The ASX/S&P200 benchmark was sharply lower after Woolworths forecast more pain in the supermarket war and ANZ missed expectations despite $7bn profits The Australian share market has lost more than 1% after a weaker than expected $7.2bn profit from ANZ and a warning from Woolworths approximately future earnings dragged stocks sharply lower.
Woolworths and its rival,Coles owner Wesfarmers, were among the worst performers on the market after Woolies said its profit was likely to descend by up to 35% in the first half of the financial year. Related: Mortgage rate rises are too little, or too late to save Australia's bloated banking sector Continue reading...
Source: theguardian.com