The Australian Stock Exchange is down today, dropping 32.50 points or 0.43% to 7,612.30. The bottom-performing stocks during the late afternoon session were Liontown Resources Ltd and Fletcher Building Ltd, down 7.62% and 6.09% respectively.
The index has lost 1.13% for the last five days, but is virtually unchanged over the last year to date.
IT continues good run
Bucking the downward trend were Information Technology stocks, which were up 1.01%, with the next nearest sector, Consumer Discretionary, up by 0.64%. On the other hand, Health Care stocks were down considerably, by 3.44%, followed by Energy, slipping 0.94%.
The tech sector continued its run in the US: “A familiar story on Friday night as the S&P500 and the Nasdaq printed fresh record highs supported by Mega-Tech, including Nvidia, Amazon and Alphabet,” said IG’s Tony Sycamore.
“The Nasdaq added 1.81% for the week and is up 6.75% CYTD. The S&P500 closed 1.37% higher last week to be up 5.38% CYTD, and the Dow Jones finished flat for the week, up 2.61% CYTD.”
The JB Hi-Fi figures out today have broader implications for consumer spending and eToro market analyst Josh Gilbert had this to say:
"JB Hi-Fi beat profit and sales estimates today as the household retailer continues to show resilience despite a pullback in consumer spending, but the bad news is that profits fell by 20% from the same period a year ago.
“As a result, JB Hi-Fi cut its dividend to A$1.58 from A$1.97, which may not come as a surprise but will disappoint some shareholders, given that the cut was more significant than expected.
Tricky environment for retailers
“There are some positives for investors to take away, though. Sales have topped estimates amidst a tricky environment for retailers and we didn’t see a sharp slowdown in sales in January that many had expected. Profits have slipped but this was always to be expected.
“These results won’t blow the market away and investors should know that it will be a challenging end to the fiscal year for JB as retail sales slow further, with decade-high interest rates continuing to take their toll on households.
“However, management has shown they can navigate tough periods, and coming interest rate cuts as early as June will remain a positive tailwind."
The five at five
Venture Minerals raises $1.02 million via At-the-Market facility to fast-track Jupiter REE discovery
Venture Minerals Limited (ASX:VMS, OTC:VTMLF) has raised $1.02 million by utilising its At-the-Market (ATM) Subscription Agreement with Acuity Capital with funds to fast-track resource drilling and metallurgical test-work at the new Jupiter clay-hosted rare earths target in Western Australia.
Volt Resources buoyed by thumbs up for potential US Department of Energy funds of more than US$100 million for graphite anode production
Volt Resources Ltd (ASX:VRC, OTC:VLTRF) is forging ahead with its downstream graphite business operations, bolstered by a thumbs up from the US Department of Energy (DOE).
Infinity Lithium lodges Exploitation Concession Application for San José Lithium Project
Infinity Lithium Corporation Ltd (ASX:INF) has lodged an Exploitation Concession Application (ECA) at the San José Lithium Project with the Regional Government of Extremadura in Spain and its Dirección General de Industria, Energía y Minas (mines department).
Perseus Mining confident of Fair Competition Commission approval for OreCorp takeover
Perseus Mining Ltd (ASX:PRU, TSX:PRU, OTC:PMNXF) is confident of receiving unconditional merger control approval from the Tanzanian Fair Competition Commission (FCC) regarding its off-market takeover bid for OreCorp Ltd.
Far East Gold ready to embark on scout drilling at Woyla priority target Aloe Rek
Far East Gold Ltd (ASX:FEG, OTC:FEGDF) is set to embark on a new phase of scout drilling at its Woyla Copper-Gold Project in Indonesia, with a focus on the Victory vein within the high-priority Aloe Rek prospect.
On your six
London Metal Exchange faces lawsuit over problematic metals production
Two activist groups have sued the London Metal Exchange for allowing metals produced in environmentally damaging ways to trade on its marketplace, allegedly breaking UK laws against handling the proceeds of crime.
The one to watch
Mitre Mining Corporation Chile acquisition sets it up to establish major silver-gold resource
Mitre Mining Corporation Ltd (ASX:MMC) executive director Ray Shorrocks joined Jonathan Jackson in the Proactive studio this morning to talk us through the company’s recent Chilean acquisition.