Australian Sharemarket Retreats After Record Highs

November 29, 2024 11:14 AM AEDT | By Team Kalkine Media

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Australian Sharemarket Retreats After Record Highs — Image source: shutterstock

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Highlights

Australian sharemarket dipped after hitting record highs earlier this week.

S&P/ASX 200 Index opened lower, with all 11 sectors in decline.

Select Harvests returned to profit, while other stocks highlighted AGM and dividend developments.

The Australian sharemarket opened lower on Friday following a week of record-breaking performance. The benchmark S&P/ASX 200 Index declined by 0.4% to reach 8412.5 points, down from Thursday’s peak of 8444.3. The dip saw all 11 sectors starting in the red, reflecting broad market softness.

The lack of direction from international markets contributed to the subdued start. Wall Street remained closed due to the Thanksgiving holiday, with U.S. equity futures showing mild optimism as S&P 500 futures rose by 0.3%. Meanwhile, European markets displayed more positive momentum, driven by gains in the tech sector amid expectations of relaxed U.S. restrictions on semiconductor chip sales to China. Major indices in London, Frankfurt, and Paris ended higher in their respective sessions.

Commodities Witness Subdued Activity

Commodity markets exhibited muted trading. Oil prices recovered slightly, rising above $US73 per barrel. Precious metals like gold and industrial commodities such as iron ore recorded modest gains, adding to the overall stability of resource prices.

Company Updates

Several companies remained in focus during the trading session. Almond producer Select Harvests (ASX:SHV) announced a net profit of $1.5 million for the full year, marking a significant turnaround from its $114.7 million net loss in FY23. This encouraging update led to a 0.7% uptick in its share price.

Other notable corporate movements included Paladin Energy (ASX:PDN) and Scentre Group (ASX:SCG), both of which hosted annual general meetings, sharing insights on future strategies. Additionally, Aristocrat Leisure (ASX:ALL) shares traded ex-dividend, reflecting the company’s recent payout-related adjustments.

Broader Market Implications

The retreat in the Australian market highlights its sensitivity to international trends and domestic sectoral shifts. With all 11 sectors starting in negative territory, investor sentiment appeared cautious amid a lack of strong external catalysts. The mixed commodity performance and corporate developments provided focal points amid an otherwise subdued trading day.

As the Australian market digests global influences and local earnings reports, the short-term outlook remains balanced between external uncertainties and sectoral movements.

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