the COB: healthcare headwinds

The ASX tumbled on Tuesday, slipping from record highs as results weighed, led by CSL’s biggest drop on record.

The S&P/ASX 200 Index closed down 0.7% to  8896.20 points after setting a new 52-week high.

CSL fell 16.9%after annual results and plans to cut 15% of its workforce, triggering a 8.3% decline in healthcare stocks.

 

Energy also weighed, with Woodside down 2.8% after posting a 24% fall in half-year profit to $1.24b as lower prices offset higher production.

BHP reported its lowest profit since the pandemic, with full-year underlying earnings plunging 26% to US$10.16b. Shares rose 1.6% as the dividend came in at the higher end of expectations.

Meanwhile, Seek led the ASX 200, rising 8%, driven by increased revenue despite fewer job advertisements. ARB also gained 8.5%, with sales up 5.3% over the year to $729.9m.

Tonight on Wall Street, earnings are due from The Home Depot, Toll Brothers and Medtronic. Locally, tomorrow sees the monthly employee earnings indicator.