AUS
NZ
UK
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Highlights
- ASX slides slightly, gold stocks rise
- WiseTech founder reduces shares
- US economic data affects global markets
The Australian stock market saw a slight decline on Friday, with the S&P/ASX 200 Index dipping by 0.1%, or 8.5 points, to close at 8214.5. Despite this minor drop, the index finished the week 0.8% higher overall. The All Ordinaries also recorded a 0.1% decrease. Investors are closely monitoring potential fiscal stimulus announcements from China, which could impact the materials sector.
In the U.S., major indices on Wall Street also fell overnight. The Dow Jones, S&P 500, and Nasdaq experienced slight declines after U.S. consumer price data showed a 0.3% month-on-month increase for September, higher than the predicted 0.2%. Additionally, weekly jobless claims exceeded expectations, fueling concerns about the labor market and persistent inflation pressures.
Materials and Gold Stocks
The materials sector on the ASX faced challenges ahead of a potential announcement from China's finance ministry, expected over the weekend. Major players like BHP (ASX:BHP) fell 1.1% to $43.43, and Fortescue Metals (ASX:FMG) declined by 1.3%, closing at $19.47.
However, gold stocks surged as traders turned to the safe-haven asset in response to U.S. economic data. Regis Resources (ASX:RRL) rose to $2.16, Capricorn Metals (ASX:CMM) climbed to $5.91, and Genesis Minerals (ASX:GMD) reached $2.07, making them some of the best-performing stocks on the ASX. The price of gold increased by 1% to $US2633 per ounce, further boosting these companies.
WiseTech and Other Tech Stocks
In company news, WiseTech (ASX:WTC) founder Richard White sold approximately $60 million in shares, reducing his holding in the logistics software provider. Executive director Maree Isaacs also sold around $5 million worth of shares. The stock price dipped by 1.3%, closing at $132.67.
Elsewhere in the tech sector, SiteMinder (ASX:SDR) saw a 5.3% increase, reaching $6.74 after an upgrade by analysts. Meanwhile, Dubber (ASX:DUB) announced a $25 million equity raising to support a new sales strategy, while Appen (ASX:APX) revealed plans for a $50 million capital raise and a $5 million share purchase plan, aimed at advancing its generative artificial intelligence projects.
