Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

ASX 200 Closes Lower As Earnings Roll On

Published 18/08/2021, 04:41 pm
Updated 18/08/2021, 04:44 pm
© Reuters.

© Reuters.

By Oliver Gray

Investing.com - The S&P/ASX 200 fell 8.9 points or 0.12% to 7502.1 on Wednesday, extending declines of 0.94% in the previous session as mining stocks weighed down the market as corporate earnings results continue to roll in, while investors continue to monitor a worsening domestic coronavirus situation.

New South Wales health authorities reported a record high of 633 cases on Wednesday, with at least 62 of those infectious while in the community. Victoria reported 24 fresh cases with residents under the toughest lockdown restrictions in the country, while Queensland reported zero cases.

Among stocks, miners retreated amid weaker Iron ore prices, with Rio Tinto Ltd (ASX:RIO) falling 2.3%, Fortescue Metals Group Ltd (ASX:FMG) losing 0.6% and BHP Billiton Ltd (ASX:BHP) dropping 7.07% after reporting full-year results. Pact Group Holdings Ltd (ASX:PGH) surged 8.27% to 3 year highs after strong results, while Pro Medicus Ltd (ASX:PME) also surged 15.66% after reporting full year results. Meantime, AstraZeneca (NASDAQ:AZN) vaccine maker CSL Ltd (ASX:CSL) dipped 1.47% as chief executive Paul Perreault flagged slimmer profit margins into next year.

Among data, the Westpac-Melbourne Institute leading economic index fell 0.12% month over month in July, declining for the third consecutive month as the Delta variant hindered economic reopening, while the wage price index lifted 0.4% quarter on quarter in July, coming in below expectations of 0.6% as protracted lockdown restrictions weighed on wage growth.

Investors will also be looking toward key employment data due on Thursday for a gauge on the Australian workforce’s resilience to the current restrictions affecting the country.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.