ASX continues fall as real estate drags
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The news: The Australian sharemarket continued Monday’s losses as real estate dragged.
The numbers: The benchmark ASX 200 fell 0.42% to end at 7,718.2, with 10 out of 11 sectors finishing in red.
The worst performing sector was AREITs, down 1.42%, followed by consumer discretionary (-0.92%).
Uranium explorer Deep Yellow fell 1.88% and one of the ASX 200’s worst performers throughout the day after it appointed South African financial services group Nedbank to coordinate the financing of its flagship Tumas project in Namibia.
Bendigo and Adelaide Bank ended 1.23% lower after it announced that its CEO Marnie Baker would leave the bank after 35 years and be replaced by Richard Fennell.
Meanwhile, ResMed fell 0.91% despite Morningstar analysts believing that investor concerns over the company’s competition were ‘overblown’.
The best performing sector was energy, up 2%, followed by utilities (-0.01%). Origin Energy ended 0.46% higher as it announced that it had acquired a 20% stake in startup Climatech Zero.
Liontown Resources was the best performer across the ASX 200, up 7.87%, after it announced that it had secured a $379 million investment from South Korean battery producer LG Energy Solution.
Superloop shares gained 1.29% after it outlined a stronger full-year guidance on the back of an improved trading performance.
Elsewhere, Ramelius Resources increased 0.27% while Spartan Resources decreased 2.41% after the former significantly lifted its “strategic stake” in the latter to 17.94%.
The Australian dollar is lower buying 66.41 US cents.
The context: Tonight US Federal Reserve chair Jerome Powell will participate in a panel at the ECB Forum on central banking. Overnight, the latest US job openings data will be released.
