The S&P/ASX 200 Index (INDEXASX: XJO) slumped lower once again on Tuesday as weak earnings hit the index hard. The ASX 200 closed down 0.16% at 7,113.70 points yesterday while the All Ordinaries Index (INDEXASX: XAO) closed at 7,208.30 points.
In a broadly weak day on the markets, the ASX Consumer Staples (+0.20%), Financials (+0.35%) and Materials (+0.02%) edged higher. Information Technology (-1.19%) crashed back to earth as the hardest hit sector.
Here's a recap of the biggest ASX news, events and movements that you might have missed on Tuesday.
Altium disappoints in half-year earnings release
One of the big catalysts for the disappointing Information Technology performance on Tuesday was a weak earnings result from Altium Limited (ASX: ALU).
Altium reported a 19% increase in revenue to US$92.85 million and a 22% increase in earnings before interest, tax, depreciation and amortisation (EBITDA) to $36.8 million. However, a 2% decline in net profit after tax to US$23.1 million saw the Altium share price slump 7.91% lower as one of the worst-performing ASX shares on Tuesday.
It means that the rest of the WAAAX shares will be on watch in February for any signs of slowing growth given their lofty valuations.
AMP shares jump 5% to drag the Financials sector higher
The AMP Ltd (ASX: AMP) had a good day on the markets as the Aussie wealth manager's shares climbed 5.29% higher.
That's despite no new announcements from the group, but comes after a steep sell-off last week. AMP shares plummeted lower on Thursday after scrapping its dividend and posting a $2.5 billion loss.
However, shareholders will be pleased with yesterday's rebound and the group's shares helped push the Financials sector into the positive.
Kogan share price slump shows even online retailers feel the heat
The Kogan.com Ltd (ASX: KGN) was one of those ASX shares dragging on the markets on Tuesday.
Kogan shares fell 3.49% to $4.98 per share after reporting its half-year results despite posting a 20% jump in profit and increasing its dividend.
The Aussie e-commerce group reported a 16.4% jump in gross sales to $322.9 million but that wasn't enough for investors who sold down the stock yesterday.
