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Highlights
- Australian shares retreat from record highs due to geopolitical concerns.
- Energy sector underperforms, led by a drop in oil and gas stocks.
- Mixed performance among individual companies amidst broader market challenges.
The Australian share market has experienced a pullback from its record closing high, with the S&P/ASX 200 Index down 31 points or 0.4% to 8351.6 points. This decline reflects a cautious mood across global markets, influenced by escalating geopolitical tensions. The energy sector led the losses, dropping 1%, as oil and gas major Santos (ASX:STO) declined by the same margin.
The ongoing conflict between Russia and Ukraine continues to weigh on global sentiment. Overnight, Ukraine’s use of long-range missiles to strike a Russian military base prompted Moscow to issue a decree permitting nuclear retaliation in the event of attacks on Russian soil. The broader European market mirrored these concerns, with the STOXX 600 falling 0.4%, marking its third consecutive day of losses.
Despite a shaky start, US markets showed signs of resilience, buoyed by gains in tech stocks. Nvidia’s performance helped lift the Nasdaq, while Bitcoin briefly crossed the $94,000 mark.
Company Updates
Amid a volatile trading session, several key Australian companies reported developments that influenced their share prices. Packaging company Amcor (ASX:AMC) announced its decision to acquire New York-listed Berry Group for $8.4 billion. Shares of Amcor fell by 0.7% to $15.59 following the announcement.
Automotive cooling specialist PWR Holdings (ASX:PWH) saw its shares plummet 30% to $6.41 after revealing that its first-half profit for FY25 would drop significantly to $3.5 million, compared to $9.8 million in the prior corresponding period.
Furniture retailer Nick Scali (ASX:NCK) reported challenges affecting its ability to meet previous guidance due to the liquidation of one of its freight forwarders. Shares dipped by 1.3% to $14.05.
Pinnacle Investment Management (ASX:PNI) halted trading as it launched a $400 million equity raise. The funds will be used to acquire strategic stakes in two offshore fund managers.
This combination of geopolitical tension and company-specific updates contributed to the market's cautious tone, reflecting a day of mixed performances on the Australian Stock Exchange.
