AUS
NZ
UK
CA
USA
IND
Highlights
- ASX 200 Index drops 0.1%, with property stocks as the worst performers.
- Webjet WEB shares surge 4.9% after strong earnings report.
- Star Entertainment SGR hits a record low amid financial struggles.
The Australian share market experienced a modest decline on Friday, erasing some of the earlier-week gains that saw the S&P/ASX 200 Index reaching new record highs. The index slipped 0.1%, or 8.1 points, closing at 8436.2, with property stocks taking the brunt of the losses. Seven of the 11 sectors finished the day in the red, including the ASX consumer sector, while the All Ordinaries index remained flat. Despite the daily dip, the ASX 200 posted a 0.5% gain on the week.
The retreat came after the index set consecutive record highs earlier in the week, with CSL (ASX:CSL) leading the charge on Thursday. However, the stock of the healthcare giant fell 1% on Friday, contributing to the broader decline. Property stocks, which were already facing pressure, were the hardest hit, with the sector dropping 0.7%. Key players like Goodman Group (ASX:GMG) and Scentre Group (ASX:SCG) saw their shares decline by 0.8% and 1.1%, respectively.
This dip in property stocks coincided with economists from several Australian banks, including ANZ, AMP, and Bank of Queensland, pushing back their expectations for an interest rate cut by the Reserve Bank of Australia, now predicted for May instead of February.
Meanwhile, Webjet (ASX:WEB) performed well, with shares rising 4.9% to $5.15, fueled by strong results following the company’s half-year earnings report. The travel company, which recently spun off from Webjet, saw a 20% increase in its stock price since Tuesday, marking a positive turnaround.
On the other hand, Star Entertainment (ASX:SGR) faced further difficulties, hitting a record low of 18¢ after a downgrade from Macquarie analysts, who issued an underperform rating. The casino operator also reported a loss of $27 million in the first four months of the financial year, deepening concerns about its financial health. Despite the early decline, Star shares managed to recover slightly, closing the day unchanged at 19.5¢.
The ASX market saw a mixed performance, with property stocks underperforming, while Webjet’s positive earnings and Star’s ongoing struggles took center stage.
