The ASX Today: Longest losing streak Down Under in 8 years; Brent crude hits 4-year high

Hello and welcome to HotCopper’s The ASX Today, I’m Seja Al Zaidi. It’s Thursday in Week 18, and the eighth straight session of losses on the ASX. This marks the longest losing streak in as long as eight years. The Australian market fell 0.2% after what was quite a volatile session. The big sell-off comes as global energy markets surge and fresh corporate warnings rattle investor confidence.

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The big story of the day is Brent crude hitting a four-year high per barrel. That’s on global markets are pricing in concerns the Strait of Hormuz will remain disrupted long-term.

When it comes to companies, the big shock today came from Woolworths (ASX:WOW), which nosedived nearly 7% after issuing a profit warning.

The Aussie supermarket giant flagged that rising fuel costs linked to the Iran conflict will hit earnings, sending a pretty clear signal that inflation pressures are flowing on to major companies Down Under.

Its main rival, Coles (ASX:COL), also dropped pretty sharply, down almost 4%.

In a bit of better news, Mineral Resources (ASX:MIN) had a fantastic day, surging more than 5% after upgrading its production guidance.

Tech stocks were also in the green, lifted by strong leads from U.S. tech giants overnight. WiseTech Global (ASX:WTC) rose 5.3% and NextDC (ASX:NXT), 2%.

And finally, a largely positive trading day for Regis Healthcare (ASX:REG), which jumped as much as 2.3% after telling its shareholders that it’s expecting its full-year underlying earnings to reach about $135 million.

That’s the ASX Today. I’ll see you tomorrow.

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