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Hello and welcome to HotCopper’s The ASX Today. It’s Monday, Week 20, and the local market’s taken a hammering, falling 0.6% largely thanks to CSL (ASX:CSL) shares plummeting to their lowest level in 11 years.
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The biotech giant suffered a steep sell-off after spooking investors with a profit warning, revealing a massive US$5 billion writedown across the next two years.
The scale of the company’s announcement completely blindsided the Australian market heading into Monday morning, dragging the entire healthcare sector down -7.4%; making it the worst performer of the day.
Banks have also been under pressure today. ANZ (ASX:ANZ) is down 2.7 per cent as it trades ex-dividend, while Commonwealth Bank (ASX:CBA), NAB (ASX:NAB), and Westpac (ASX:WBC) are all lower in another weak session for financials.
But there’s a bit of positive news – mining is holding up relatively well, with South32 up 3.2%, BHP (ASX:BHP), 0.9%, and explosives maker Dyno Nobel (ASX:DNL) surging more than 9% after delivering earnings well ahead of expectations.
Energy stocks are also benefiting from the rebound in oil prices. Woodside and Santos both modestly edged into the green, while property stocks like Goodman Group are pushing higher ahead of the federal budget.
Inghams jumped more than 6% after reaffirming an underlying EBITDA forecast of up to $200 million. Metcash is also rallying, +5.8%, after reporting solid trading momentum across its food, liquor and hardware businesses.
And, a new suitor has sent outdoor advertising group oOh!media (ASX:OML) surging; the fresh takeover offer values the company at nearly $770 million.
That’s The ASX Today, I’ll see you tomorrow.
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