10 hours Ago By Derek Rose
The local share market is little changed this morning, with a highly anticipated earnings report from the world's largest company failing to re-ignite sentiment. The benchmark S&P/ASX200 index was down half a point to 8,325.8 about noon AEDT on Thursday while the broader All Ordinaries was down 3.
9 points, or 0.05 per cent, to 8,575.2.
Earlier on Thursday, AI chipmaker Nvidia announced it had made $US35 billion in third-quarter revenue - up 94 per cent from a year ago and better than the $US33 billion Wall Street had expected - but its stock still slumped 1.5 per cent in after-hours trading. Chief strategy officer at Tiger Brokers Australia Greg Boland said "all eyes" had been on Nvidia and it had disappointed some traders' lofty expectations.
IG analyst Tony Sycamore noted Nvidia also forecast its fourth-quarter revenue growth slowing to 70 per cent, from an astonishing 265 per cent growth a year ago. "While this doesn't signal the end of the bull market for Nvidia, it does indicate the pace of gains are set to slow," Mr Sycamore wrote. Seven of the ASX's 11 sectors were lower at midday, with energy, financials and utilities higher and tech flat.
Consumer discretionary shares were the biggest mover, down 0.8 per cent as Kmart owner Wesfarmers dropped 1.0 per cent and WEB Travel Group dipped 3.
6 per cent. Accent Group slumped 11.9 per cent to $2.
23 as chairman David Gordon told the footwear retailer's annual general meeting that same-store sales were up 3.5 per cent in the first 20 weeks of 2024/25, but its gross profit margin was down 0.7 per cent.
Three of the four big banks were higher, with ANZ up 0.7 per cent, Westpac growing 1.5 per cent and NAB expanding 0.
9 per cent. CBA was the outlier, dropping 0.4 per cent.
In the heavyweight mining sector, BHP was down 0.8 per cent but Fortescue had climbed 1.9 per cent and Rio Tinto had added 0.
3 per cent. The Australian dollar was buying 65.15 US cents, from 65.
23 US cents at Wednesday's ASX close..
