SUN 0.67% $16.38 suncorp group limited

News: SUN Australia shares hold soft tone on disappointing earnings, NZ inches lower

  1. 184,647 Posts.
    lightbulb Created with Sketch. 2711

    Australian shares faltered on Thursday, as earnings from Rio Tinto and Suncorp fell short of investor expectations while the country's narrower trade surplus also failed to inspire.

    The S&P/ASX 200 index (xjo) fell 7.8 points, or 0.1 percent, to 5,736.4 at 0226 GMT. The benchmark edged 0.5 percent lower on Wednesday.

    Rio Tinto (RIO) dipped 2.2 percent after the global miner reported a 152 percent leap in half year underlying earnings but still missed analyst expectations.

    Spot iron ore prices slipped on concerns the rally fuelled by steel producers replenishing their stocks would not be sustained.[IRONORE/]

    The benchmark of mining stocks .AXMM slipped more than a percent at one point.

    "Rio results last night was a slight miss and Suncorp was also a slight miss", said Mathan Somasundaram, market portfolio strategist at Blue Ocean Equities.

    "So even though they are paying good dividends, and in Rio's case doing a substantial buyback, the market expected a bit more so in that context, both those sectors are in a bit of a slump," said Mathan Somasundaram, market portfolio strategist at Blue Ocean Equities.

    Australia's second-largest insurer by market share Suncorp Group (SUN) also reported a rise in annual profit, but slightly below expectations. The company's shares plunged as much as 7 percent to a three-month low.

    Other insurers including Insurance Australia Group (IAG) and QBE Insurance Group (QBE) followed the downward trend, falling as much as 3.3 percent and 2 percent lower.

    Meanwhile, National Australia Bank (NAB) and Commonwealth Bank Of Australia (CBA) stepped up about 0.3 percent and 0.4 percent.

    The country's balance of goods and services in June showed a narrower surplus of A$856 million, down from A$2 billion in May. Australia has been posting monthly trade surpluses helped by strong commodity exports but the export outlook is starting to be clouded by a rising Australian dollar.

    New Zealand's benchmark S&P/NZX 50 index (nz50) fell 10.06 points, or 0.1 percent, at 0226 GMT to 7,738.25.

    The bourse was little changed as gains in information technology stocks were offset by the falling consumer discretionary sector.

    Even though consumer discretionary stocks were the biggest drag, specialist outdoor retailer Kathmandu Holdings Ltd (KMD) was the best performer in the benchmark, up as much as 2.9 percent, after reporting a rise in annual sales.[nNZW7q3nLJ]

 
watchlist Created with Sketch. Add SUN (ASX) to my watchlist
(20min delay)
Last
$16.38
Change
-0.110(0.67%)
Mkt cap ! $20.80B
Open High Low Value Volume
$16.50 $16.50 $16.30 $45.87M 2.800M

Buyers (Bids)

No. Vol. Price($)
1 16369 $16.38
 

Sellers (Offers)

Price($) Vol. No.
$16.39 7648 2
View Market Depth
Last trade - 16.10pm 28/03/2024 (20 minute delay) ?
Last
$16.42
  Change
-0.110 ( 0.07 %)
Open High Low Volume
$16.47 $16.47 $16.31 374366
Last updated 15.59pm 28/03/2024 ?
SUN (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.