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Highlights
- Australian sharemarket rises with gains in consumer and real estate stocks.
- Myer set to acquire Premier Investments’ apparel brands, boosting Premier shares.
- Cettire shares slump after disappointing trading update.
The Australian sharemarket made notable gains, with the S&P/ASX 200 Index increasing by 0.5%, driven by consumer and real estate stocks, as the index reached 8263.1 points by 2 pm AEDT. This upward trend closely followed Wall Street’s positive performance, where the Dow Jones added 0.7%, with smaller gains recorded in the S&P 500 and Nasdaq. The momentum in the U.S. stock market has been bolstered by key upcoming earnings from prominent tech companies, which have played a central role in pushing sharemarket records this year.
A key highlight in the Australian market was Myer Holdings Limited (ASX:MYR) announcing a new acquisition. Myer confirmed an agreement to acquire Premier Investments Limited's (ASX:PMV) apparel brands in Australia and New Zealand, a move expected to strengthen its presence in the fashion industry. After initially spiking by 7%, Myer’s shares eventually leveled out. Premier Investments, however, surged by 11% following the announcement, making it the top-performing stock in the ASX 200 for the day.
The acquisition was reportedly finalized in a board meeting on Monday, as initially disclosed by Australian Financial Review's Street Talk. This strategic decision positions both companies to capitalize on the evolving retail landscape and aligns with Myer's broader goal of expanding its consumer reach.
Energy stocks faced a different scenario, holding back the market from further gains due to the international landscape. Tensions in the Middle East escalated when Israel launched targeted attacks on Iranian military sites, though notably sparing energy infrastructure. This development led to a significant drop in Brent crude, which fell by 6% to $US71 per barrel. Energy sector giants such as Woodside Energy Group (ASX:WDS) and Santos Limited (ASX:STO) saw modest declines, with Woodside dipping by 0.6% and Santos by 0.4%.
Other notable movements included BlueScope Steel Limited (ASX:BSL), which experienced a 0.5% drop following a revised profit outlook for the first half of the fiscal year. The company cited cost inflation pressures as a primary reason for lowering its profit expectations, leading to a more cautious outlook among market participants.
Meanwhile, online luxury retailer Cettire Limited (ASX:CTT) encountered a significant downturn, with its shares plummeting 13% after an unsatisfactory trading update. The company reported adjusted earnings before interest, tax, and amortization at $2 million, which fell short of market expectations and weighed on investor sentiment.
With a diverse range of stock performances across sectors, the Australian sharemarket showcased mixed reactions to corporate and geopolitical developments.
