CBA Leads ASX Lower; JB Hi-Fi, Baby Bunting Sink on Retail Woes

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CBA Leads ASX Lower; JB Hi-Fi, Baby Bunting Sink on Retail Woes

The Australian Financial Review05-09

Australian shares dropped 0.4 per cent at the open as Commonwealth Bank’s March quarter profit prompted investors to sell the lender and its banking peers.Multiple retailers also fell on trading ...

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Chapman Investment inc
·05-09
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Elsewhere, Baby Bunting stock plunged 15 per cent to $1.61 after it warned sales are falling as families battle rising living costs.While Super Retail as the group behind Rebel Sports, Supercheap Auto and Boating, Camping, Fishing dropped 4.9 per cent on its sales update.CBA’s cash profit for the March quarter slipped 5 per cent to $2.4 billion, versus the prior comparable quarter.It said home loan lending volumes grew 3.1 per cent in the March quarter on an annualised basis, versus the December quarter. It also reported loans in arrears gradually rising across the consumer sector.On Wall Street, S&P 500 slipped less than 1 point at the close. The Dow edged higher, while the Nasdaq Composite edged lower. Iron ore retreated, which knocked BHP and Rio in London.“Iron ore futures fell despite a more upbeat assessment on demand,” said ANZ Bank. “One of the world’s biggest exporters, Brazil’s Vale SA, said China’s real estate market is poised to improve in the second half of the year. 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