CSL helps reduce losses on the ASX

·3-min read

Market giant CSL has helped offset losses on the Australian share market after revealing it is starting to collect more plasma for its therapies despite the pandemic.

CSL shares closed 1.8 per cent higher on Tuesday after company leaders said more US donors were giving blood due to higher fees and having been vaccinated for COVID-19.

The company earlier collected less plasma due to coronavirus restrictions.

Morgans senior analyst Scott Power said confirmation of its full-year earnings forecast, albeit a little lower than the past one, also helped.

Healthcare was the top category on an ASX which closed slightly lower.

Shares in technology and energy had the biggest falls.

Mining giants BHP, Fortescue and Rio Tinto were all about one per cent higher early, but mostly closed lower.

The benchmark S&P/ASX200 index closed lower by 19.1 points, or 0.26 per cent, to 7280.7.

The All Ordinaries closed down 25.5 points, or 0.34 per cent, to 7575.6.

Wall Street investors reduced risk and sold shares prior to third-quarter earnings this week.

US inflation figures are also due. There have been high readings this year and the latest data will add to debate about when the US Federal Reserve may ease economic stimulus.

In Australia, business confidence has surged on the hope that roadmaps out of COVID-19 lockdowns will allow economic activity to rebound.

The National Australia Bank business survey for September showed confidence spiking 19 points to an index of plus 13 points, well above its long-run average.

In company news, Westpac revealed second-half profit will be down by $1.3 billion due to a series of items.

This includes a writedown of $965 million for assets of its overseas corporate banking arm.

The full-year earnings are due on November 1.

Shares were down 1.65 per cent to $25.63.

NAB was best of the big four banks and rose 0.21 per cent to $28.46.

Telstra reaffirmed a return to growth in 2021/22.

Telstra has slashed costs by $2.3 billion and chief executive Andy Penn said the company was on track to reach its target of $2.7 billion.

Shareholders voted in favour of Mr Penn's pay package worth about $5 million, although chair John Mullen had to defend questions from investors.

Shares closed even at $3.85.

Casino group Star Entertainment shed more than two per cent in the wake of media reports alleging serious failings in anti-money laundering controls.

The shares on Monday lost more than 22 per cent.

In technology, Appen fell more than three per cent. There were falls of more than two per cent for Afterpay and Bravura.

The Australian dollar was buying 73.48 US cents at 1728 AEDT, higher from 73.18 US cents at Monday's close.


* The benchmark S&P/ASX200 index closed lower by 19.1 points, or 0.26 per cent, to 7280.7 on Tuesday.

* The All Ordinaries closed down 25.5 points, or 0.34 per cent, to 7575.6.

* At 1728 AEDT, the SPI200 futures index was lower by 17 points, or 0.23 per cent, at 7230 points.


One Australian dollar buys:

* 73.48 US cents, from 73.18 cents on Tuesday

* 83.13 Japanese yen, from 82.62 yen

* 63.53 Euro cents, from 63.32 cents

* 54.02 British pence, from 53.69 pence

* 105.83 NZ cents, from 105.70 cents.

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