August 2, 2023

Stocks hit selloff mode Wednesday, and the Nasdaq Composite registered its worst day since February, after Fitch Ratings cut the long-term foreign currency issuer default rating for the US to AA+ from AAA Tuesday night, citing “expected fiscal deterioration over the next three years.” There are now two companies rated more creditworthy than the US

Companies discussed: James Hardie Industries (ASX:JHX)Reliance Worldwide Corporation (ASX:RWC)Brickworks (ASX:BKW)

At the end of the trading day, the S&P/ASX 200 experienced a decline of 1.29 per cent, closing at 7,354.70. This drop was attributed to market nerves exacerbated by the downgrading of the US sovereign rating. During this period, all 11 industry sectors recorded losses, with utilities and real estate being the hardest hit among

Fitch has joined its rival, S&P Global, in cutting the credit rating of the United States. In a statement issued on Tuesday after Wall Street trading ended for the day, Fitch revealed that the new rating would be AA+, down from AAA. This mirrors S&P’s rating, which has been in place since 2011. The news

Westgold Resources (ASX:WGX), the operator of the Bluebird and Big Bell gold mining operations in Western Australia, has made a daring prediction that its costs will ease in the coming financial year. In a recent update to the ASX, the company provided further details of its projected production and cost guidance for 2023-24, showing optimism

Incitec Pivot (ASX:IPL) is reported to have chosen the Indonesian state-owned company Pupuk Kaltim as the preferred buyer of its significant Australian fertilisers business. Sydney brokers and analysts say the sale could end up at a price of around $1.5 billion, but it may bring on a showdown with rural politicians and farmers in parts

Little Green Pharma (ASX:LGP) has announced that its Desert Flame high THC (20%) medicinal cannabis flower product has received Marketing Authorisation in Poland. This marks a significant milestone for the company, providing new opportunities in the rapidly growing medicinal cannabis market in Poland. In Poland, Marketing Authorisations are the exclusive pathway for the supply of

Mark Freeman, CEO and David Grace, Portfolio Manager discuss the FY23 full year results of Australian Foundation Investment Company (ASX:AFI).

Mark Freeman, CEO and Brett McNeill, Portfolio Manager discuss the FY23 full year results of Djerriwarrh Investments (ASX:DJW).