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Steve Daghlian

๐Ÿ‘ค Speaker
964 total appearances

Appearances Over Time

Podcast Appearances

CommSec Market Update
PM 14 May 26: ASX snaps four day losing streak

So the ASX has gone through a pretty tumultuous period, technical glitches, outages, system issues.

CommSec Market Update
PM 14 May 26: ASX snaps four day losing streak

And just recently, Helen Lofthouse, who's the current CEO, she's been in that role for about four years, she announced her resignation.

CommSec Market Update
PM 14 May 26: ASX snaps four day losing streak

So she's leaving the group in a couple of weeks' time.

CommSec Market Update
PM 14 May 26: ASX snaps four day losing streak

The worst performer on the ASX200, though, is Grain Corp.

CommSec Market Update
PM 14 May 26: ASX snaps four day losing streak

It is down 13.5%.

CommSec Market Update
PM 14 May 26: ASX snaps four day losing streak

Now, this is after saying essentially that its half-year results, its half-year profit have more than halved, down about 55% on the same time last year.

CommSec Market Update
PM 14 May 26: ASX snaps four day losing streak

Now, blame this on oversupply in the grains market resulting in lower prices.

CommSec Market Update
PM 14 May 26: ASX snaps four day losing streak

That's something that hurt margins across the supply chain.

CommSec Market Update
PM 14 May 26: ASX snaps four day losing streak

And it's basically created reduced grower selling activity as well and much more competition too.

CommSec Market Update
PM 14 May 26: ASX snaps four day losing streak

The supermarket chain's under pressure today.

CommSec Market Update
PM 14 May 26: ASX snaps four day losing streak

One of them is Coles, which is down 2.2%.

CommSec Market Update
PM 14 May 26: ASX snaps four day losing streak

And this is after the federal court ruled that the supermarket chain misled shoppers over discounts.

CommSec Market Update
PM 14 May 26: ASX snaps four day losing streak

And these are discounts that were advertised in its in-store promotions.

CommSec Market Update
PM 14 May 26: ASX snaps four day losing streak

This relates to the ACCC, the competition regulator, basically alleging a couple of years ago

CommSec Market Update
PM 14 May 26: ASX snaps four day losing streak

that it was deliberately misleading customers into believing they were actually getting a discount.

CommSec Market Update
PM 14 May 26: ASX snaps four day losing streak

But in many cases, prices were being raised quite significantly for a short period of time and then reduced from those higher prices.

CommSec Market Update
PM 14 May 26: ASX snaps four day losing streak

So Coles is down, but it's Peer Woolies as well.

CommSec Market Update
PM 14 May 26: ASX snaps four day losing streak

So I mentioned that Grain Corp was the worst performer on the ASX 200.

CommSec Market Update
PM 14 May 26: ASX snaps four day losing streak

Going a bit broader than that on the All Ordinaries Index, which looks at 500 large companies, Bapcor is the worst performer.

CommSec Market Update
PM 14 May 26: ASX snaps four day losing streak

It is down 18.5%.