ASX slips after inflation stays elevated

Asia's Tech News Daily

ASX slips after inflation stays elevated

Investors have pulled the Australian share market lower after another high inflation count.

The market went from being slightly higher to a little lower on Wednesday at 1200 AEDT soon after the September quarter inflation data.

Inflation grew by 0.8 per cent, largely driven by the rising cost of new homes and fuel.

The annual rate was three per cent, lower than the spike to 3.8 per cent in the June quarter.

Investors have been betting high inflation will lead to a rate rise earlier than the Reserve Bank forecasts.

Consumer staples shares fared worst, although this was mostly due to Woolworths.

The supermarket giant lost 3.62 per cent after the company reported sales have slowed following the easing of lockdown restrictions in the ACT, NSW and Victoria.

Sales for the first three months of the 2021/22 financial year rose 7.8 per cent compared to the same period last year.

Materials shares were the next poorest performers.

Rio Tinto was worst of the big miners and lost more than one per cent. BHP and Fortescue were each down less than one per cent.

The benchmark S&P/ASX200 index was lower by 13.8 points, or 0.18 per cent, to 7429.6.

The All Ordinaries was down 16.4 points, or 0.21 per cent, to 7742.9.

US stock indices closed marginally higher after Facebook warned Apple's privacy changes would weigh on its business.

On the ASX, there was little movement among the banks. ANZ was the only one down of the big four, losing 0.35 per cent to $28.31.

Communications equipment supplier Codan has won a military contract to supply radios.

The DTC Communications subsidiary secured a multi-year deal and will receive $37.6 million from the first order.

However Codan boss Donald McGurk said parts of the group's performance remained difficult to forecast.

Shares were down almost seven per cent to $12.54.

Shares in A2 Milk fell steeply after reporting sales of Chinese label infant formula were expected to be significantly lower in the first half of the financial year.

The company said consumers were no longer prioritising overseas brands such as its own. Fewer babies being born in China is not helping, either.

Shares slipped more than 10 per cent to $6.10.

US family software vendor Life360 improved after revealing it was trying to buy companies to help growth.

Sales of subscriptions for its mobile apps improved by 45 per cent in the September quarter compared with the same one last year.

Shares were up 5.39 per cent to $10.44.

The Australian dollar was buying 75.28 US cents at 1200 AEDT, higher from 75.15 cents at Tuesday's close.

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