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Highlights
- Australian shares close in the red, despite strong earnings from major players.
- CSL (ASX:CSL) drops 4.7% after disappointing vaccine sales.
- Gold miners like Evolution Mining (ASX:EVN) surge with gold hitting new highs.
Australian shares experienced a setback on Tuesday, with the S&P/ASX 200 ending the day flat at 8483.50, following a mixed performance in various sectors. While earnings reports from companies like Macquarie Group (ASX:MQG) and Seven West Media (ASX:SWM) initially helped the market stay in the green, a notable late sell-off in CSL (ASX:CSL) pulled the index lower. Despite this, nine of the ASX 200’s 11 sectors saw gains, with industrials and technology stocks leading the charge.
Macquarie Group (ASX:MQG) showed positive results, rising by 1.8% after reporting that it was on track to meet its full-year guidance. Despite a somewhat flat third-quarter performance compared to last year, the investment bank's prospects remained steady. On the other hand, Seven West Media (ASX:SWM) saw a remarkable 7.3% rise after it reported a steep 66% drop in half-year profit to $18 million. However, the media company offered optimism, forecasting a recovery in the advertising market, which lifted other media stocks, including Nine Entertainment (ASX:NEC), which jumped more than 12.5%.
Healthcare stocks were among the laggards of the day, with CSL (ASX:CSL) particularly standing out for its sharp 4.7% drop. The biotech giant struggled due to a slowdown in its vaccine sales, which was attributed to lower immunization rates in the U.S. during its first half. Despite the setback, Ramsay Healthcare (ASX:RHC) managed a positive 2.2% uptick, even after disclosing a £151 million ($305 million) hit to its balance sheet for the December period.
Gold miners, on the other hand, emerged as some of the best performers in the market, benefitting from rising gold prices. Evolution Mining (ASX:EVN) surged by 6.1%, while De Grey Mining (ASX:DEG) saw a 4.9% gain. The sharp increase in gold’s value played a major role in boosting the prospects of Australian gold mining stocks.
Other noteworthy moves included SGH (ASX:SGH), which climbed 5.2% after the company raised its dividend by 30% following strong returns from its newly acquired business, Boral. Breville (ASX:BRG) saw a modest decline of 0.4%, though it did increase its dividend and projected a 5-10% rise in full-year earnings.
Overall, while the day ended on a down note for the broader Australian share market, sectors such as gold mining, media, and healthcare showed resilience amidst varying market conditions.
