Latest news with #Rodda
West Australian
22-05-2025
- Business
- West Australian
Market wrap: ASX falls as Wall Street reacts to spending concerns
Australia's sharemarket slipped on Thursday after a strong recent run, as concerns over US fiscal policy rattled investors. The benchmark S&P/ASX 200 dropped 38.10 points, or 0.45 per cent, to 8,348.70, giving back some of the gains that had lifted the index to a fresh 50-day high earlier in the week. The broader All Ordinaries index remains 3.09 per cent off its 52-week high, though it is still up 0.62 per cent over the past five days. Ten of the 11 sectors ended the day in the red, with materials the only one to go up, rising 0.60 per cent. Financials shed 1.06 per cent, while healthcare and real estate posted losses of 0.32 per cent and 0.78 per cent, respectively. Buy-now-pay-later firm Zip Co posted one of the day's biggest losses, which slid 6.50 per cent to $1.87 followed by Nufarm Limited, tumbling 6.41 per cent to $2.63. Other notable declines included Paladin Energy (down 4.92 per cent), Healius (down 4.33 per cent), and Polynovo, which fell 4.03 per cent. Three of the major banks finished lower, with Commonwealth Bank the weakest performer, down 1.29 per cent to $172.72. NAB slipped 0.72 per cent to $37.37, Westpac lost 0.67 per cent to $31.36, and ANZ was unchanged at $28.85. The Australian dollar edged higher to US 64c. Strong performers included Spartan Resources (up 5.29 per cent) and West African Resources (up 5.22 per cent). According to senior financial market analyst Kyle Rodda, the sharp market movement may be linked to ongoing debates in Congress over the proposed US tax bill. He said the ASX mirrored overnight weakness on Wall Street, which has also been responding to the same concerns. 'The reason for that is that the markets are concerned that all this extra spending is going to be quite inflationary and lead to much higher interest rates,' Mr Rodda said. 'A lot of this is narrative driven – trade narrative.' According to Mr Rodda, investors may now be pricing in the possible consequences of the proposed tax legislation. He said momentum had already started to slow over the past few days as recent trade deals began to cool investor enthusiasm, and the tax bill has now shifted the market's tone toward 'greater caution.' Despite the dip, gold stocks were one of the few strong performers, lifted by rising gold prices as cautious investors looked for safer options. Among the top performers were Lynas Rare Earths, up 6.97 per cent, Genesis Minerals, which added 5.78 per cent, and Northern Star Resources, up 5.36 per cent, alongside strong gains across several gold and resource stocks. 'Gold is one of the shining lights at the moment just on the basis that gold prices are moving back into those record highs,' Mr Rodda said. He noted that US trade policy had influenced the precious metal's rise, with some investors now viewing gold as a 'safe haven'.
Perth Now
22-05-2025
- Business
- Perth Now
Aussie market dips on US tax jitters
Australia's sharemarket slipped on Thursday after a strong recent run, as concerns over US fiscal policy rattled investors. The benchmark S&P/ASX 200 dropped 38.10 points, or 0.45 per cent, to 8,348.70, giving back some of the gains that had lifted the index to a fresh 50-day high earlier in the week. The broader All Ordinaries index remains 3.09 per cent off its 52-week high, though it is still up 0.62 per cent over the past five days. Ten of the 11 sectors ended the day in the red, with materials the only one to go up, rising 0.60 per cent. Financials shed 1.06 per cent, while healthcare and real estate posted losses of 0.32 per cent and 0.78 per cent, respectively. Buy-now-pay-later firm Zip Co posted one of the day's biggest losses, which slid 6.50 per cent to $1.87 followed by Nufarm Limited, tumbling 6.41 per cent to $2.63. Other notable declines included Paladin Energy (down 4.92 per cent), Healius (down 4.33 per cent), and Polynovo, which fell 4.03 per cent. Three of the major banks finished lower, with Commonwealth Bank the weakest performer, down 1.29 per cent to $172.72. NAB slipped 0.72 per cent to $37.37, Westpac lost 0.67 per cent to $31.36, and ANZ was unchanged at $28.85. The Australian dollar edged higher to US 64c. Strong performers included Spartan Resources (up 5.29 per cent) and West African Resources (up 5.22 per cent). According to senior financial market analyst Kyle Rodda, the sharp market movement may be linked to ongoing debates in Congress over the proposed US tax bill. He said the ASX mirrored overnight weakness on Wall Street, which has also been responding to the same concerns. 'The reason for that is that the markets are concerned that all this extra spending is going to be quite inflationary and lead to much higher interest rates,' Mr Rodda said. 'A lot of this is narrative driven – trade narrative.' According to Mr Rodda, investors may now be pricing in the possible consequences of the proposed tax legislation. He said momentum had already started to slow over the past few days as recent trade deals began to cool investor enthusiasm, and the tax bill has now shifted the market's tone toward 'greater caution.' Despite the dip, gold stocks were one of the few strong performers, lifted by rising gold prices as cautious investors looked for safer options. Among the top performers were Lynas Rare Earths, up 6.97 per cent, Genesis Minerals, which added 5.78 per cent, and Northern Star Resources, up 5.36 per cent, alongside strong gains across several gold and resource stocks. 'Gold is one of the shining lights at the moment just on the basis that gold prices are moving back into those record highs,' Mr Rodda said. He noted that US trade policy had influenced the precious metal's rise, with some investors now viewing gold as a 'safe haven'.
West Australian
21-05-2025
- Business
- West Australian
ASX 200 continues to climb on Wednesday after RBA rate cut
Australia's sharemarket continued its post RBA rate cut bounce during Wednesday's trading and is now within touching distance of the record highs set at the start of the year. The S&P/ASX 200 rose 0.5 per cent, or by 43.5 points, to 8,386.8 points at the close. The broader All Ordinaries also traded heavily in the green gaining 38.30 points or 0.45 per cent to 8,611.70, setting a new 50-day high. On an overall positive day for Australian investors, nine of the 11 sectors finished higher, led by energy, utilities, healthcare and bourse heavy financials. It was a good day for the oil producers, with Woodside gaining 1.16 per cent to $21.75 and Santos jumped 1.26 per cent to $6.45. In the healthcare sector, ResMed climbed 4.01 per cent, while Fisher & Paykel Healthcare gained 3.08 per cent to $33.84 and CSL closed 0.48 per cent higher to $245.21. All four major banks were also in the green led by CBA which continues to reset record highs, up 1.48 per cent to $174.98. NAB also jumped during Wednesday's trading up 1.16 per cent to $37.64, while ANZ gained 0.31 per cent to $28.85 Westpac firmed 0.22 per cent to $31.57. senior financial market analyst Kyle Rodda said Wednesday's market rally was an extension of the gains led by Tuesday afternoon's rate cut. 'The follow through from yesterday's dovish cut from the RBA propelled the ASX200 higher today, with the index hitting a three month high and retesting the 8,400 level,' he said. 'The gain was broadbased, but utilities stocks led the way with heavy-weighted energy and materials stocks also supporting the market – the former rising after a jump in oil prices this morning on reports that Israel was preparing to strike Iranian nuclear facilities.' The Australian dollar continued to climb against the US up a further 0.5 per cent against the greenback to 64.51 US cents, on the back of the continued sell-off of the US dollar. Mr Rodda said the firming of the Aussie dollar despite more cuts coming from the RBA, could be due to the Japanese government raising interest rates. 'Another ominous sign is the simultaneous drop in the value of US Treasuries and US futures today, indicating the persistence of the 'sell-America' narrative being driven by a weaker growth outlook and diminished confidence in US government and institutions,' he said. In company news, Westpac has announced it is cutting up to 1500 roles in its biggest cut in a decade as the major bank looks to simplify processes and use more technology under its project known as Unite. James Hardie's share price was down 6.1 per cent to $36.10, after the company announced its quarterly update which showed a 1 per cent decline in net sales. Shares in wearable performance tracking device and analytic tools, Catapult surged 13.7 per cent to $4.89 after a strong full-year result and an optimistic outlook, saying it can capitalise on the billions spent on sport each year.
Yahoo
12-05-2025
- Sport
- Yahoo
Lakeland's latest athletic complex honors the late John Rodda
Lakeland officials have chosen to honor a late philanthropic builder in the naming of Lake Crago's newest sports fields. City officials planned to dedicate the John Rodda Sports Complex at Lake Crago Park on May 10, marking the completion of three multiuse, lighted sports fields and three picnic pavilions as the city's third construction phase at Lake Crago. Advertisement The fields are being named after John Rodda, the late founder of Lakeland-based Rodda Construction Inc., who died in 2018. His construction firm was fundamental in the design and construction of several city spaces, including common Ground Park and Peterson Park. Lakeland's newest athletic complex is named for John Rodda, the late founder of Rodda Construction Inc. who died in 2018. His construction firm was fundamental in the design and construction of several city spaces, including common Ground Park and Peterson Park. "John [Rodda] did so much for this community and has a true passion for youth sports," said Bob Donahay, the city's director of parks, recreation and cultural arts. "Back in 2018, we knew we wanted to dedicate a facility in his honor, and it's fitting that we now celebrate the grand opening of the John Rodda Sports Complex — a lasting tribute to his spirit and generosity." The new park includes three multiuse, lighted sports fields and three picnic pavilions as the city's third construction phase at Lake Crago. Donahay said the fields have been in use by local youth sports programs for about a month at this point. The opening of the field will help provide much needed space, as Lakeland lacks enough field space to meet demands from existing youth programs. Advertisement It's hard to drive through Polk without passing a park or building constructed by Rodda and his firm. Some of the structures he's had a hand include Lakeland's Highlands Grove and Bartow's Spessard L. Holland elementary schools and Citrus Ridge Civics Academy in Davenport. The opening of the field will help provide much needed space, as Lakeland lacks enough field space to meet demands from existing youth programs. He also built or renovated 30 of the 52 structures on the Florida Southern College campus in Lakeland. This article originally appeared on The Ledger: Lakeland's latest athletic complex honors the late John Rodda
Yahoo
06-05-2025
- Business
- Yahoo
ASX snaps seven day winning streak
The Australian sharemarket broke a seven-day winning streak after a major bank announced its half yearly result and the price of oil slumped on a new deal. The benchmark ASX 200 index slumped by 82.20 points or 0.92 per cent to 8,157.80 during Monday's trading. The broader All Ordinaries also fell by 82.20 points or 0.97 per cent to close Monday at 8,373.00. The Aussie dollar is trading around US64.40 cents. A worse-than-expected half yearly result by Westpac led to a fall in the financial sector. For the six months ending March 31 Westpac announced a 3 per cent decline in net interest income to $9,351m. It also said the bank's core net interest margin, a key metric of profitability, fell by 3 basis points on tighter loan spreads, due to more competition in lending and tighter deposit spreads. Westpac shares slumped 2.99 per cent to $32.45 on the result, which also dragged ANZ down 0.99 per cent to $30.06, NAB dropped 1.75 per cent to $35.85 and bourse heavyweight CBA dropped 1.61 per cent to $166.93. senior financial market analyst Kyle Rodda said financials dragged after the Westpac result. 'The numbers from the bank weren't terrible,' he said. 'However, given the rich valuations of some of the Big 4 – almost comically rich when it comes to the CBA – a dose of reality helped sober up investors, lower bank stocks and weaken the overall ASX200.' On an overall negative day for the market, eight of the 11 sectors finished in the red. Monday's falls were led by the energy sector which closed down 2.9 per cent lower after OPEC+ announced a deal which will see supply of oil rise at the same time demand for crude is slowing. According to the oil producers, countries including Saudi Arabia and Russia said after a meeting on Sunday (AEST) to raise output by 411,000 barrels per day from June, in a move designed to punish overproducing nations. The price of Brent futures dropped $US2.04 a barrel to $US59.25. Woodside shed 3.6 per cent to $19.87 while Santos shed 4 per cent to $5.84 following the announcement. Mr Rodda said unfortunately for investors, the drop breaks a seven day winning streak. 'Energy weighed on the markets off the back of a nose dive in oil prices this morning, with the Saudis seemingly taking their hand off the wheel to punish other OPEC members for noncompliance with output quotas,' he said. 'There's also the possibility they are allowing prices to fall to butter up the Americans before critical nuclear and arms talks.' In other corporate news Endeavour Group announced flat to modest retail sales growth for April following improved trading over the Easter holiday period. The business said it had strong sales momentum in its hotel sector across food, bars, gaming and accommodation. It was also a good day for Gold Road shareholders, soaring 9.43 per cent to $3.25 after announcing a takeover bid. The company previously entered an intraday trading halt on Friday, before announcing the agreement with ruyere Holding which will acquire 100 per cent of the issued and outstanding shares capital in Gold Road. Sign in to access your portfolio
