ASX 200 -1.18% as Cochlear crashes 40.7% to 10-year low on FY26 guidance cut
ASX 200 close: 8,843.6 (-1.18%) Sentiment: bearish
The S&P/ASX 200 closed at 8,843.6 on 22 April 2026, down 105.8 points or 1.18%, dragged by a historic collapse in a blue-chip medtech. COH.AU fell 40.7% to $99.58 — a 10-year low — after Cochlear cut its FY26 earnings guidance on softer implant sales and ongoing challenges in key markets. HUB.AU added to the pressure, dropping 8.33% to $87.50 after a Q3 FY26 flow update fell 8% short of consensus.
Session highlights
- COH.AU -40.7% to $99.58 on an FY26 earnings guidance cut — a 10-year low for the name and the largest single-day drop in Cochlear's trading history.
- 8,843.6 — ASX 200 close, down 105.8 points, with intraday low at 8,838.7. COH.AU alone accounted for a meaningful share of the index point loss given its A$6bn+ market cap.
- HUB.AU -8.33% to $87.50; Q3 FY26 platform net inflows A$4.0bn (+9% YoY excluding migrations) missed consensus by roughly 8%.
- DRO.AU +5.54% to $3.81 on record Q1 FY26 customer cash receipts of A$77.4m (+360% YoY) and quarterly revenue A$74.1m.
- LIN.AU +9.24% to $1.005 topped the screener on rare earths flow after the 13 March Kazakhstan SARECO plant acquisition update.
- Brent at US$92.45 (-0.85%) and WTI at US$88.61 (-1.18%) retraced the overnight Hormuz-driven rally, pulling energy names off their morning highs.
- AU VIX closed at 13.17 (-0.53%) despite the index decline, after an intraday range of 13.20-14.02.
Index weakness combined a single mega-cap shock (COH.AU) with broad-based sector pressure. Oil reversed from the overnight spike, gold recovered 1.46% from Tuesday's drop, and rare earths names led gainers while Cochlear, a wealth platform, and gold juniors anchored the decline.
Top movers
| Ticker | Move | Reason |
|---|---|---|
| LIN.AU | +9.24% | Rare earths flow continues post-Kazakhstan SARECO plant acquisition. |
| BRE.AU | +8.05% | Brazilian Rare Earths — peer move alongside LIN.AU. |
| AYA.AU | +7.67% | Artrya healthcare AI — move not tied to a dated announcement. |
| VUL.AU | +6.52% | Vulcan Energy — lithium/rare earths basket move. |
| DRO.AU | +5.54% | Record Q1 FY26 cash receipts A$77.4m; Q1 revenue A$74.1m. |
| COH.AU | -40.7% | FY26 earnings guidance cut on softer implant sales; closed at $99.58, a 10-year low. |
| HUB.AU | -8.33% | Q3 flows A$4.0bn missed consensus by ~8%; FUA growth stalled Q-on-Q. |
| 4DX.AU | -6.15% | Unannounced — likely flow-driven. |
| DTR.AU | -5.08% | Dateline Resources — no material announcement filed today. |
| MLX.AU | -4.36% | Metals X — base-metals weakness into the close. |
| ALK.AU | -3.97% | Alkane Resources; gold juniors weak despite US$ gold recovering intraday. |
Notable announcements
- COH.AU cut FY26 earnings guidance citing softer implant sales and ongoing challenges in key markets; shares closed $99.58 vs prior $167.94, a 10-year low per ABC reporting.
- HUB.AU Q3 FY26 business update: platform net inflows A$4.0bn, total FUA A$151.7bn (+22% YoY), platform FUA A$127.8bn (+25% YoY), PARS FUA A$23.9bn (+11% YoY).
- DRO.AU 1Q26 results: customer cash receipts A$77.4m (+360% YoY), revenue A$74.1m (+121% YoY); investor Zoom call scheduled 23 April.
- LIN.AU trades on the Kazakhstan rare earths plant acquisition announced 13 March 2026 (US$15m SARECO JV, downstream production targeted Q4 2026).
At the AU close (16:15 AEST)
| Asset | Level | Change | Context |
|---|---|---|---|
| S&P 500 (prev close) | 7,064.01 | -0.63% | US cash market opens 23:30 AEST. |
| STOXX 600 | 616.03 | -0.87% | Mid-morning Europe; oil weakness weighs. |
| Nikkei 225 | 59,585.86 | +0.40% | Closed higher, diverged from AU and HK. |
| Hang Seng | 26,158.27 | -1.24% | Still trading; tech drag. |
| Brent | US$92.45 | -0.85% | Reversed overnight Hormuz spike. |
| Gold | US$4,788.30/oz | +1.46% | Recovered the entire Tuesday -1.87% drop. |
| AUD/USD | 0.71679 | +0.25% | Small bounce off the morning 0.7149 low. |
Next 24h catalysts (AEST)
- Wed 22 April, overnight — US-Iran ceasefire expiry window; oil direction depends on extension or lapse.
- Wed 22 April, 23:30 AEST — US EIA weekly crude oil inventories, with Brent at US$92.45.
- Thu 23 April — DRO.AU 1Q26 investor Zoom call; broker reaction to COH.AU guidance cut in focus.
- Thu 23 April, 03:00 AEST — US Treasury 20-year bond auction result.
- Tue 29 April, 11:30 AEST — ABS March 2026 monthly CPI release.
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