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Highlights
The Australian sharemarket closed in positive territory, gaining 0.45% on Friday as optimism from Wall Street carried over to domestic trading. The benchmark ASX 200 settled at 8,347.4, with gains across nine of 11 sectors. Investors navigated corporate updates, global cues, and anticipation surrounding the inauguration of the next US president, Donald Trump.
Key Market Movers
Big Gainers
Iress (ASX:IRE) rose 6.17% after announcing a strategic move to divest its superannuation business to Apex Group. The decision follows a comprehensive review aimed at optimizing its operational focus.
Sharp Declines
Star Entertainment (ASX:SGR) tumbled 17.86% after the company flagged a 15% drop in quarterly revenue. Management also issued a warning about “material uncertainty” regarding the company’s ongoing viability, causing significant investor concern.
Karoon Energy (ASX:KAR) fell 5.69% as its part-owned Who Dat West exploration well was permanently abandoned, marking a setback in its exploration efforts.
Sector Highlights
In mining, iron ore majors gained ground as Rio Tinto (ASX:RIO) added 1.14%, BlueScope Steel (ASX:BSL) rose 1.48%, and BHP (ASX:BHP) gained 0.47%. These movements were supported by positive economic data out of China, despite cyclone warnings affecting key iron ore ports in Western Australia’s Pilbara region.
IGO (ASX:IGO) rose 2.63% despite flagging a significant pre-tax impairment on the Kwinana lithium hydroxide refinery ahead of its half-year results.
Conversely, gold miners faced downward pressure due to a technical correction in the gold spot market. Bellevue Gold (ASX:BGL), Northern Star (ASX:NST), and De Grey Mining (ASX:DEG) all recorded declines, with Bellevue Gold sliding 2.23%.
Additional Developments
Ventia (ASX:VNT) climbed 1.63% after selling its Toowoomba Second Range Crossing contract to a joint venture between Acciona and Ferrovial. South32 (ASX:S32) posted a 0.86% gain as it reported increased production for most commodities, despite rising operating costs.
Pexa (ASX:PXA) saw a 1.08% rise after analysts upgraded its rating. Meanwhile, Insignia Financial (ASX:IFL) remained flat as it opened its books to US private equity firm CC Capital following a takeover bid.
Lynas Rare Earths (ASX:LYC) dropped 1.85% after analysts lowered the stock's price target due to underwhelming December production figures.
The Australian dollar traded at 62.13 US cents. Looking ahead, the swearing-in of US president-elect Donald Trump is scheduled for early Tuesday AEDT, an event that could influence market dynamics globally.
