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Highlights
- ASX retreats from record highs, with property stocks underperforming.
- Star Entertainment SGR hits an all-time low amid financial challenges.
- Resolute Mining RSG sees a 4% rise after Mali dispute settlement.
The Australian share market experienced a modest dip on Friday, with the S&P/ASX 200 Index retreating from the record highs achieved earlier in the week. The index slipped by 0.1%, or 8.1 points, to finish at 8436.2, while property stocks, which accounted for much of the decline, continued to face pressure. Despite this, the benchmark index managed a slight 0.3% gain for the week.
While Friday’s performance reflected investor caution, the focus is now turning toward Black Friday sales, which could provide a boost to key sectors. Analysts suggest that any significant uptick in consumer spending during the sales event may drive positive sentiment across the market, especially for companies poised to benefit from increased demand.
Property Stocks Drag Down ASX Performance
The property sector was the worst performer on Friday, with major companies like Goodman Group (ASX:GMG) and Westfield parent Scentre Group (ASX:SCG) seeing declines of 0.8% and 1.1%, respectively. This decline follows economists pushing out forecasts for a rate cut from the Reserve Bank of Australia, which weighed on the property market outlook.
Star Entertainment (ASX:SGR) Hits All-Time Low
Star Entertainment Group (ASX:SGR) faced a turbulent day on Friday, with its share price hitting an all-time low. The casino operator continues to grapple with challenging operating conditions, liquidity concerns, and deteriorating earnings, as reported by Reuters. Following a downgrade from analysts at Macquarie, the company’s stock briefly fell by 3%, before recovering slightly to close the session unchanged at 19.5¢.
Resolute Mining (ASX:RSG) Settles Mali Dispute
In a more positive development, Resolute Mining (ASX:RSG) shares rose 4% after the company reached a settlement in its ongoing dispute with Mali’s junta. The $130 million payment out of the total $160 million settlement allows Resolute to continue operations at its Syama gold mine. The resolution of the dispute has eased concerns over the company’s future in the region.
Sector Highlights and Stocks in Focus
Web Travel (ASX:WEB) continued its strong run, advancing 4.9% to $5.15, marking a 20% gain since Tuesday following strong half-year results. Meanwhile, Select Harvests (ASX:SHV) reported a surprising turnaround, posting a net profit for the full year after last year’s loss, though its shares fell by 3.5%.
Among the smaller companies, Adavale Resources (ASX:ADD) acquired a 72.5% stake in the Parkes gold and copper project, while Asra Minerals (ASX:ASR) confirmed gold mineralisation at its Mt Stirling Gold Project, boosting investor sentiment in the mining sector.
Global Market Movements and Regional News
Asian stock markets showed mixed results as investors reacted to Japan’s stronger-than-expected inflation data. The yen strengthened, while other markets, including the ASX, lacked strong direction due to the Thanksgiving holiday in the US. Meanwhile, investors are awaiting potential changes in US semiconductor export restrictions to China, which could have significant implications for global markets.
Looking Ahead
As we approach the final weeks of the year, the ASX’s performance may be influenced by the outcome of Black Friday sales and further developments in the global economic landscape. Companies across the consumer, property, and mining sectors remain in focus as they navigate through a challenging macroeconomic environment.
This marks another chapter in the ongoing fluctuations of the ASX, where record highs are followed by slight retracements, but opportunities for growth and market-moving events persist.
