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S&P/ASX 200 (INDEXASX:XJO) to bounce, JBH and CBA share price in focus

The Australian share market or S&P/ASX 200 (INDEXASX: XJO) is expected to open higher on Tuesday, according to SPI 200 futures contracts in Sydney.

The benchmark S&P/ASX200 index eased 15.9 points, or 0.2 per cent, on Monday, to a three-week low of 7,417.8. The broader All Ordinaries (ASX: XAO) fell 16.6 points, also 0.2 per cent, to 7,614.5, as earnings season moved into full swing.

Electronics retailer JB Hi-Fi Ltd (ASX: JBH) reported an 8.6 per cent lift in sales to $5.3 billion for the six months to December 31, but the share market was more interested in the part of the report that said in January, sales grew just 2.5 per cent at JB Hi Fi’s 199 Australian stores, and were flat at appliance arm The Good Guys. That was enough to push JB Hi-Fi shares down $2.37, or 5.1 per cent, to $44.25.

JBH share price

Embattled casino group Star Entertainment Group Ltd (ASX: SGR) plunged 39 cents, or 20.8 per cent, to an all-time low of $1.485 after announcing its first-half revenue was down one per cent from pre-COVID levels.

Star Sydney revenue was down 13.5 per cent as it excludes more patrons and reduces complimentary services and benefits in private gaming areas following the scathing Bell Review and amendments to the NSW Casino Control Act.

Star (SGR) share price versus ASX 300

This chart compares the SGR share price to Vanguard Australian Shares Index ETF (ASX: VAS). The chart compares price return only.

In the heavyweight financial sector, Westpac Banking Group (ASX: WBC) retreated 14 cents, or 0.6 per cent, to $23.70; Commonwealth Bank of Australia (ASX: CBA) was down 65 cents, or 0.6 per cent, to $109.30; ANZ Banking Group (ASX: ANZ) eased one cent to $25.70; and National Australia Bank Ltd (ASX: NAB) down 30 cents, or 1 per cent, to $31.38.

But insurance companies had a good day after Insurance Australia Group Ltd (ASX: IAG) announced that its net profit after tax climbed 170 per cent to $468 million, compared to a year ago. IAG rose 21 cents, or 4.5 per cent to $4.92; Suncorp Group (ASX: SUN) gained 19 cents, or 1.5 per cent, to $13.01; and QBE Insurance Group Ltd (ASX: QBE) was up 17 cents, or 1.3 per cent, to $13.40.

Elsewhere, CSL Limited (ASX: CSL) gained 5 cents to $305.01, and Telstra closed 3 cents, or 0.7 per cent, stronger at $4.10.

Market feels the energy

Energy was the biggest sectoral gainer, rising 1.8 per cent as oil prices jumped on a proposed cut in Russian production. Woodside Energy Group Ltd (ASX: WDS) was up 76 cents, or 2.1 per cent to $36.62, Santos rose 12 cents, or 1.7 per cent, to $7.07 and Brazilian-based producer Karoon Energy Ltd (ASX: KAR) added 7 cents, or 3.2 per cent, to $2.23.

In coal there were some big gainers, with Whitehaven Coal Ltd (ASX: WHC) advanced 19 cents, or 2.5 per cent, to $7.93. New Hope Corporation Ltd (ASX: NHC) rose 9 cents, or 1.7 per cent, to $5.40, and Yancoal Australia Ltd (ASX: YAL) added 21 cents, or 3.9 per cent, to $5.66.

Among the lithium cohort, producer Pilbara Minerals Ltd (ASX: PLS) put on 7 cents, or 1.5 per cent, to $4.85, lithium project developer Lake Resources Ltd (ASX: LKE) slipped 2.5 cents, or 3.4 per cent, to 70 cents; Liontown Resources Ltd (ASX: LTR) lost 4 cents, or 2.8 per cent, to $1.40; and Piedmont Lithium, which has signed a deal to supply Tesla Inc (NASDAQ: TSLA), shed 2.5 cents, or 2.6 per cent, to 94 cents.

Among the big miners, BHP Group Ltd (ASX: BHP) was down 13 cents, or 0.3 per cent, to $47.87; Rio Tinto lost 23 cents, or 0.2 per cent, to $122.32; while Fortescue Metals Group Ltd (ASX: FMG) added 14 cents, or 0.6 per cent, to $22.14.

Gold miner Newcrest Mining Ltd (ASX: NCM) slipped 20 cents, or 0.8 per cent, to $24.55, while rare earths producer Lynas Group (ASX: LYC) retreated 42 cents, or 4.8 per cent, to $8.36.

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