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ASX closed lower; Afterpay rallied 2% on AGM; CBA tumbled 8% on Q1 update.

  • The ASX200 closed 0.68% lower on Wednesday at 7369.90 points.
  • Afterpay rallied on AGM update and Square’s strength on Wall St overnight.
  • Commonwealth Bank of Australia fell 8% on Q1 update & margin fears.

The Australian market extended its red run into Wednesday, closing the session 0.68% at 7369.90 as heavy losses for financial stocks dragged the key index into negative territory. Nufarm and the Commonwealth Bank of Australia led losses for the session, closing 8.57% and 8.26% lower respectively.

The tech sector’s rally extended into afternoon trade, ending the session over 1.5% higher across the sector driven by Appen surging 4.5%, EML Payments adding 3.9% and NEXTDC trading 2.99% higher.

Bitcoin is trading 2.75% lower over the last 24-hours at US$59,603.80 at 4:30pm AEDT.

Australian-based BNPL leader Afterpay jumped 2% today after releasing its AGM update and on the back of acquirer Square’s strong session on Wall St overnight. The Square acquisition deal dominated the AGM with Afterpay shareholders set to receive 0.375 Square shares for every Afterpay share if Afterpay’s shareholders vote to approve the takeover in an upcoming, extraordinary general meeting next month.

Making headlines, the Commonwealth Bank of Australia released its quarterly update today that sparked an 8% tumble in the CBA share price. For the first quarter, CBA reported a 20% growth in net profit after tax to $2.2bn, household deposits up 20.4bn or 1.1x system amid intense home loan competition, and lower net interest margin including higher liquid asset balances and switching to lower margin fixed rate loans.

And Delta Airlines is introducing a class below economy called ‘basic’ economy to cater for travellers on tight budgets post pandemic.

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