Market Wrap / Black Friday

Selling pressure from Wall Street’s artificial intelligence concerns soured investor sentiment in the final session of the week. After a largely positive few days, the S&P/ASX200 slipped 1.4% to 8,917.60 by Friday’s close. However, over the course of the week, the index was up 2.4%.

Investors closely monitored reporting season results as yet another bank beat earnings expectations. Westpac recorded a 5% increase in 1Q profit to $1.9 billion. Shares hit an all-time high, before profit takers moved in.

Cochlear’s first-half net profit fell 9% to $195 million, with investors sending the stock down 18.9%.  

Elsewhere, Nick Scali reported a 36% lift in first-half profit to $41 million, but gains were tempered by losses in its UK operations, sending the retailer slide 22.3%.

It wasn’t all negative though, as GQG Partners saw a 7.6% increase in 1H operating income to US $622.5 million, rallying 7.8% despite a wider market selloff. 

That selloff hit tech the worst, plummeting 4.9% led by losses in Wisetech dropping 10.4%, and Xero down a further 4.5% as the “SaaSpocalypse” plagued companies. 

And off the back of the audit on Web Travel Group flagged last week, shares slipped again. This time by 3.6% as discussions with Helloworld and BGH Capital over a takeover bid fell through. 

Next week, earnings season remains centre stage with top ASX companies set to report across all five days.