October 28, 2025
CSL’s growth on ice
CSL tumbled 16% after cutting earnings guidance while WiseTech plunged 16% as regulators raided its Sydney offices in an insider trading probe.
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Market Snapshot
The ASX 200 fell 0.5% to 9,012 weighed down by sharp declines in CSL and WiseTech after company specific setbacks. Heavy losses in the healthcare and tech sectors were partly offset by gains in the big four banks and retail stocks.
Domino’s briefly surged as much as 22% on takeover rumours before confirming no approach from Bain Capital. Globally, optimism around a potential US–China trade deal lifted Wall Street, with the S&P 500 up 1.9% overnight, while gold prices eased below US$4,000/oz as investors rotated into risk assets.
Offshore, Wall Street extended its winning streak with the S&P 500 up, fuelled by optimism that President Donald Trump and Xi Jinping could finalise a trade deal later this week in South Korea. Commodities were mixed – oil prices softened on oversupply concerns while copper held near record highs. For local investors, the mix of easing trade tensions and sector-specific volatility made for one of the busiest sessions of earnings season.
CSL’s cold snap
The result:
CSL’s winter chill deepened after the company downgraded FY26 profit growth to 4-7% (from 7-10%) and trimmed revenue guidance to 2-3%. Management also pulled the plug – for now – on plans to demerge its Seqirus vaccines arm, citing weak U.S. flu vaccination rates expected to fall 12% this winter.
Why it matters:
The downgrade sent CSL tumbling 16%, hitting six-year lows and cementing what’s been one of the toughest years in the company’s history. More than a third of its market value has evaporated in 2025, as investors reassess growth expectations across its plasma and vaccine units.
At today’s AGM, 42% of shareholders also voted against the company’s pay report, signalling frustration with leadership at a time of weaker results. CSL’s plan to cut 3,000 jobs shows a renewed focus on efficiency but near-term headwinds remain tied to the U.S. healthcare market. For investors, the story now shifts from expansion to execution, proving CSL can stabilise earnings while navigating a softer vaccine cycle.
What's next:
Attention turns to CSL’s next update in early 2026, where markets will look for signs that flu vaccine demand is recovering and that cost savings are flowing through to the bottom line.
WiseTech under watch
The result:
The AFP and ASIC executed search warrants at WiseTech’s Sydney headquarters as part of an investigation into share trades by founder Richard White and three employees between late 2024 and early 2025. WiseTech said no charges have been laid and no allegations have been made against the company itself. Still the market reaction was swift – shares fell 15.88% today, extending a 36% slide over the past year.
Why it matters:
The probe follows reports that White sold more than $200 million in shares during a blackout period, prompting questions around governance and disclosure. The company has already faced internal reviews and a series of board departures in recent months so renewed regulatory attention adds another layer of scrutiny.
What's next:
ASIC’s investigation is ongoing and WiseTech has pledged full cooperation. Any findings or regulatory updates will likely shape sentiment toward one of the ASX’s most closely watched tech names.
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