AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- ASX dips slightly as consumer discretionary stocks weigh on performance.
- GQG Partners drops sharply amid Adani-related controversies.
- Mixed performance observed across sectors with tech showing slight recovery.
Australian shares experienced a subdued trading session on Thursday, with the S&P/ASX 200 index closing slightly lower by just 3.3 points at 8,323. The index opened higher but lost momentum around midday, marking a lackluster performance across the board.
A significant drag came from Wesfarmers (ASX:WES), which saw a 1.4% decline to $69.67. The drop in the share price was attributed to a downgrade by analysts, weighing heavily on the consumer discretionary sector. This sector emerged as the worst performer, closing 0.8% lower.
Tech stocks managed to recover from earlier losses, with the sector finishing 0.1% higher, following the release of quarterly earnings by Nvidia in the US. Nvidia’s stock (not ASX-listed) saw a dip of 2.5% in after-hours trading despite exceeding most forecasts, highlighting cautious sentiment surrounding its role in the AI sector.
Key Stock Movements
GQG Partners (ASX:GQG) recorded a sharp fall of 19.3% to $2.13 after US prosecutors charged Adani Group’s chairman, Gautam Adani, with alleged involvement in a $250 million bribery scheme. This development prompted GQG Partners to place its significant stake in Adani companies under review.
Mineral Resources (ASX:MIN) witnessed a 2.5% decline, closing at $33.84, as shareholders protested against its remuneration report during the annual general meeting. This marks the first major shareholder meeting for the company since allegations against its chairman surfaced.
Accent Group (ASX:AX1) plunged 11.1% to $2.25 due to concerns over gross margins. Retailers are reportedly relying heavily on discounts to attract consumers, leading to margin pressures.
In contrast, Pinnacle Investment Management (ASX:PNI) rose 3.2% to $22.12, achieving a record close. The firm announced a $400 million capital raise to fund investments in offshore managers, signaling strategic growth efforts.
Broader Market Performance
Bitcoin crossed $US97,000, benefiting from a favorable sentiment toward cryptocurrency policies, while other sectors showed mixed results. Amcor (ASX:AMC) rebounded 3.3% to $16.02 following news of its potential acquisition of Berry Group. However, IDP Education (ASX:IEL) slipped 4.1% to $12.63 after news of a stake sell-down by Bennelong Funds Management.
This session highlights the cautious trading environment as global developments, including Nvidia’s results and controversies surrounding Adani Group, influence market sentiment.
