AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- Australian shares decline as major banks and miners fall.
- Commonwealth Bank, Westpac Banking, and ANZ see notable drops.
- James Hardie and Aristocrat Leisure experience mixed outcomes.
Australian shares are experiencing a downturn as major banks and mining stocks show significant declines. Following a recent US equity rally, the S&P/ASX 200 Index has dropped 1.1%, or 91 points, reaching 8164 points. This drop aligns with Wall Street’s overnight losses after the S&P 500 posted its largest five-day gain of the year. Meanwhile, gold prices have decreased, trading at under $4,130 AUD an ounce, while oil prices edged slightly higher, iron ore prices remained steady, and Bitcoin hovered near $89,000 USD.
The financial sector is bearing the brunt of the market downturn, with financials down 1.9%. Key players like Commonwealth Bank (ASX:CBA), Westpac Banking (ASX:WBC), and National Australia Bank (ASX:NAB) are all experiencing losses of 1.6%, 1.8%, and 2.2%, respectively. ANZ (ASX:ANZ) faces a steeper decline of 4.6%, trading at $31.07 as it goes ex-dividend. This decline in the banking sector aligns with the market’s recalibrated timeline for the first Australian interest rate cut, now expected in September next year.
Mining stocks are also struggling, with a 1.1% decrease, continuing a five-day sectoral loss of 4.4%. This decline comes on the heels of weaker-than-expected stimulus measures from China, which coincided with market concerns over potential tariff increases under US President-elect Donald Trump.
The Australian Bureau of Statistics reported a 0.8% increase in the wage price index for the September quarter, up 3.5% for the year.
Stocks in Focus
Mineral Resources (ASX:MIN) is down 5.6% to $35.57 after announcing plans to halt operations at its Bald Hill lithium site in Western Australia, potentially impacting around 300 employees.
Light & Wonder (ASX:LNW) has dropped 6.4% to $148.77 despite reporting a 15% increase in gaming revenue, although earnings per share missed analyst expectations. Rival Aristocrat Leisure (ASX:ALL) posted a 17% rise in net profit to $1.45 billion, citing growth in North America. Shares are up by 1%.
Building materials company James Hardie (ASX:JHX) rose 6.8% to $53.67, despite a 23% decrease in net profit, driven by softer demand in Asia and Europe. The company maintained guidance for its lower-end volume projections.
In corporate acquisitions, Selfwealth (ASX:SWF) saw shares surge 72.9% to 20.7¢ following a buyout offer from Bell Financial Group (ASX:BFG), which increased by 2% to $1.29.
Finally, Life360 (ASX:360) shares dropped 2.4% to $23.61 after reporting increased revenue driven by strong demand for its back-to-school and safety products. Wealth manager Insignia Financial (ASX:IFL) is also down 4.5% at $3.18 after announcing strategies to enhance operational efficiency.
