Market Update: ASX in a sea of red with energy the only green oasis

The ASX200 is down .8 of a per cent – exceeding future’s predictions by some margin.

Most sectors are in the red mid-session. Energy is surfacing in the green – but only just – up .4 of a percent.

Financials and consumer discretionary are at the bottom – down more than 1.5%.

In company news

Commonwealth Bank of Australia (ASX:CBA) is down nearly 2% after reporting a fall of 3% in its profit to $2.4 billion for the March quarter compared to the first half of the 2024 Financial Year.

And compared to the same quarter last year, profits were down 5%.

The bank’s operating performance was also tracking weaker, down 3% from the first half of 2024’s quarterly average.

CBA has been trading at $117.57.

News Corporation (ASX:NWS) is down more than 3%, also on its quarterly update.

The media giant reported a drop in net income for the quarter to $42 million – compared to $59 million the previous year.

Its third quarter’s EBITDA was $322 million compared to $320 million the previous year.

NWS has been trading at $37.36.

Unith (ASX:UNT) is expanding the reach of its digital humans by connecting with major online platforms – including Amazon, Meta and Shopify.

The company has also created the possibility for customers, or partners, to introduce their own AI – Large Language Models (LLMs) – ‘inside’ UNITH’s system, for use by the company’s digital human.

UNT has been trading at 1.3 cents.

Raiden Resources (ASX:RDN) has entered into a binding earn-on agreement with Mallina to farm-in on Raiden’s Arrow gold project in Western Australia.

Raiden described today’s deal as a “divestment” of non-core assets while it continues to focus on the Andover lithium play.

Under the deal, Raiden will retain 100% of the lithium rights over the project, but Mallina can otherwise farm-in up to 51% by carrying out a schedule of mandatory works.

RDN has been trading at 4.4 cents.