Consumer trust isn’t something to be taken for granted, but reports from the UK, US and here at home are all pointing towards an uplift in trust levels around financial advice, which can only be a welcome development.
There are significant tailwinds behind the financial advice industry at the moment, but some major obstacles are still preventing advice practices from taking advantage of surging demand according to a new study from CFS.
Whitehaven and Woodside go ex-dividend.
The S&P/ASX 200 index concluded up 0.1 percent and the All-Ordinaries index performed even better, edging up by 0.15 percent. The energy sector displayed the weakest performance, with Whitehaven Coal dropping 9 percent, and Woodside dropping4.1 percent, as both companies went ex-dividend on Thursday. On the other hand, the communication services sector emerged as the top performer, with Telstra, TPG Telecom, and Carsales all recording gains of over 1 percent. IGO shares also lifted, surging 5.5 percent following the announcement of a special dividend after the company’s remarkable full-year results in the lithium and nickel mining sector. Meanwhile, Chalice Mining, which had previously fallen by as much as 25 percent due to high pricing assumptions in a scoping study for its Western Australia project, continued to decline, dropping an additional 5.3 percent for the day.
Qantas to go to court.
The Australian Competition and Consumer Commission (ACCC) is taking Qantas to court, resulting in a 2 percent decline in its stock as the airline faced significant fines over allegations of false advertising for promoting tickets for flights that had already been canceled. Bubs, an infant formula company, saw its stock plummet towards the end of the trading day after revealing a steep 32.7 percent decrease in group revenue in its latest full-year report. The company’s underlying earnings showed a loss of $34.4 million, a significant increase compared to the $1 million loss from the previous year. Bubs CEO Reg Weine expressed confidence in the company’s plan to recover shareholder value, with a focus on the US market and revitalizing its presence in China. Harvey Norman’s stock gained 5.2 percent after Australia’s largest retailer of white goods and home products reported a double-digit decline in profits and dividends for the fiscal year 2023 but managed to meet its guidance for June. AMA Group, a listed smash repair company, sought a cash injection of up to $60 million as its shares remained halted. The company’s shares had experienced a nearly 40 percent decline during the year, and concerns about its viability were raised by auditors. The deal specifics were still being determined by stockbroker Canaccord Genuity.
Apple weighed down by disappointing iPhone and iPad sales.
On Thursday, the Dow Jones concluded with a 0.5% decline, while the S&P 500 experienced a 0.2% fall, and the Nasdaq finished up 0.1%. Stocks saw a rebound during the final week of August, yet they concluded the month with losses. The upcoming monthly jobs report, scheduled for release on Friday, is anticipated to indicate a deceleration in hiring, even though the unemployment rate is expected to remain low at 3.5%, a level reminiscent of the late 1960s. This has raised concerns among investors about the potential necessity for the Federal Reserve to implement additional rate hikes to counteract the persistence of inflation. In company news, Apple fell 4% for the month, spurred by disappointing iPhone and iPad sales for the quarter. Salesforce gained nearly 3% fuelled by the company’s robust outlook and improved margins, which were presented two weeks ahead of its annual Dreamforce conference in San Francisco. UBS Group, a Swiss bank, saw a notable 6.1% rise in its shares after reporting a $29 billion profit. The bank also shared positive news about inflows to its wealth management division for the current quarter. Dollar General Corp. also faced a 12.2% decline in its stock price after posting second-quarter earnings that fell short of expectations, with the company lowering its future guidance.
