ASX falls 1pc as interest rates, ex-dividend stocks weigh

The company couldn’t lift prices of its products fast enough to stay ahead of, with chief executive Nick Miller saying it is implementing a third price increase for calendar 2022 on September 1.

Plumbing supplies group Reliance Worldwide skidded 6.2 per cent to $4.23 after posting a 3 per cent drop in profit to $US137.4 million.The former Caltex Australia more than doubled its interim dividend to $1.20 a share, and analysts suggested that share buybacks may be in the wings. Its share price rose 2.3 per cent to $34.92.Bottom-line net income, which includes the effect of changing prices for oil and fuel products on the value of inventories, rocketed to $695.9 million from $325.5 million.

Record revenues of $205.4 million, up 56 per cent, lifted Cooper Energy 2.2 per cent to $0.23. The company also delivered record earnings of $80.7 million, a jump of 169 per cent from the year before.Nearmap’s board unanimously recommended the offer of $2.10 per share, representing a 67 per cent premium.it expects claims growth to remain subdued through the rest of the year before arriving at some kind of “new normal” in 2023.

Monday marked the ex-dividend date of big-name companies, the majority of which experienced large falls. This is generally an indication that the selling was a result of shareholders ditching the stock after taking the dividend.

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