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Highlights
- - The Australian sharemarket sees losses across most sectors, with key sectors in the red.
- - Bellevue Gold and HMC Capital were among the day’s top movers.
- - Multiple company announcements, including deals and leadership changes, influenced the market.
The Australian stock market witnessed extended losses despite a recovery on Wall Street. The benchmark ASX 200 fell over 1% during midday trading, as concerns around future interest rate cuts in the US weighed on sentiment. At 1:35 PM AEDT, the index was down to 8,058.8, with most sectors trading in negative territory.
Sector Performances and Major Movers
The index saw nine out of eleven sectors in the red. Among the significant movers, Bellevue Gold (ASX:BGL) dropped over 4%, making it the worst performer on the ASX 200. The decline followed a steep drop in gold prices, which touched a one-month low earlier in the day before stabilizing.
In contrast, HMC Capital (ASX:HMC) gained over 3%, emerging as the top performer. The company’s rating was recently upgraded, with its earnings-per-share estimates revised upward, driving investor interest.
Corporate Announcements
Several companies announced key updates influencing individual stock movements:
- Wesfarmers (ASX:WES): The company agreed to divest its Coregas business to Japan's Nippon Sanso for $770 million, marking a strategic move.
- Cleanaway (ASX:CWY): Entered a joint venture with LMS Energy to monetize landfill gas from its Lucas Heights site in New South Wales, aiming for enhanced environmental and economic outcomes.
- Vicinity Centres (ASX:VCX): Announced the sale of stakes in three non-strategic assets for $457 million, focusing on portfolio optimization.
- Ventia Services Group (ASX:VNT): Secured a long-term deal with Telstra to build and maintain critical digital infrastructure, with an annual revenue forecast exceeding $400 million over the next five years.
Leadership Changes and Updates
Generation Development Group (ASX:GDG) appointed former Olympic swimmer Grant Hackett as its new CEO, while Tabcorp (ASX:TAH) announced Jarrod Villani as its first chief commercial and media officer. Evolution Mining’s (ASX:EVN) CFO Barrie Van der Merwe is set to step down by March 2025.
Market Context and Outlook
Shares of EVT (ASX:EVT) declined despite a positive outlook for its hospitality and entertainment businesses, while Paladin (ASX:PDN) received a boost after gaining regulatory approval for a Canadian uranium acquisition.
The Australian dollar was trading at 62.25 US cents. Looking ahead, market focus will shift to the Reserve Bank’s upcoming monetary policy meeting minutes, alongside key US economic data, including consumer confidence and unemployment claims.
