CSL shares tank nearly 17 per cent in worst loss on record
CSL was absolutely hammered on Tuesday, after the biotech's revenue came in below expectations and it announced job cuts.
'It's such an index heavyweight, its fall has reduced the ASX 200 today by about 63 points,' Mr Boyd said.
'It's now trading at its lowest level since 2019; it fell almost 17 per cent.'
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Sky News AU
2 hours ago
- Sky News AU
ASX 200 finishes in positive territory on Wednesday after rough start
Sky News Business Reporter Edward Boyd says the overall stockmarket today started in negative territory but turned positive after about an hour of trading. 'Most sectors were in the green, led by property REITs and the banks,' Mr Boyd said. 'Mining and health care stocks slumped.' The ASX 200 finished the day up 0.25 per cent.
The Age
2 hours ago
- The Age
ASX finishes higher as banks, retailers rise; James Hardie shares plummet
Welcome to your five-minute recap of the trading day. The numbers The Australian sharemarket finished higher on Wednesday after a flurry of company earnings results as gains by the big four banks and the nation's retailers more than offset a plunge by building materials maker James Hardie and losses by energy stocks and CSL. The S&P/ASX 200 closed up 21.80 points, or 0.3 per cent, to 8918, having shrugged off early wobbles by lunchtime. Seven of its 11 industry sectors advanced, with the banks, consumer discretionary stocks and real estate investment trusts leading the gains. The index had lost 0.7 per cent on Tuesday, its steepest drop since August 1. The Australian dollar slipped 0.1 per cent to US64.45¢. The lifters The big four banks all posted solid gains. Commonwealth Bank, the nation's biggest and the biggest stock on the ASX, rose 0.8 per cent. Westpac added 2.5 per cent, NAB climbed 3.7 per cent and ANZ was up 2 per cent. Financial stocks make up almost a third of the entire ASX, meaning their performance has a major influence on the market overall. Loading Consumer discretionary stocks also advanced. Wesfarmers, owner of Kmart and Officeworks, rose 2.6 per cent, electronics retailer JB Hi-Fi was up 2 per cent and furnishing chain Harvey Norman added 1.2 per cent. The Lottery Corp jumped 7 per cent after revealing $749.3 million in operating full-year earnings, down 9.4 per cent from its record jackpot year in 2024.
News.com.au
3 hours ago
- News.com.au
ASX steadies as banks lead recovery after CSL shock
Australia's sharemarket edged higher on Wednesday, bouncing back slightly after a two-day slump driven by CSL's record one-day fall. The S&P/ASX 200 rose 21.8 points, or 0.25 per cent, to 8,918, while the broader All Ordinaries added 3.6 points to 9,177.4. The Australian dollar slipped slightly to 64.7 US cents. Over the past five days, the index has gained 1.03 per cent and sits just 0.5 per cent below its 52-week high. Banks continued to support the market, with all four major lenders climbing. Commonwealth Bank added 0.79 per cent to $172.40, Westpac jumped 2.47 per cent to $38.23, NAB surged 3.68 per cent to $42.03, and ANZ rose 1.95 per cent to $33.41. IG analyst Tony Sycamore said the ASX 200 had performed 'really well'. 'The ASX 200 is insulated because we don't have the concentration of tech stocks that hit the US markets,' Mr Sycamore said. 'One of the reasons why we're seen as a more defensive market is because we've got the banks, and the banks have done well again today.' Seven of the 11 sectors higher. After Tuesday's shock fall of 16.89 per cent in CSL shares, the healthcare giant continued to weigh on the sector, which slipped 1.28 per cent. Other sectors on the decline included information technology (-2.32 per cent), materials (-1.16 per cent), and energy (-1.23 per cent), while consumer discretionary (+1.93 per cent), real estate (+1.80 per cent), and financials (+1.43 per cent) led the winners. 'Elsewhere, we saw some fall in CSL extent today, so there is certainly an exodus which continues from that particular stock, and it does feel like the market's the wrong way around with regards to CSL,' Mr Sycamore said. 'It was certainly a shock yesterday, and in terms of early season bombshells, probably the biggest one I can recall in recent memory.' Top performers on Wednesday included HMC Capital, up 17.74 per cent to $3.85, and Centuria Capital Group, which gained 11.63 per cent to $2.40. Synlait Milk (+8.11 per cent), Service Stream (+7.92 per cent), and Strickland Metals (+7.69 per cent) also posted strong gains. However, some high-profile falls highlighted ongoing volatility. James Hardie plunged 27.83 per cent to $32, while Arafura Rare Earths (-13.64 per cent), Elsight (-13.53 per cent), and Electro Optic Systems (-13.09 per cent) were among the biggest decliners. Mr Sycamore said after recent market jitters and high-profile earnings shocks, investors were seeking safer options. 'The lure of the banks is proving to be appealing,' Mr Sycamore said. 'Given recent uncertainty, investors are moving towards stocks with cheaper valuations. For example, CBA trading at $172 now compared to $192 a couple of months ago makes it look more attractive. 'We're moving into a period where people are going to be more selective and favour cheaper, more defensively valued stocks.' Miners gave back some of Tuesday's gains. BHP, which rallied 1.57 per cent on Monday, retreated slightly in Wednesday's session, reflecting a broader pullback in the sector. 'Big mining stocks had a bad day today, but their valuations aren't expensive by any stretch of the imagination,' Mr Sycamore said. 'We're seeing more stock selection based on value rather than just momentum, which has been driving markets for a while.'
