ASX down 0.75% near noon: CBA records decrease in quarterly profit




Australian shares opened lower by 0.4% due to Commonwealth Bank's decreased quarterly profit, leading to selling pressure on financial stocks, while multiple retailers also declined on reports of reduced consumer spending amidst rising living costs. This reflects a diverse consumer landscape, with older generations weathering higher interest rates better than younger ones, echoing similar trends observed in the US, where varying performances among companies indicate differing impacts of changing economic conditions.

At 11:30am, the S&P/ASX 200 is 0.75 per cent lower at 7,745.90.

The SPI futures are pointing to a fall of 47 points.

Best and worst performers

The best-performing sector is Energy, up 0.54 per cent. The worst-performing sector is Health Care, down 1.43 per cent.

The best-performing large cap is Meridian Energy (ASX:MEZ), trading 3.36 per cent higher at $5.54. It is followed by shares in AGL Energy (ASX:AGL) and James Hardie Industries plc (ASX:JHX).

The worst-performing large cap is JB Hi-Fi (ASX:JBH), trading 4.0 per cent lower at $57.57. It is followed by shares in Harvey Norman Holdings (ASX:HVN) and EBOS Group (ASX:EBO).

Commodities and the dollar

Gold is trading at US$2317.70 an ounce.

Iron ore is 2.9 per cent lower at US$115.35 a tonne.

Iron ore futures are pointing to a 0.5 per cent fall.

One Australian dollar is buying 65.79 US cents.


Name Peter Milios

Peter Milios is a recent graduate from the University of Technology - majoring in Finance and Accounting. Peter is currently working under equity research analyst Di Brookman for Corporate Connect Research.