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ASX 200 set to fall – WOW, CGC & ASX travel shares in focus

The S&P/ASX 200 (ASX: XJO) finished 0.6% lower on Wednesday despite a strong overseas lead, with news of the extended Sydney travel restrictions impacting on travel and consumer stocks.

Qantas Airways Limited (ASX: QAN) fell 0.3%, Flight Centre Travel Group Ltd (ASX: FLT) by 3.4% and Corporate Travel Management Ltd (ASX: CTD) 1.7% as forced holiday cancellations hit the sector.

Sydney Airport Holdings Pty Ltd (ASX: SYD) was among the hardest hit, down 2.2% with management calling the announcement a ‘crushing blow’ and suggesting the tourism industry was in a ‘race for survival’.

Only materials and IT finished higher, 0.9% and 1.1% respectively as the lithium sector continued its strong recent run.

Costa shares enter trading halt

Costa Group Holdings Ltd (ASX: CGC) entered a trading halt as it announced the $200 million acquisition of 2PH Farms, a Queensland citrus grower.

The deal will be funded using debt and a $190 million entitlement offer, with the company familiar with the group having distributed their product for in excess of 10 years.

Costa confirmed first-half revenue guidance of $627 million and earnings of $124 million.

CBA joins rate hike party

Meanwhile, the Commonwealth Bank of Australia (ASX: CBA) has joined the rate hike party, now expecting a November 2022 increase to 0.25%, despite the likelihood of borders opening early in the new year.

Woolworths doubles down on logistics

Woolworths Group Ltd (ASX: WOW) flagged a $50 million impairment charge on its CBD store network as city sales remain impacted by COVID-19 lockdowns.

On the positive side, it announced a further investment in its logistics network, and is set to build a 76,000 sqm facility in NSW to service over 280 stores replacing a fragmented system; shares fell 1.9%.

Dexus property valuations up

Property manager Dexus Property Group (ASX: DXS) announced that 117 of its 128 properties had been revalued, resulting in an increase of 2.3% or $362 million; a stunning result given the market conditions.

That said, the assets are predominantly high quality offices (41), industrial properties (75) and healthcare (1) which have been barely impacted by lockdown measures.

Catapult pounces

Professional sports GPS tracking software Catapult Group International Ltd (ASX: CAT) announced the acquisition of SBG Sports Software, which began as a joint venture with Mercedes F1.

The group specialises in developing technology to capture and analyse large quantities of data and video. The deal will be funded by a US$35 million placement and US$5 million SPP, priced at a 13% discount to Catapult’s last closing price.

ASX 200 today

Looking ahead, the ASX 200 is set to open lower on Thursday, following a mixed lead from US markets overnight. For all the latest, check out Rask Media’s US stock market report.

The Golden Rules of Investing

We might be experts in retirement, but with combined financial advice experience of 35+ years, we’ve nearly seen it all. 

In mid-2023, our senior team at Wattle Partners Financial Planning put the finishing touches on a brand-new report “The Golden Rules of Investing“.

In this free report, we outline the key principles that determine all of the portfolio construction and investment decisions of Wattle Partners. Collated over decades, this paper should be seen as a work-in-progress, constantly under review in light of the ever-evolving nature of markets. 

You’ll find the free report on my Author page. Simply click the button below to view the Golden Rules.

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Disclosure: At the time of publishing, the author of this article does not have a financial nor commercial interest in any of the companies mentioned.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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