A UK research report has found a growing number of couples over 60 live in separate households, a trend particularly pronounced among those entering a new relationship at this stage of their lives. Improved mental health is a bonus.
Speakers of the calibre of David Knoff, the expedition leader stranded with his team in Antarctic during COVID, can regularly be heard at this global institution that places a premium on knowledge, not qualifications.
Banks, miners lead market lower
The benchmark S&P/ASX200 index finished Monday down 67.6 points, or 0.9 per cent, to 7046.9, in its worst session since July 11, while the broader S&P/ASX All Ordinaries lost 71.5 points, or just under 1 per cent, to 7287.2.
The market is in a state of flux as June 30 earnings results flood-in, and also ahead of the Federal Reserve’s annual Jackson Hole symposium in Wyoming, beginning on Thursday, at which central bankers and economists will discuss the state of the global economy.
The highlight at Jackson Hole will be the US Fed Chairman’s speech, in which he will articulate the US central bank’s views on the economy, inflation and future interest-rate settings.
Speculation of aggressive US policy tightening to bring inflation under control is a key concern of world markets at present.
On the local exchange, every sector declined on Monday except health care, which was virtually unchanged, buttressed by powerhouse CSL gaining 96 cents, or 0.3 per cent, to $295.63.
The consumer discretionary sub-index led the market lower, falling 1.9 per cent, led Wesfarmers, which dropped 75 cents, or 1.5 per cent, to $48.17.
Also dragging the sector were Domino’s Pizza, down $2.11, or 3 per cent, to $68.15; Harvey Norman, down 9 cents, or 2 per cent, to $4.33; JB Hi-Fi, which was 51 cents, or 1.2 per cent, lower at $43.77; and Breville, which shed 57 cents, or 2.6 per cent, to $21.47.
The Big Four banks all retreated, with ANZ down 26 cents, or 1.1 per cent, to $22.84; Westpac shedding 38 cents, or 1.7 per cent, to $21.80; NAB down 38 cents, or 1.2 per cent, to $30.54; and CBA losing 99 cents, or 1 per cent, to $98.96.
The big miners were also heading backwards, with BHP falling 20 cents, or 0.5 per cent, to $41.35, Rio Tinto closing 34 cents, or 0.4 per cent, lower at $98.19, and Fortescue easing 6 cents, or 0.3 per cent, to $19.19.
But their big coal-mining counterparts kept storming higher, with Whitehaven Coal up 18 cents, or 2.5 per cent, to a fresh record high of $7.54; and New Hope Corporation up 5 cents, or 1 per cent, to $4.98.
Reporting season roadblocks strike again
The biggest fall into the red was concrete manufacturer Adbri (the former Adelaide Brighton), which ran into one of those roadblocks so common in reporting season, disappointing the market with a result well below consensus expectations.
The market was expecting a first-half profit of about $60 million, so Adbri’s reported profit of $48.1 million was never going to cut the mustard.
Forward guidance was not provided, so the stock was marked down 45 cents, or 16.9 per cent, to a two-year low of $2.21.
Global plumbing supplies group Reliance Worldwide dropped 28 cents, or 6.2 per cent, to $4.23 after surprising the market with a 3 per cent drop in full-year profit to $US137.4 million ($199.8 million).
Bedding and homewares star Adairs had an even worse day, losing 35 cents, or 13.7 per cent, to $2.20, despite reporting a 12.9% increase in sales to a record $564.5 million.
But net profit was down 29.6% to $44.9 million, and the company told the market that its margins were being hit by higher supply chain costs and greater promotional activity.
Struggling fund manager Magellan ended down a further 74 cents, or 5.4 per cent, to $13.00, having gone ex-dividend.
But shareholders in aerial mapping company Nearmap were cheering as the stock gained another 10 cents, or 5.3 per cent, to $2.07: Nearmap is up 9 per cent since receiving a $1 billion takeover bid last week from US-based software investment firm Thoma Bravo.
US markets in a Jackson hole
On the US bourses overnight, investors were anticipating a volatile week of trading ahead of Fed Chairman Powell’s speech at Jackson Hole.
The 30-stock Dow Jones Industrial Average fell 643.1 points, or 1.9 per cent, to 33,063.6, while the broader S&P 500 index weakened by 90.5 points, or 2.1 per cent to 4,137.99, and the tech-heavy Nasdaq Composite index tumbled 323.6 points, or 2.6 per cent to 12,381.57.
It was the worst day of trading since June 16 for the Dow and the S&P 500.
Big tech stocks led the market lower as investors worried about more rate hikes, with Google’s parent Alphabet falling about 2.5 per cent, Facebook’s parent Meta Platforms down 3 per cent, Amazon 3.5 per cent weaker and Netflix down 6 per cent.
Brent crude oil lost 24 cents overnight, or 0.3 per cent, to US$96.48 a barrel, while West Texas Intermediate was down 54 cents, or 0.6 per cent, to US$90.23 a barrel.
Gold is US$9.68, or 0.6 per cent, weaker at US$1,735.98 an ounce.
The Australian dollar is buying 68.78 US cents.
