Asia / Pacific
ASX 200’s Sixth Loss and Wisetech’s Board Issues
• ASX 200 dodges sixth loss on ANZ, CBA, NAB, WBC rebound as Wisetech struggles with board issues.
• The company’s performance has been impacted by a decline in the market index.
• Wisetech’s board issues have led to a decrease in the market index.
• The company’s performance has been impacted by a decrease in the market index.
ASX Sector Index Performance
• National Australia Bank (+3.0%), Westpac (0.8%), Bendigo and Adelaide Bank (+1.6%), Bank of Queensland (1.5%), and Macquarie (1.5%) all rebounded from last week’s losses.
• QBE Insurance (+1.8%) saw a gain after receiving one rating upgrade and several target price increases from brokers.
• Financials (XFJ) (+%) was the best performing major ASX sector index.
• Carnage was concentrated in the Information Technology (XIJ) sector (-6.8%).
• News of a board exodus at Wisetech Global (-20.1%) spooked shareholders and sent the company’s shares spiraling over 20% on the day.
• Poorly received earnings reports hurt Block (XYZ) (-12.9%), Iress (IRE) (-20.9%), and Block (XYZ) (-12.9%).
