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Highlights
The ASX ended lower after consecutive gains, weighed down by declines in technology and real estate stocks.
Automotive-related companies saw losses following fresh US tariff announcements, while energy stocks gained as crude prices rose.
A takeover agreement for The Reject Shop led to a surge in its share price, while Domain received an updated bid from CoStar.
The Australian sharemarket closed in negative territory after a series of gains, with declines in technology and real estate stocks offsetting strength in the energy sector. The benchmark index finished lower, with most sectors in the red.
Automotive Sector Reacts to US Tariffs
US trade policy developments had a noticeable effect on local auto-related stocks. Fresh tariffs on foreign-made vehicles resulted in declines for Eagers Automotive, Bapcor, ARB Corporation, and Car Group. Market sentiment around these companies was affected by concerns over the impact of additional import costs and supply chain adjustments.
Energy Sector Outperforms as Crude Prices Rise
Oil producers saw gains as crude prices moved higher. Ampol and Woodside Energy were among the top performers within the energy sector, which emerged as the strongest on the day. The rise in oil prices contributed to positive movement in this segment, contrasting with losses elsewhere.
Domain Draws Attention Amid Takeover Developments
Domain remained a key focus in the real estate space as Nasdaq-listed CoStar revised its takeover bid for the platform. The latest offer, described as "best and final," valued the company at a significantly higher amount. Despite the improved terms, Domain’s share price declined, and its parent company, Nine Entertainment, also recorded a loss.
The Reject Shop’s Share Price Surges on Acquisition News
The Reject Shop experienced a sharp rise in its share price following the announcement of an acquisition agreement with Canadian retail chain Dollarama. The deal was priced well above the retailer’s last closing value, leading to a surge in trading activity for the stock.
Technology Sector Faces Selling Pressure
The technology sector recorded one of the largest declines of the day, with WiseTech Global leading the losses. The stock’s drop followed the sale of a significant shareholding by AustralianSuper. The divestment occurred after concerns emerged regarding past conduct involving WiseTech’s founder and former chief executive.
Corporate Transactions and Industrial Acquisitions
Centuria Capital Group expanded its industrial property portfolio with the acquisition of a facility in Perth. This transaction marked the largest of its kind in the city in recent months. The industrial real estate market continues to attract attention from institutional players, contributing to ongoing activity in the space.
Special Dividend Announcement Drives Gains for Healius
Healthcare company Healius saw a strong rise in its stock price after announcing a special dividend. The payout plan follows the sale of its imaging business, leading to increased interest in the stock during the session.
