The S&P/ASX 200 (ASX: XJO) finished 0.3% lower on Wednesday, with the materials and e-commerce sectors leading the fall.
BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO) remain under pressure, falling more than 2% each as the hot commodity sector is cooled by increasing supply.
The Commonwealth Bank of Australia (ASX: CBA) briefly touched $100 per share for the first time, taking its market capitalisation to $177 billion, double that of Westpac Banking Corp (ASX: WBC); an incredible result given the pandemic continues.
Magellan unveils new product
Shares in Magellan Financial Group Ltd (ASX: MFG) jumped another 2.2% after the details of the soon to be launched retirement income product were released.
The group is expected to offer investors a yield of around 4.3% per annum, supported by investments in global equities and a ‘mortality reserve’ to top up performance should it wane.
Aussie Ethical powering ahead
Australian Ethical Investments Limited (ASX: AEF), of which I am a shareholder, reported another $100 million in inflows in April taking total assets under management to $5.68 billion.
Management now expects an underlying profit of $8.8 to $9.3 million compared to $7.0 in FY20. Australian Ethical shares finished relatively flat.
Construction remains untouched
The domestic construction sector continues to navigate the pandemic with little interruption.
Overall construction increased 2.4% to $52 billon in the March quarter, with building work 2.5% higher and engineering 2.2%.
Fletcher capital returns
Fletcher Building Limited (ASX: FBU), which provides building supplies, rallied 3.9% after upgrading its earnings guidance and confirming it will undertake an on-market buy-back of NZ$400 million.
It now expects earnings to fall between $650 and $665 million as margins extend despite some input cost pressures.
ALS profit jumps
Laboratory testing and inspection firm ALS Ltd (ASX: ALQ) led the market gainers, jumping 12.8% after reporting a 5.2% increase in revenue to $1.76 billion.
This supported a more than 50% jump in profit to $172 million with management citing the decision to better align staff and resources to actual client demand amid the pandemic rather than seeking growth.
A number of impairments were offset by profits on the sale of its Asian business, with a doubling of the dividend to 14.6 cents per share cheered by investors.
ASX 200 today
The latest SPI futures are pointing to a flat open on Thursday despite a positive lead from US markets overnight. For all the latest, check out Rask Media’s US stock market report.