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Earnings season has got underway in earnest today (I called it “Day Dot” this morning, and that ended up being quite true), with Commonwealth Bank (ASX:CBA) leading the way – and helping the entire bourse upwards.
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Early standouts among the earnings (beyond CBA, which goes unspoken) was CSL Ltd (ASX:CSL), which captured headlines late yesterday by dumping CEO Paul McKenzie and suggesting he “didn’t have the skills [the CSL board] wanted for the future.” That, no big shock, led CSL to dump over -7%.
Today didn’t get much better, with the CEO dump coming because CSL was headed for a huge report miss. To mid-arvo, CSL had lost -6.4%, and is now selling at around $160/sh. (It had even got as low as $150 at one stage.)
Elsewhere, AusQuest (ASX:AQD) drew major focus across the HotCopper forums after exciting new drilling results came in from Cangallo.
The Australian explorer said that it had hit near-surface copper at the copper-gold project in Peru, but it wasn’t enough to excite; AGD shares have dumped over -18% as traders wait to see stronger lab results and drilling returns.
Then, finally, New Age Exploration (ASX:NAE) landed similar results after getting drill assays back from Wagyu. These, traders liked, with NAE shares jumping +40%, especially after the explorer heralded a new gold system.
And looking wider, the ASX 200 has been up +1.4%.
That’s Wednesday’s HotCopper Market Trends, I’m Isaac McIntyre – see you for close.
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