Sharemarket Drops 1% at Open
The sharemarket dropped 70.1 points, or 1 per cent, to 7125.1 at market open, after a flurry of pre-market earnings reports and ahead of July jobs data, expected later today.
Telstra Falls 2.1%
The communication services sector was the worst performing in early trade, led by Telstra which fell 2.1 per cent. In its latest annual report, the nation’s biggest telco said it would hang onto its InfraCo Fixed business for the time being as it delivered a 13 per cent rise in annual net profit to $2.05 billion.
Ingham Group Shares Soar 13.7%
Ingham Group shares were benchmark’s best performer, surging 13.7 per cent after reporting a 72 per cent jump in full-year net profit.
Origin Energy Jumps 1.3%
Origin Energy jumped 1.3 per cent. The takeover target has forecast further improvement in earnings in its energy markets business for one further year after posting an 83.5 per cent increase in full-year core net profit.
Evolution Mining Down 3.4%
Evolution Mining was down 3.4 per cent after the gold miner reported its full-year profit collapsed 49 per cent to $163.5 million due to severe floods at its Ernest Henry project in northern Queensland.
Liontown Resources Gains 2.2%
Liontown Resources gained 2.2 per cent after being awarded an underground mining services contract valued at about $1 billion over four years.
Nuix Slumps 6.3%
Nuix slumped 6.3 per cent. The tech stock recorded a 19.8 per cent rise in statutory revenue to $182.5 million over the past year.
ASX Edges 1.6% Lower
Market operator ASX edged 1.6 per cent lower. Costs related to the company’s failed project to replace its settlement system, known as CHESS, triggered a $173.8 million significant item in its full-year net profit, dragging it down by 38 per cent to $317.3 million.
Amcor Down 3.2%
Amcor was down 3.2 per cent. The world’s largest consumer packaging group suffered an 11 per cent drop in net profit after tax to $US1 billion for the 12 months ended June 30.