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All Ordinaries (INDEXASX:XAO) weakens despite Gaza ceasefire: More retail pain at Lovisa (ASX:LOV)

Both Australia’s largest benchmarks weakened on Wednesday, despite news that the Israel-Gaza conflict had entered a period of ceasefire.

The weakness was led by the technology sector and is becoming increasingly company specific, which fell 1.1% on a weaker than expected outlook from semiconductor manufacturer NVIDIA Corp (NASDAQ: NVDA) in the US.

The utilities sector was the best performer, buoyed by Origin Energy Ltd (ASX: ORG) which gained 1.7% ahead of a final vote on the proposed takeover.

Shares in healthcare group Healius Ltd (ASX: HLS) fell 33% as the company completed a severely discounted capital raising for $154 million to help offset pending covenant issues.

Healius share price

Jewellery retailer Lovisa Holdings Ltd (ASX: LOV) managed a small gain despite the company falling during the day, with comparable sales down 6% on the prior financial year, but up 17% due to a significant increase in store count globally.

Lovisa share price

Praemium sinks on weak outlook: Property sales slow PEXA

Wealth platform provider Praemium Ltd (ASX: PPS) dropped 35% after management flagged a more challenging outlook for the first half of the financial year at today’s annual general meeting. The driver was a significant increase in capital expenditure along with $1 million in one off unexpected costs.

Praemium share price

Digital property settlement and conveyancing platform PEXA Group Ltd (ASX: PXA) fell by more than 4%, as the company warned that the weakening economic outlook and lessening availability of credit had resulted in a slowdown in settlements.

PEXA Group share price

On the positive side, leading healthcare companies, CSL Limited (ASX: CSL) and Cochlear Limited (ASX: COH) benefitted from a rush to quality, with both gaining close to 1%.

The turnaround of Webjet Limited (ASX: WEB) continued, with the company reporting a 39% jump in revenue to $244 million, boosting earnings by 41% as bookings rose to 4.4 million from 3.4 million in the prior year.

Dow & Nasdaq overcome NVIDIA weakness: Inflation expectations grow

All three US benchmarks delivered a positive result ahead of the Thanksgiving holiday on Thursday, with both the Nasdaq Composite (INDEXNASDAQ: .IXIC) and Dow Jones Industrial Average (INDEXDJX: .DJI) gaining 0.5% and the S&P 500 (INDEXSP: .INX) 0.4%. This came despite a near 3% fall in NVIDIA Corp (NASDAQ: NVDA) after the company reported after hours on Wednesday.

While the result was incredibly strong, with earnings 20% above analyst estimates and revenue near tripling on the prior year, the muted outlook and issues in exporting out of China concerned investors.

Economic barometer Deere & Company (NYSE: DE) fell 3% after reporting a 0.3% fall in sales. The agricultural, construction and turfing company saw weakness across the board as input costs continue to bite margins of its key customers.

It was a similar story for HP Inc (NYSE: HP) as the share price continued to weaken following a 6.5% fall in revenue. Management continue to look towards a bright future, expecting the company’s first AI-powered computer to be released in the second half of 2024.

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At the time of publishing, the author or their clients may have a financial interest in some of companies or securities 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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