Australian Market Retreats; Select Harvests (ASX:SHV) Gains Amid Sector Declines

November 29, 2024 12:37 PM AEDT | By Team Kalkine Media

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Australian Market Retreats; Select Harvests (ASX:SHV) Gains Amid Sector Declines — Image source: shutterstock

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Highlights

Australian share market dips despite recent record highs.

Select Harvests rallies on positive financial results.

Mixed trends in global markets with subdued commodity trading.

The Australian share market experienced a midday decline on Friday, slipping from its recent record highs earlier in the week. The S&P/ASX 200 Index fell by 0.5%, or 43.1 points, reaching 8401.2 by noon. This decline followed Thursday's peak close at 8444.3. Ten out of the 11 sectors were in the red, reflecting a broader pullback in market activity.

Despite the subdued domestic performance, Wall Street's inactivity due to the Thanksgiving holiday offered little direction for Australian stocks. Meanwhile, European markets painted a brighter picture, with technology stocks gaining. Benchmarks in London, Frankfurt, and Paris closed higher on the back of a report suggesting the United States might ease restrictions on semiconductor chip sales to China.

Select Harvests (ASX:SHV) Rises on Return to Profit

Almond producer Select Harvests emerged as a standout performer on the day. The company reported a net profit of $1.5 million in its full-year results, marking a significant recovery from a net loss of $114.7 million in the prior fiscal year. This turnaround drove the company's shares to rally by 4%.

The positive financial update highlights improvements in the company’s operational performance and market conditions, which contributed to its return to profitability.

Corporate Updates

Paladin Energy (ASX:PDN) and Scentre Group (ASX:SCG) hosted their respective annual general meetings, drawing attention to updates on their operational and strategic directions. The outcomes of these meetings are anticipated to influence trading sentiment for these companies in the coming days.

In addition, Aristocrat Leisure (ASX:ALL) shares traded ex-dividend, indicating the cutoff date for shareholders to qualify for the upcoming dividend payout.

Commodity Market Observations

Commodities trading remained quiet, with minor movements across key markets. Oil prices edged slightly higher, surpassing $73 per barrel. Gold and iron ore also recorded modest gains, reflecting stability in demand and global market activity.

The market's performance reflects a mix of cautious investor sentiment and a wait-and-see approach as global trends continue to shape the trading landscape. Select Harvests (ASX:SHV)’s rally amidst broader sector declines showcases resilience in specific industries, even during periods of overall market softness.

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