AUS
NZ
UK
CA
USA
IND
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Highlights
- ASX set to end lower amid inflation and jobless claims concerns.
- Gold miners, including Regis Resources and Genesis Minerals, rally.
- SiteMinder surges as tech stocks see significant movement.
The Australian share market is positioned to finish the day lower, mirroring a dip in US stock indices. This comes after higher-than-expected inflation data from the US for September and an increase in weekly jobless claims. By mid-afternoon, the benchmark S&P/ASX 200 Index dropped by 0.1%, standing at 8213.4. Over the week, this marks a 0.7% decline, negating the gains made in the previous week.
US markets also felt the pressure, with the Dow Jones, S&P 500, and Nasdaq all slipping slightly overnight. The inflation rate rose by 0.3% month-on-month in September, surpassing the 0.2% expectation. Additionally, the rise in jobless claims to a 12-month high added to market concerns about a weakening labor market and persistent inflation.
On the ASX, real estate shares, particularly rate-sensitive ones, faced the largest losses, down 0.5%. In contrast, gold mining stocks performed exceptionally well. Regis Resources (ASX:RRL), Capricorn Metals (ASX:CMM), and Genesis Minerals (ASX:GMD) all saw increases of over 3%. The rise in gold prices, up by about 1% to $US2633 per ounce, likely contributed to the sector’s strong performance.
WiseTech Global (ASX:WTC) was also in the spotlight as its founder, Richard White, sold $60 million worth of shares, with Maree Isaacs, the company's executive director, selling an additional $5 million in stock. Following this, the share price dropped by 1.4% to $132.79.
On the tech front, SiteMinder (ASX:SDR) jumped by 5.3% to $6.74 following a ratings upgrade. Two other tech companies, Dubber (ASX:DUB) and Appen (ASX:APX), announced capital raisings. Dubber is raising $25 million to fuel sales growth, while Appen is targeting $50 million, with an additional $5 million share purchase plan, to capitalize on generative AI developments.
This mixed movement across sectors reflects ongoing market reactions to both local and global economic indicators.
