Financial services software company Iress dropped 6.5 per cent on Tuesday in the biggest daily loss in 10 months, while the ASX posted a small gain.
Iress dropped 6.5 per cent on the Australian stock exchange on Tuesday, the financial services software company’s biggest daily loss in 10 months, after the resignation of its chief executive, Andrew Walsh.
Ex-PEXA boss Marcus Price will succeed him as CEO, while Mr Walsh will take on a consulting role until next January. Investors found little comfort after Iress confirmed its financial 2022 full-year segment profit of $177 million to $183 million. Iress also said it projectsP/ASX 200 Index nudged 0.3 per cent, or 17.4 points, higher to 6807.3 on Tuesday, and the All Ordinaries also rose 0.3 per cent, adding 18.8 points to 7025.
Supporting sentiment for equities was a better than feared, so far, US corporate earnings season as consumer spending remains resilient with stocks having already priced in much of the bad news, said Citigroup and UBS Global Wealth Management strategists. Optimism that corporate earnings can weather surging inflation, hawkish central banks and a potential recession has fuelled a global rally in stocks in July, putting the SP/ASX 200 on course for its biggest monthly gain since March. The index has gained 3.6 per cent so far in July.Out of the index’s 11 sectors, six posted gains with energy leading the rally, offsetting losses among consumer discretionary and healthcare.
Shares in Zip, the embattled buy-now-pay-later company, was the index’s outperformer, up 19.9 per cent to $1.025. The share price, which has doubled in the past month, is still 85 per cent lower on a one-year basis, and once enjoyed highs of $12 in February 2021.
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