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Australia’s sharemarket has started the week on a downbeat note, with the S&P/ASX 200 Index (ASX:XJO) trading 53 points, or 0.7%, lower at 7,957 points around midday. This follows a challenging open where the index initially fell by as much as 1.1%.
The drop comes as concerns about a potential downturn in the global economy have intensified, following weaker-than-expected US payroll figures. The non-farm payrolls report for August showed 23,000 fewer jobs than anticipated, with previous months' data also revised downwards. This marks the slowest hiring pace since the COVID-19 pandemic and has contributed to the current market unease.
Adding to the market pressure, iron ore prices have briefly dipped below $US90 per tonne, reaching their lowest point since November 2022. However, major iron ore producers such as Rio Tinto Ltd (ASX:RIO) and BHP Group Ltd (ASX:BHP) have remained relatively stable after recent declines.
Corporate Updates
- Premier Investments Ltd (ASX:PMV): The company has seen a significant drop of 4.7% to $33.54 following the dismissal of John Cheston, managing director of its Smiggle brand. Cheston was terminated due to “serious misconduct and a serious breach of his employment terms.” Premier Investments also released a weaker trading update this morning.
- Westpac Banking Corp (ASX:WBC): Shares have declined by 1.3% to $31.69 following the announcement of Anthony Miller as the new CEO, set to begin his role in December. Miller, currently the CEO of Westpac’s Business and Wealth division, will take over from Peter King, who has been with the bank for 30 years. The news aligns with broader losses in the banking sector.
- Charter Hall Retail REIT (ASX:CQR) and Hotel Property Investments Ltd (ASX:HPI): Charter Hall Retail REIT has partnered with Host Plus to make an offer for HPI at $3.65 per share. HPI has stated that it will recommend shareholders reject the bid. Following the announcement, HPI shares have risen by 4.9% to $3.65, while Charter Hall Retail REIT has fallen by 1.9% to $3.60.
- Guzman y Gomez Ltd (ASX:GYG): The fast-food chain’s shares have risen by 5.3% to $40.54. Guzman y Gomez is set to be included in the S&P/ASX 200 Index (ASX:XJO) from September 23, as part of the index’s quarterly rebalance. Yancoal Australia Ltd (ASX:YAL) and Metals Acquisition Corp (ASX:MAQ) will also join the index on the same day.
- Domino’s Pizza Enterprises Ltd (ASX:DMP): Domino’s shares have dropped 2.3% to $29.24 following the news of a class action lawsuit from shareholders.
The ASX is navigating a challenging environment with significant developments across various sectors.
