ASX Drops 1.4pc in Broad Decline Dragging All Sectors Lower

Australian Financial Review2022-10-17

The S&P/ASX 200 has dropped 1.4 per cent, or 91.6 points, to 6667.2 in the opening minutes of trade, in a broad decline dragging all 11 sharemarket sectors lower.

IGO dropped 4.3 per cent to $14.66 following the sudden passing of its managing director and chief executive, Peter Bradford, on Saturday.

Adbri plunged 18.5 per cent to $1.50 after warning that its earnings continue to be impacted by ongoing wet weather conditions, and its CEO Nick Miller will depart.

Costa Group tumbled 13.2 per cent to $2 after reporting that earnings in its citrus category will be “considerably lower” than previously forecast.

Magellan dropped 1.9 per cent to $10.81 after announcing changes to its investment leadership team.

News Corp climbed 3.3 per cent to $26.76 after confirming that it is exploring a potential combination with Fox Corporation.

Insurance Australia added 0.1 per cent to $4.82 after announcing a $350 million buyback, while Endeavour Group rose 1.4 per cent to $6.96 after reporting that group sales for the first quarter climbed 3.1 per cent on the prior corresponding period.

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