The ASX 200 slumped on CSL\u2019s results. Picture: NewsWire \/ Max Mason-Hubers <\/p>\n
Australia\u2019s sharemarket snapped a six-day winning streak after pharmaceutical giant CSL had its worst day of trading on record after announcing a disappointing earnings update.<\/p>\n
The ASX 200 index dropped 63.10 points or 0.70 per cent to 8,896.20 while the broader All Ordinaries fell 59.70 points or 0.65 per cent to 9,173.80<\/p>\n
The Australian dollar slipped 0.14 per cent to 64.85 US cents.<\/p>\n
Seven of the 11 sectors ended higher but a slump in the healthcare sector led to the market downturn.<\/p>\n
The ASX 200 slumped on CSL\u2019s results. Picture: NewsWire \/ Max Mason-Hubers <\/p>\n
Healthcare stocks fell 8.73 per cent, led by CSL shares which slumped 16.89 to $225.50 its biggest ever one day fall, despite reporting underlying profits were up 14 per cent to $3.3bn.<\/p>\n
This was a fall of around $21bn in market cap.<\/p>\n
Shares plunged in the healthcare giant after it announced it would cut 3000 global roles costing $770m initially before helping the business save $500m-$550m over three years.<\/p>\n
CSL also announced its intention to demerge its influenza prevention vaccines-focused unit known as Seqirus into a separate ASX-listed business in 2026.<\/p>\n
It will also combine the commercial and medical operations of its core blood plasma and iron deficiency businesses into one unit.<\/p>\n
eToro market analyst Josh Gilbert said while the restructuring comes with a sizeable one off cost, the move is expected to sharpen the group\u2019s focus on its high-growth plasma and kidney care business.<\/p>\n
\u201cFor investors, the view here is that CSL is trying to create a clearer business structure and improve investor returns. However, markets hate uncertainty, and this shake-up brings plenty of it,\u201d he said.<\/p>\n
\u201cThese are huge changes that come with execution risk, and in my view, the market will react poorly to the news short term.\u201d<\/p>\n
Overall seven of the 11 sectors finished higher. Picture: NewsWire \/ Max Mason-Hubers <\/p>\n
Australia\u2019s second-biggest company BHP jumped 1.57 per cent to $42.12 after the business delivered its latest financial update.<\/p>\n
The company reported underlying profits of $US10.2bn ($A15.7bn), a 26 per cent fall compared with last year.<\/p>\n
Revenues came in at $US51.3bn ($A79bn), an 8 per cent fall in 2024.<\/p>\n
Despite falls in revenue and earnings, chief executive Mike Henry called the results \u201ca strong performance\u201d.<\/p>\n
\u201cFY25 was another strong year for BHP, marked by record production, continued sector-leading margins and disciplined capital allocation,\u201d he said.<\/p>\n
\u201cSafety remains our highest priority and we achieved year-on-year improvements across key metrics.\u201d<\/p>\n
Shares in iron ore rivals Rio Tinto and Fortescue were down 0.22 and 0.15 per cent respectively.<\/p>\n
Financials were a brighter spot, with all four banks gaining.<\/p>\n
CBA added 0.51 per cent to $171.05, Westpac gained 0.65 per cent to $37.31, NAB jumped 0.77 per cent to $40.54 and ANZ finished 0.61 per cent higher to $32.77.<\/p>\n
In company news, Seek was one of strongest performers on the ASX 200 after it announced an increase in revenue despite fewer job ads, leading to a 7.99 per cent bounce to $27.72.<\/p>\n
Australia\u2019s largest manufacturer and distributor of 4×4 accessories ARB shares marched 8.55 per cent higher to $39.49 after the business told the market sales revenue was up 5.3 per cent to $729.9m, while net profits after tax were down 5 per cent to $97.5m.<\/p>\n
Judo Capital also eked out a gain of 0.29 per cent to $1.75 after full-year profits were up 24 per cent to $86.4m, on the back of a lift to its all important net interest margin.<\/p>\n
Reliance Worldwide shares fell 6.74 per cent to $4.29 despite the business announcing sales were up 5.5 per cent and reported net earnings after tax jumped 13.5 per cent to $US125m ($192m).<\/p>\n","protected":false},"excerpt":{"rendered":"The ASX 200 slumped on CSL\u2019s results. Picture: NewsWire \/ Max Mason-Hubers Australia\u2019s sharemarket snapped a six-day winning…\n","protected":false},"author":2,"featured_media":84085,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[63295,64,63,137,500],"class_list":["post-84084","post","type-post","status-publish","format-standard","has-post-thumbnail","category-healthcare","tag-asx-200-index","tag-au","tag-australia","tag-health","tag-healthcare"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/84084","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=84084"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/84084\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/84085"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=84084"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=84084"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=84084"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}