The S&P/ASX 200 Index fell 1.5 per cent to 7024.3. City Chic fell 31 per cent to 40.5¢ and Johns Lyng Group sank 12.3 per cent to $5.97.
Australian shares were swept up in the sell-off across the region sparked by the Bank of Japan putting the bond market on notice that it too is ready to join the war on inflation., the central bank defied economists’ expectations and adjusted the range within which it allows the Japanese 10-year government bond yield to trade. That is now 0.5 per cent above or below its yield target, widened from 0.25 per cent.
Apparel group City Chic fell 31 per cent to 40.5¢ after the plus-size fashion retailer flagged a first-half, underlying EBITDA loss following reduced revenue and gross margins, and higher fulfilment costs.The company said conditions since its annual general meeting had been volatile with overall demand below expectations. As such, it had increased its promotional activity resulting in “further gross margin compression”.
“Mr Barber has informed the company that he has no intention of selling more shares within the next 12 months.” Johns Lyng maintained 2023 earnings guidance.
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