Cost pressures leading to profit downgrade cause ASX share price to hit a ten-year low.

Affected by rising costs, several brokerages have lowered their profit expectations for the struggling operator of the Australian Stock Exchange, causing the stock price to fall to near a ten-year low. The stock saw its largest drop on Wednesday, with a decrease of 8.6%, reaching a new low since November 2016. The day before, the stock had plummeted by 13%, marking the largest single-day drop in its history. The Australian Stock Exchange announced on Tuesday that the increase in expenses related to technological upgrades exceeded market expectations. As a result, several brokerages, including Barren Joey Market Company, UBS Group, and Macquarie Group, have downgraded their profit forecasts. The high costs pose a greater challenge for the new CEO, Anthony Attila. A regulatory investigation previously found governance and risk management gaps within the company, and he will need to regain market trust after taking office. This executive, who comes from the Pan-European Exchange, will officially assume his position on September 1st.