Stocks got low, low, low 👖

The COB from ausbiz

23-08-2022 • 13分

Downside momentum continued for a second session, seeing the local market hit four-week lows. The S&P/ASX 200 fell 1.21% to 6961.8, the weakest close since late July. Energy was the standout, lifting 1.3% as China moved to support its ailing property sector while Saudi Arabia warned over the potential for cuts to crude oil supply. Except for utilities, it was the only sector to finish higher. At the individual level, the biggest moves were again driven a deluge of earnings results and analyst reactions to them. Altium was the big winner, surging 19.5% after beating on revenue and margins guidance, seeing the broker community adopt a more constructive stance towards the software play. At the other end of the spectrum, Service Stream was smashed, falling 17.2% after reporting a full-year loss. didn’t fare much better, sliding 7.4%. EML Payment’s results-driven rebound didn’t last long, tumbling 7.4% on broker activity.

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