The odds were against Jumbo Interactive?s favour today as investors sharply sold out of the lottery operator following the release of the company?s preliminary 2022 financial year results. For the year, Jumbo fell short of expectations for revenue, EBITDA and net profit and said it expects the costs of goods sold to be impacted by the increase in the Lottery Corporation service fee to 3.5%.
A sharp decline in commodity prices paired with a second quarter update from Rio Tinto caused a sell-off in mining stocks today. The ASX200 closed the final trading session of the week 0.68% lower, and 1.1% lower for the week.
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