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ASX at noon: Banks and miners lower, tech stocks rebound

Mon 31 Jan 22, 12:16pm (AEST)
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Key Points

  • Outsized gains from tech stocks are outweighed by weakness across banks and miners
  • The market is taking a breather after a 2.2% rebound last Friday

The ASX is down -0.13%, struggling to find direction after last Friday’s impressive 2.2% rebound. 

While most sectors are trading in positive territory, the market is weighed by the underperformance of heavyweight stocks including the big four banks and iron ore majors.

2022-01-31 11 31 19-Window

11 ASX Sectors at 11:30 am AEDT

ASX winners 

Tech stocks are swimming against the tide, trying to rebound after the recent interest-rate-driven selloff. Notable winners include: 

On the announcement front:

1 - Airtasker (ASX: ART) 18%: Weekly gross market volume (GMV) came in at a record $4.5m in December compared to $2.5m late-last year. Airtasker upgraded its second half FY22 guidance by 4.8% to $110m due to ongoing momentum and clear outlook on no further lockdowns.

2 - Mach7 Technologies (ASX: M7T) 16.8%: The medical software company reported year-to-date revenue of $14.3m, up 102% on last year. Mach7 reaffirmed that its financial performance is ‘on track with analysts’ projections’. 

ASX losers 

1 - Ansell (ASX: ANN) -18%: Preliminary first half FY22 earnings flagged a -24.7% decline in earnings. Higher-than-expected increases in freight and labour, manufacturing shutdowns and supply chain disruptions drove margins lower. 

2 - Siteminder (ASX: SDR) -5.4%: Siteminder reported maiden earnings after its ASX debut on 8 November, 2021. The hotel commerce platform first half FY22 revenues totaled $55m, up 10.4% from last year.

3 - PointsBet (ASX: PBH) -4.9%: PointsBet continues to trend lower after reporting its slowest turnover growth since listing in June 2019. Despite burning through $51.8m cash in the December quarter, the bookmaker experienced market share go backwards in the US market.

 

Written By

Kerry Sun

Finance Writer & Social Media

Kerry holds a Bachelor of Commerce from Monash University. He is an avid swing trader, focused on technical set ups and breakouts. Outside of writing and trading, Kerry is a big UFC fan, loves poker and training Muay Thai. Connect via LinkedIn or email.

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