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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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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“.

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

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.

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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