technology shares continued due to worries about artificial intelligence (AI) disruption. The Dow Jones Industrial Average dropped 1.3%, the S&P 500 shed 1.6%, and the Nasdaq Composite dived 2% as the sell-down of growth stocks was stepped up. "The broader narrative within the market is what sectors and
ASX
ASX 200 closes near record as ANZ rallies; AMP slumps
The Australian sharemarket closed higher on Thursday, buoyed by a rally in the banking sector after ANZ delivered a stronger-than-expected first-quarter result. The S&P/ASX 200 Index rose 28.7 points, or 0.3%, to 9,043.5, even though only four of the 11 sectors finished in positive territory. Gains in financials were sufficient to offset sharp declines among several high-profile stocks reporting earnings. Financials advanced for a second consecutive session, led by ANZ, which surged 8.5% to a record $40.35. The lender reported a cash profit of A$1.94 billion for the first quarter, up 6%, amid cost savings from thousands of staff reductions and restructuring initiatives under chief executive Nuno Matos. Commonwealth Bank also extended its gains by 5.4%, building on a strong rally in the previous session after posting earnings that beat expectations and triggered its biggest one-day rise since 2020. Westpac added 1.8%, while National Australia Bank climbed 2.3%. In contrast, AMP was the notable laggard, plunging 26.7% after reporting a decline in full-year profit. Utilities also provided support to the benchmark. The sector rose 4%, aided by Origin Energy, which upgraded its full-year energy markets EBITDA guida
ASX
Trading floor: AMP plunges; Peel Mining, ORG rise
Azzet reports on three stocks with price moving updates today. AMP tanks on dismal FY25 numbers ~ Shares in AMP (ASX: AMP) were trading a whopping 30.3% lower by 1:55 pm AEDT (2:55 am GMT) after the grand old dame of Australian financial services announced a dismal FY25 result underpinned by an 11.3% drop in full-year net profit to $133 million, marred by class action costs and an increased spend on a business simplification program. While profit largely met expectations, revenue disappointed across most divisions. Platforms disappointed relative to forecasts, with FY25 core profit up 9% to $106 million, around 7% below consensus, while AMP Bank’s core profit fell 10% to $55 million with higher digital investment weighing on earnings despite improved margins and benign credit quality. However, what the market appears to have reacted strongly to this morning was the underwhelming outlook for revenue margins, which is expected to see consensus downgrades to FY26 and beyond. Management set maiden margin targets, which suggest modest pressure, including:Platform margins of 40-41 basis points.Super and investment margins of 60-61 basis points.Bank net interest margin of 1.25-1.30%, alongside a controllable cost target of $

ASX
Flat start seen for ASX as Wall Street ends mixed
The Australian Securities Exchange (ASX) is likely to start little changed on Thursday after a mixed night on Wall Street, with corporate earnings results driving the market through the day. The March futures contract of the ASX 200 index was last quoted just two points below the prior settlement at 8,956 points at the time of writing, indicating a flat start for the benchmark at 10:00 am AEDT (11:00 pm GMT Wednesday). Overnight in the United States, the Dow Jones Industrial Average and Nasdaq Composite indexes eased, while the S&P 500 index was little changed as a stronger-than-expected employment data raised expectations of slower United States interest-rate cuts. The Dow fell 0.1%, the S&P 500 finished virtually unchanged, while the Nasdaq Composite eased 0.2%. Although the market still expects at least a 25-basis-point cut in June, the chances that rates would be unchanged in the U.S. thereafter increased. New York Life Investments Global Market Strategist Julia Hermann said investors digested changes to rate cut bets "quite well" because they interpreted the strong jobs report as good news for the economy. "This is constructive news in that the economy is not in dire need of rate cuts because the jobs market
ASX
ASX 200 jumps 1.7% as CBA surges, CSL plummets
The Australian sharemarket closed higher on Wednesday as investors digested a wave of corporate earnings, with strong banking and industrial results driving broad-based gains. The S&P/ASX 200 Index climbed 147.4 points, or 1.7%, to 9,014.8, bringing the benchmark closer to its record high of 9,115.2 set in October. Nine of the 11 sectors finished in positive territory. Financials led the advance, powered by a standout performance from Commonwealth Bank. Shares in the nation’s largest lender surged 6.8%. The move followed the bank’s first-half results for the 2026 financial year, which showed a 5% rise in net profit after tax to A$5.412 billion. Other major lenders also advanced, with National Australia Bank up 3.4%, Westpac rising 2.5%, and ANZ adding 1.3%. The Materials sector contributed to the rally, led by James Hardie, which rose 4.2%. The building products group reported EBITDA of US$330 million for the December quarter, exceeding guidance of between $298 million and US$318 million. Mining heavyweights added further support, with BHP up 1.6%, Rio Tinto adding 1.2%, and Fortescue rising 2.3%. However, gains were partially offset by a sharp fall in CSL. The biotechnology group plunged 4.6% after announcing
ASX
Trading floor: CSL tanks; CBA, Aussie Broadband rise
Azzet reports on three stocks with price moving updates today. CSL tumbles after bombshell announcements ~ Shares in CSL (ASX: CSL) were trading 6.4% lower by 1:50 pm AEDT (2:50 am GMT), with the market reacting negatively to the double-whammy bombshell the Biotech giant unfurled on the investors. Given the brutal year CSL experienced in 2025, revelations that CEO Paul McKenzie is retiring – disclosed in the dying minutes of trading yesterday – may in isolation have been seen as a blessing for shareholders. After all, the share price is down 41% in one year, and today’s falls have pushed it to a new multi-year low of $151.58. Revelations today that the company experienced a 81% slump in half-year earnings to US$400 million only heighten uncertainty over where the seemingly rudderless stock will go from here. Management attributed the disappointing first-half results to a number of factors, including government policy changes, one-off restructuring costs and impairments. In FY26, total after-tax non-restructuring related impairments of approximately $1.1 billion will be booked, almost all of which was recognised in the first half. While FY26 guidance was reaffirmed - including NPATA growth of 4-7% and revenue gr
ASX
Mixed Wall Street finish puts ASX start in doubt
The outlook for Australian share prices is uncertain on Wednesday, with corporate profit results likely to determine how the market opens. Commonwealth Bank of Australia (ASX: CBA) beat expectations with half-year results released before trading resumed, while former market darling CSL (ASX: CSL) disappointed with interim earnings and after sacking its Chief Executive Officer. Although Australian Securities Exchange (ASX) futures trading indicated the benchmark ASX200 would start higher, Chief CommSec Economist Ryan Felsman said it could be pressured by the weak U.S. lead-in and lower gold, oil and copper prices overnight. “Commodity stocks will limit gains on the benchmark,” he told Azzet. According to ASX futures trading, the index should begin 0.32% stronger as the March share price index contract was quoted 29 points above the previous settlement at 8,848 points at the time of writing. Weaker than expected retail sales data undermined United States equity markets, with two of the three main benchmarks ending down lower on Tuesday (Wednesday AEDT). The S&P 500 and the Nasdaq Composite Indexes fell while the Dow Jones Industrial Average rose to a new high as investors analysed corporate results, earnings and fi