Aussie market remains flat to round the week
Written by admin on September 27, 2024
Materials saw its best week since October 2015, despite the Aussie share market remaining relatively flat at Friday’s closing bell.
The ASX200 was slightly up 8.5 points, or nearly 0.1 per cent, to close at 8,212.20.
Meanwhile, the broader All Ordinaries index set a new 100-day high by gaining 14 points, or 0.17 per cent, to finish at 8476.8.
The top performing stock was billionaire Chris Ellison’s Mineral Resources Ltd, up 13.87 per cent to $49.14.
Investors boost in confidence remains unclear but is likely buoyed following China’s recent stimulus measures.
Fortescue also gained 3.61 per cent.
The A2 Milk Company Ltd followed closely second with gains of 8.89 per cent was recorded shortly before the dairy company paused trading on Friday morning pending a further announcement.
The halt will remain in place until Tuesday, to provide A2 “additional time to respond to ASX’s price query received this morning (Friday) and to inform the market regarding a potential acquisition by us”, the company stated.
It comes weeks after to A$22.7m was paid to its New Zealand supplier Synlait following a long-running dispute between the two groups.
Liontown Resources Limited also gained 8.2 per cent at the closing bell.
Meanwhile, investors turned on Star Entertainment, after its nearly month-long suspension imposed on trading was lifted on Thursday.
Despite receiving $200m in emergency funding, the group confirmed it was looking to slash up to 350 jobs and offload hotels and other assets in an attempt to avoid significant liquidity challenges.
The concerning outlook follows the group’s reported 2024 losses of $1.69bn after a $2.44bn loss in the prior corresponding period.
Shares closed 44.4 per cent lower at 25c.
Pubs and liquor group Endeavour also fell 2.54 per cent following the announcement chief executive officer Steve Donohue would exit from the business.
Mr Donahue was at the helm when the business separated from Woolworths in 2021.
Endeavour owns and operates Dan Murphy’s and BWS while also maintaining a portfolio of pubs and hotels.
Meanwhile, financials fared the worst over the week as whole.
In banking, NAB fell 1.78 per cent to $36.94 at the closing bell on Friday.
Westpac also lost 1.67 per cent while CBA remained fairly flat closing at $134.16.
With September having only one trading day left on Monday, CBA senior economist Ryan Felsman said analysts are already looking towards next month with the release of monthly retail spending and housing market data due on Tuesday.
CBA Group economists expect retail spending growth of 0.5 per cent in August.
“Also on Tuesday, Aussie national home prices may have increased by 0.5 per cent in September, lifting for a 20th successive month, driven by continuing gains in Adelaide, Brisbane and Perth, given lower listing supply relative to demand,“ Mr Felsman said.
“But affordability constraints are expected to weigh on home price growth in Canberra, Sydney and Melbourne.”
Overseas, Mr Felsman said all eyes will be on the US as about 140,000 non-farm payroll jobs could be added in September as the jobless rate remains at 4.2 per cent.
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The Dow Jones gained 260 points, or 0.6 per cent, to 42,175 points, with the S & P500 index also up 0.4 per cent to 5745.
The tech-heavy Nasdaq rose 0.6 per cent to 18,190.
The Aussie dollar is trading at US68.79c at the closing bell.
