The S&P/ASX200 finished at 8,023.9 on Friday, dipping 3.1 points compared to Thursday. However, it still recorded a 0.7% gain for the week. The broader All Ordinaries index dropped by nine points or 0.11%, ending at 8,249.1.
Naeem Aslam, Chief Investment Officer at Zaye Capital Markets, indicated that investors were cautious ahead of Jerome Powell's scheduled speech at the annual monetary policy symposium in Jackson Hole, Wyoming. Powell's remarks, expected around midnight Sydney time, are critical as traders await hints about the future pace of interest rate adjustments.
"The Federal Reserve Chairman's task is now to avoid offering misleading signals while carefully managing market expectations," Aslam said.
Among the 11 sectors of the ASX, five moved lower, and five rose by the day's close. The utilities sector was particularly hit hard, declining 1.3%, primarily due to Origin Energy's 2% drop.
Inghams registered the steepest decline within the ASX200, falling 20.2% to a one-year low of $3.09 after announcing that its supply contract with Woolworths, its largest customer, would cut volumes. Andrew Reeves, CEO and Managing Director, clarified that the change was intended to diversify Woolworths' poultry suppliers to mitigate risks of supply disruptions.
Spark experienced a significant drop of 7.4%, hitting a four-year low of $3.63, following an announcement of a 72% decrease in full-year profits to $NZ316 million ($A289 million). "This year has been challenging for both Spark and many other businesses in New Zealand due to recessionary conditions," chairwoman Justine Smyth mentioned.
Telix shares fell by 3.0% to $19.18 despite announcing a switch from a $14.3 million loss a year ago to a $29.7 million net profit for the first half. CEO Dr. Christian Behrenbruch emphasized that the company believes the radiopharmaceutical sector is at a critical juncture and is equipped to advance its product pipeline.
Accent Group's shares plummeted 15.3% to a two-week low of $2.05 after a revelation that its full-year profit declined by nearly a third to $59.5 million. "Given the current challenging consumer environment, I am satisfied with our team's performance," said CEO Daniel Agostinelli.
On a positive note, Fisher & Paykel Healthcare soared 11.9% to a three-year high of $32.83 following an upgrade in its forecast. CEO Lewis Gradon highlighted a strong start across all products and regions.
In the financial sector, ANZ took a hit, dropping 2.2% to $29.30, after the Australian Prudential Regulation Authority (APRA) mandated an additional $250 million in risk capital due to issues in its markets business. In contrast, insurance companies IAG, Suncorp, and QBE each gained around 1%.
The mining sector also faced a downturn, with Fortescue falling 2% to $17.97, BHP dipping 0.8% to $40.67, and Rio Tinto going down 1.3% to $110.73. Gold miners were primarily lower, influenced by a slide in gold prices to $US2,490. Evolution dropped 0.7%, and Red5 fell by 5.4%.
According to figures from AAP, the ASX200 benchmark index ended with a minor 3.1 point or 0.04% decrease to 8,027.0, while the All Ordinaries dropped 9 points or 0.11% to 8,249.1.
