The S&P/ASX 200 (INDEXASX: XJO) started the week on a positive note, gaining 0.2 per cent share price, as both the technology and utilities gained more than 1 per cent after a strong finish to the week in the US.
Both the energy and staples sectors fell heavily, share prices down more than 1 per cent each, as Elders Ltd (ASX: ELD) and Beach Energy Ltd (ASX: BPT) were hit by company-specific issues.
Elders share price
In the case of Elders, share prices fell by 24 per cent after Elders suggested first half trading was ‘significantly below expectations’ as lower cattle and sheep prices, along with falling margins on chemical sales hit the business, with profit to fall for a third straight year.
It was a similarly bad story for Beach which fell 15 per cent after Beach suggested the cost of its WA gas plant had ballooned by as much as $200 million.
Life360 surges on member numbers
Share prices in technology and tracking company Life360 (ASX: 360) paced the market, gaining 16 per cent after Life360 reported far stronger than expected membership numbers, adding 4.8 million users in a record first quarter for the group.
Life360 share price
Share prices in Rio Tinto Ltd (ASX: RIO) were buoyed by hope that Chinese steelmaking was set to recover once again, as the iron ore price moved above US$100 per tonne.
APM Human Services International Ltd (ASX: APM) a service company supported the NDIS rollout sunk by nearly 29 per cent after management forecast profit to be between $95 million and $105 million, with private equity suitor Madison Dearborn reducing its offer as a result.
Markets flat as bond yields rise: Tesla surges on Robotaxi
All three US benchmark share prices were broadly flat to begin the week, with the S&P 500 (INDEXSP: .INX) and Nasdaq Composite (INDEXNASDAQ: .IXIC) share prices falling 2 and 5 points, respectively.
It was a similar case for Dow Jones Industrial Average (INDEXDJX: .DJI), which held ground after the worst week in several months as the 10 year bond yield hit 4-month highs as hope for rate cuts in 2024 dissipated.
EV maker Tesla Inc (NASDAQ: TSLA) rallied by close to 5 per cent after the company announced it would soon be unveiling it’s long awaited Robotaxi, while Taiwan Semiconductor Mfg. Co. Ltd. (NYSE: TSMC) gained on news that the US plans to award the company some US$11 billion in grants and loans to bring the company to Arizona.
Tesla share price
Shares in Alibaba Group Holding Ltd – ADR (NYSE: BABA) were flat after the company announced a near 60 per cent cut to cloud computing subscriptions amid a surge in competition in the region.
Finally, apartment owners staged a rally after Blackstone Inc (NYSE: BX) indicated they were investing heavily into the sector.
