The Australian sharemarket has descended further into an earnings downgrade cycle, with more downgrades than upgrades, that saw Magellan Financial join Macquarie’s list of companies with the most negative revisions.
Despite Magellan being a new addition to the table, Macquarie has still upgraded its recommendation of the stock to neutral in its October market ratios note from a prior rating of underperform. The consumer discretionary sector more broadly has been a drag on the sharemarket’s overall performance, in what has also been a weak period for retail conglomerate Wesfarmers and gambling machine operator Aristocrat Leisure.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Malaysia Malaysia Latest News, Malaysia Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ASX 200: ASX to rise; eyes on oil; Macquarie embraces AI to beat the marketShares are set to open higher; oil in focus amid geopolitical tensions in the Middle East; Wall Street shrugs off better than expected US jobs figures. Follow here for more.
Source: FinancialReview - 🏆 2. / 90 Read more »
Futures indicate ASX 200 will be ‘higher’ when the market ‘kicks off’CommSec’s Tom Piotrowski says the futures are indicating the ASX 200 will be higher when the market “kicks off” today. “Up by a half of one per cent, and that reflects a general tone of not only consolidation, I suppose, for global equity markets with the backdrop of the horror in the Middle East,” he told Sky News Australia. “They’ve actually been able to move ahead by convincing margins. “US markets also in the final throws of their session.” This comes as the Israel-Gaza confl
Source: SkyNewsAust - 🏆 7. / 78 Read more »