Australia’s stock market ruthless to missteps

Tough market: People walk past a CBA branch in central Sydney. Even market darling like CBA, the index’s highest-weighted stock, slipped after its full-year earnings earlier this month. — AFP

SYDNEY: Australia’s stock market keeps breaking record after record, but is proving ruthless towards any missteps.

A string of big names, from biotech giant CSL Ltd to building products maker James Hardie Industries Plc, chicken supplier Inghams Group Ltd and fast-food chain Guzman y Gomez Ltd, were hammered last week after missing earnings expectations.