AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- ASX trades flat despite an early rally.
- Commonwealth Bank impacts index performance.
- Key updates on MinRes and other ASX-listed stocks.
Australian shares started strong but pared early gains by midday, with the S&P/ASX 200 index dipping slightly by 2 points to 8324. The early rally faded as investors sought clarity amid global uncertainties, highlighted by mixed earnings and economic signals.
Commonwealth Bank (ASX:CBA) weighed on the index, slipping 0.2% shortly after reaching a record high above $157.00. The bank’s performance interrupted the broader market’s momentum as investors digested its valuation levels. The tech sector also remained subdued, reflecting global trends.
Overnight, Wall Street showcased a mixed performance. The Dow Jones rose modestly by 0.3%, the S&P 500 closed flat after recovering from losses, and the Nasdaq edged down 0.1%. Shares of Nvidia dropped 2% in after-hours trading despite meeting earnings forecasts. The dip followed investor disappointment over results that failed to exceed expectations significantly, a trend Nvidia had set in prior quarters.
Bitcoin continued its rally, nearing $95,000 as optimism surged post-US election. The cryptocurrency peaked at $94,917 before slightly retreating, maintaining its strong upward trajectory.
Key Stock Movements on ASX
Several companies were in the spotlight due to corporate updates and trading activities:
- Web Travel Group (ASX:WEB): The company issued adjustments to previous financial reports following auditor requirements. Shares fell 2.9% upon resumption of trading.
- Accent Group (ASX:AX1): The stock plunged 13% after the company revealed gross margin pressure. Retailers’ aggressive discounting strategies to boost consumer demand significantly impacted performance.
- Sayona Mining (ASX:SYA): Shares dropped 7.9% to 3.5¢ after completing a $40 million equity raise at 3.2¢ per share. The company is preparing to merge with Piedmont Lithium (ASX:PLL), whose shares also declined 8.1% to 17¢.
- Mineral Resources (ASX:MIN): Chris Ellison, the company’s founder, faces shareholder scrutiny during the annual general meeting. A protest vote against the company’s remuneration report is anticipated. Shares are down 1.4% at $34.24.
Annual meetings are also being held by approximately 30 other ASX-listed companies, including Evolution Mining (ASX:EVN), HUB24 (ASX:HUB), Insignia Financial (ASX:IFL), New Hope (ASX:NHC), and News Corp (ASX:NWS).
