ASX lower as fresh CSL plunge offsets miners

Australian shares were lower as an all-time high by BHP was offset by a fresh sell-off in CSL, following its 16 per cent plunge on Monday after a round of analysts downgrades off the back of its latest guidance cut.
The S&P/ASX 200 Index was down by 29.90 points, or by 0.3 per cent, to 8671.90 at 10.23am AEST , with eight of the 11 sectors weaker.
Healthcare was the benchmark's worst performer, falling 3.4 per cent, as embattled biotech CSL dived a further 5 per cent following the second-biggest one-day drop on record of 16 per cent on Monday.
Citi, RBC Capital Markets, Jarden and Canaccord were among the analysts to slash ratings and price targets on the stock following its latest profit downgrade and a fresh $US5 billion ($7 billion) impairment.
Elsewhere, ResMed dropped 4 per cent and Cochlear lost 3.5 per cent.
Technology also fell more than 3 per cent as WiseTech Global and Xero dropped 5.4 per cent and 5.3 per cent, respectively. Family tracking app Life360 dropped 5.9 per cent after a mixed first quarter, where technical issues weighed on user growth, despite revenue of $US143 million beating expectations and the company upgrading its full-year guidance.
Financials were softer as Westpac fell 1.1 per cent, Commonwealth Bank and ANZ both slumped 1.4 per cent, while National Australia Bank slid 1.9 per cent.
Materials were the strongest on the index, up almost 3 per cent after copper rose the most in more than a month to near a record high in London, while US prices hit a new peak. BHP rose 3.2 per cent to a record high of $60.20, while Rio Tinto added 2.7 per cent and South32 2.6 per cent.
Energy was higher as Brent crude added 0.2 per cent to $US104.39 a barrel as the US released another wave of emergency oil from its reserves, as plans to reopen the Strait of Hormuz remain deadlocked. Woodside Energy firmed 0.5 per cent and Santos 0.7 per cent.
Stocks in focus
Insurance Australia Group added 1 per cent after it unveiled a refreshed "Ambition 2030" strategy targeting more than $25 billion in gross written premium and over 11 million customers by 2030. The plan aims to deliver stronger earnings growth and shareholder returns.
Insurance broker Steadfast Group lost 1.5 per cent after it said it would buy back small shareholder holdings worth less than $500 as part of a minimum holding buy-back aimed at reducing administrative costs.
Helloworld Travel rose 1.1 per cent after former federal treasurer Future Fund chairman Peter Costello was appointed an independent director from June 1.
Property trust BWP Group slid 0.9 per cent after it began a $106 million retail raising at $3.77 a share as part of a fully underwritten $228 million entitlement offer after institutional investors took up almost all of their allocation last week.
AUB Group retreated 1.4 per cent as it appointed former National Australia Bank chief financial officer Gary Lennon as a non-executive director, effective immediately.
GQG Partners firmed 1.1 per cent as funds under management rose to $US166.9 billion ($230.2 billion) in April following a strong month on global markets. Total funds managed remain lower compared to a recent peak of $US172.9 billion at the end of February.

Sumber : AFR