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ASX closed red; Nearmap tanked 12% on FY22 guidance.; Orica dipped on FY21 results.

  • The ASX200 closed 0.57% lower at 7381.90 on Thursday.
  • Nearmap tanked 12% on FY22 guidance falling short of expectations.
  • Orica shares dipped on FY21 results including net loss of $174m.

The Australian market extended its losing streak to a fourth-straight session, closing the day down 0.57% at 7381.90 points as the tech and health care sectors fell more than 2% each.

The tech sector tumble was led by Nearmap tanking 11.6%, Xero shedding 6.22%, Wisetech Global falling 3% and Afterpay closing the session 2.37% lower.

Bitcoin is trading 2.50% lower over the last 24-hours at US$64,759.30 at 4:30pm AEDT.

Australian-based aerial imagery tech company Nearmap tumbled 12% today after releasing FY22 guidance that disappointed investors. For the year, Nearmap expects an annual contract value (ACV) of between $150m-$160m, just over $16m more than the FY21 ACV of $133.8m. The company noted it’s still focused on achieving medium to long term ACV growth of between 20-40%, with the North American region expected to continue driving Nearmap’s growth.

Making headlines, Orica shares took a hit today after the leading global provider of mining explosives and blasting systems released FY21 results that disappointed investors. For the year, Orica reported a statutory net loss after tax of $174m, a 32% drop in underlying EPS to 51.2c/share, net debt of $1.5bn, and net operating cash flows came to $619m, up more than 100%.

And Disney wants to make the Metaverse the ‘happiest place on earth’ as the entertainment conglomerate prepares to venture into the emerging digital meta-world.

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