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ASX Market Update: Index inches higher as Wesfarmers retreats after release of results | August 29, 2024

ASX News, Market Summary
29 August 2024 13:53 (AEDT)

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The ASX200 has been down 0.37% at 8,040 points in early afternoon trade.

Overnight in the US market giant Nvidia fell 7% as investors were disappointed with forward guidance.

Back home, reporting season is in full swing and Financials sector is up around 0.3%. All other sectors have lost ground – Discretionary down 2%, Staples 1.7% and Energy 1.6%.

Company News

Company 1

Wesfarmers (ASX:WES) has been down 3.7% after releasing FY24 results.

Flagship stores Bunnings, Kmart and Officeworks all posted single digit revenue and profit gains. But ecommerce retailer Catch Group had a 26% decline in revenue.

The company increased its dividend by 3.7% and this may be a drag on the share price.

Wesfarmers has been trading at $74.36.

Mineral Resources (ASX:MIN) has been down more than 7% on FY24 results.

Despite record earnings from its Mining Services are, the results fell below investor expectations.

Mineral Resources has been trading at $40.75.

Global online retailer Cettire (ASX:CTT) has been down more than 17% on FY24 results.

The company delivered strong sales growth, but its profits were squeezed.

Cettire has been trading at $1.10.

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