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Perth Now
37 minutes ago
- Perth Now
Healthcare giant's $21bn loss sinks ASX200
Australia's sharemarket snapped a six-day winning streak after pharmaceutical giant CSL had its worst day of trading on record after announcing a disappointing earnings update. The ASX 200 index dropped 63.10 points or 0.70 per cent to 8,896.20 while the broader All Ordinaries fell 59.70 points or 0.65 per cent to 9,173.80 The Australian dollar slipped 0.14 per cent to 64.85 US cents. Seven of the 11 sectors ended higher but a slump in the healthcare sector led to the market downturn. The ASX 200 slumped on CSL's results. NewsWire / Max Mason-Hubers Credit: News Corp Australia Healthcare stocks fell 8.73 per cent, led by CSL shares which slumped 16.89 to $225.50 its biggest ever one day fall, despite reporting underlying profits were up 14 per cent to $3.3bn. This was a fall of around $21bn in market cap. Shares plunged in the healthcare giant after it announced it would cut 3000 global roles costing $770m initially before helping the business save $500m-$550m over three years. CSL also announced its intention to demerge its influenza prevention vaccines-focused unit known as Seqirus into a separate ASX-listed business in 2026. It will also combine the commercial and medical operations of its core blood plasma and iron deficiency businesses into one unit. eToro market analyst Josh Gilbert said while the restructuring comes with a sizeable one off cost, the move is expected to sharpen the group's focus on its high-growth plasma and kidney care business. 'For investors, the view here is that CSL is trying to create a clearer business structure and improve investor returns. However, markets hate uncertainty, and this shake-up brings plenty of it,' he said. 'These are huge changes that come with execution risk, and in my view, the market will react poorly to the news short term.' Overall seven of the 11 sectors finished higher. NewsWire / Max Mason-Hubers Credit: News Corp Australia Australia's second-biggest company BHP jumped 1.57 per cent to $42.12 after the business delivered its latest financial update. The company reported underlying profits of $US10.2bn ($A15.7bn), a 26 per cent fall compared with last year. Revenues came in at $US51.3bn ($A79bn), an 8 per cent fall in 2024. Despite falls in revenue and earnings, chief executive Mike Henry called the results 'a strong performance'. 'FY25 was another strong year for BHP, marked by record production, continued sector-leading margins and disciplined capital allocation,' he said. 'Safety remains our highest priority and we achieved year-on-year improvements across key metrics.' Shares in iron ore rivals Rio Tinto and Fortescue were down 0.22 and 0.15 per cent respectively. Financials were a brighter spot, with all four banks gaining. CBA added 0.51 per cent to $171.05, Westpac gained 0.65 per cent to $37.31, NAB jumped 0.77 per cent to $40.54 and ANZ finished 0.61 per cent higher to $32.77. In company news, Seek was one of strongest performers on the ASX 200 after it announced an increase in revenue despite fewer job ads, leading to a 7.99 per cent bounce to $27.72. Australia's largest manufacturer and distributor of 4x4 accessories ARB shares marched 8.55 per cent higher to $39.49 after the business told the market sales revenue was up 5.3 per cent to $729.9m, while net profits after tax were down 5 per cent to $97.5m. Judo Capital also eked out a gain of 0.29 per cent to $1.75 after full-year profits were up 24 per cent to $86.4m, on the back of a lift to its all important net interest margin. Reliance Worldwide shares fell 6.74 per cent to $4.29 despite the business announcing sales were up 5.5 per cent and reported net earnings after tax jumped 13.5 per cent to $US125m ($192m).
7NEWS
an hour ago
- 7NEWS
How much the tooth fairy is paying Aussie kids and the state where they are most generous
Times are tight but the tooth fairy is forking out big. Aussie kids peering under the pillow are finding an average of $6.20 for every lost tooth, a new survey has revealed. WATCH THE VIDEO ABOVE: Australian children failing to maintain proper dental hygiene. That figure is well up on 25 years ago when the going rate per lost chomper was just $2. While most will receive $5, some children are scoring as much as $50 for a single baby tooth, the Australian Dental Association (ADA) found. The lowest amount given was 50 cents. The tooth fairy is most generous in the ACT, where kids score $7.90. At the other end of the scale, in the NT, children are given an average of $5.05. The transactions stack up, with more than two million Australians in the 'tooth losing stage' visited in 2022 alone, according to the Bureau of Statistics. Research out of the US shows kids there receive about $7.69 for every milk tooth, a decline of more than a dollar from the same time last year. Children in the UK get an average of $8.74, with some receiving more than $20, according to one study. The tooth fairy's 'going rate', and how much children should receive, has been a source of debate for Australian parents. '(In) my house, $2, and $5 if the tooth fairy is out of gold coins. But have heard some fairies pay up to $20-$50 per tooth,' said one parent on social platform Reddit, prompting a reply that the latter amount is 'unhinged'. Another said 'a rich friend in my circle ruined the market for us' by offering her kids 50 bucks. 'We only do 10 (dollars) per tooth. But more than once my daughter asked 'how come Madison gets 50?'. I replied 'her tooth must've been cleaner than yours',' they said. 'Win-win?' A third parent said it is $5 for the first tooth, together with a note from the tooth fairy saying that the additional 'thank you' payment was to cover the cost of setting up an account which catalogues every lost gnasher. 'It also said all other teeth would be a standard $2 cost,' they said. Battle at the basin The ADA's survey of 25,000 Australians also revealed how more than four in 10 parents are struggling to get their kids to clean their teeth. One if four entertain their children or brush with them, while 21 per cent offer a reward to keep them enthused. Twenty per cent of parents threaten to remove privileges, and the same amount turns to discipline to get their kids to pick up a brush. Nine per cent admitted they just 'gave up'. Parents should be helping children brush from the moment their first tooth breaks through the gum until they are about six years' old. While most kids remain in the bathroom to brush and floss, some roam around the house. 'This presents a choking hazard with young children and they won't be getting the job done properly without a mirror or adult assistance,' ADA oral health promoter Monica Farrelly said. 'Keep the bathroom as the only place kids do the brushing and flossing — and perhaps offer rewards for staying put.' Not cleaning properly can have serious health impacts. Farrelly told that one of her four-year-old patients had been drinking milk before bed and was comforted in the middle of the night if she woke up with another drink and a biscuit. She was not brushing afterwards and has now been left with serious decay that will require treatment, including fillings and potentially extractions. Former ADA president Stephen Liew previously revealed he was forced to remove all 20 teeth from the heavily infected mouth of a two-year-old girl bottle-fed cola from birth. Brushing (and flossing) tips The ADA recommends Australians choose a toothbrush with soft bristles, because medium and hard options are abrasive and can damage the teeth and gums. 'Most people don't know that they don't need to scrub — it's just gentle pressure in circular motions that flicks out the plaque and gets the toothpaste onto the teeth,' Farrelly told 'We don't recommend washing your mouth out with water once you've finished, to keep that fluoride on the teeth.' People should brush for a full two minutes, morning and night. Farrelly said it was down to personal preference if you floss before or after brushing, and whether it is done at night before bed or in the morning, if you are only doing it once a day. 'The most important thing is (brushing and flossing) in front of a mirror to make sure you're doing it correctly and covering all the gums and teeth,' Farrelly said. The dentist added that scraping the tongue with a toothbrush can remove bacteria that contributes to bad breath and tooth decay.
Sydney Morning Herald
3 hours ago
- Sydney Morning Herald
Trump's tariffs and anti-vaxxer clash with Australia's $130b health giant
To get an idea of where the real financial gravity sits within the Australian investing universe, CSL's market valuation plunge on Tuesday exceeded the entire $17 billion value of Qantas Airways with a billion or two to spare. It would be unfair to just blame this huge 15 per cent stock slump on its battles with the Trump administration. The biopharmaceutical giant has other challenges that were revealed on Tuesday with its full-year financial results and massive cost-cutting. But that should only add to the alarm for investors who may have noticed its outlook statement included the words: 'This guidance assumes no impact from pharmaceutical sector tariffs.' For the uninitiated, CSL's business is dominated by blood plasma products, but includes iron-deficiency-type treatments as well as vaccines. The vaccines company, Seqirus, will soon be spun off into a separately listed business. CSL chief executive Paul McKenzie put a brave face on Trump's threats to put tariffs up to 250 per cent on pharmaceuticals. This could affect $2 billion worth of Australian exports and the single biggest impact is expected to be on CSL's US exports, which are dominated by plasma products. Loading McKenzie pointed out to investors and analysts that most of the company's US business is sourced there, but the repeated questions from his audience say plenty about the market's nervousness. Especially when one question queried whether the Melbourne-based CSL was re-domiciling to the US. 'I'm not quite sure I relate to the re-domicile point. But just in general for tariffs, if you look at our plasma-derived products – as required from [US] regulatory, the plasma is sourced all in the US,' McKenzie said.
