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The local share market fell for a second straight day on Tuesday, ahead of a flurry of central bank meetings, and following the release of a set of minutes from the Reserve Bank of Australia that were taken as implying that the local central bank is considered raising rates.
A tech slide dragged the ASX indices lower on Wednesday, ahead of the US inflation data coming in overnight.
Here’s today’s The Match Out report from Market Matters’ James Gerrish. Key point: the S&P/ASX 200 (INDEXASX: XJO) finished down +0.74% to 7153.90.
Pilbara Minerals Ltd (ASX: PLS) and IGO Ltd (ASX: IGO) have reported record profits, leading to mountains of cash sitting on balance sheets, and outsized dividends returned to shareholders.
Sociedad Quimica y Minera de Chile (NYSE: SQM) is the world’s second-largest producer of lithium chemicals. Its 2Q23 report stunned the market by missing analyst profit expectations by ~20%, sending its shares lower.
A post-result bounce in the Commonwealth Bank of Australia (ASX: CBA) share price helped lift the Australian share market on Wednesday.
The IGO Ltd (ASX:IGO) share price is currently down around 5% after the ASX mining share gave its quarterly update.
Core Lithium Ltd (ASX: CXO) shares have been in a tailspin since the release of its June quarterly production report. CXO shares fell -16% on the day of releasing its quarterly results, and a further -4% in the subsequent two trading days.
The IGO Ltd (ASX:IGO) share price is down 5% after the company’s poor update with a hefty asset write-down.
