The S&P/ASX 200 Index dropped 1.1 per cent to 6602.2. EML Payments fell 24.6 per cent and Costa Group 8 per cent. Iron ore futures dropped 4.7 per cent to $US107.60.
Magellan shares added 0.8 per cent to $11.99 after the global equities manager was raised to “neutral” at Macquarie on a price target of $11.50.
City Chic fell 5.6 per cent to $2.04. Citi cut its price target for the small-cap retailer by 25 per cent after trimming its earnings forecast. Citi’s price target is now $3, down from $4, and the reduction reflects an observed fall in web traffic that was “weaker than expected in the fourth quarter of 2022” the broker said.
West Texas Intermediate oil futures for August fell 1.1 per cent to $US103.63 a barrel and September Brent 0.9 per cent to $US106.11 a barrel.ANZ’s chief economist, Richard Yetsenga, has lowered the bank’s short-term targets for aluminium, zinc and nickle saying high inflation and supply side issues had “drained inventories and turned market sentiment negative”.
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