ASX drops; Iluka Resources plunges

The news: The Australian sharemarket ended the week on a subdued note with almost all sectors falling.

The benchmark ASX 200 dropped 0.64% to 8,420.9, with 10 of 11 sectors finishing in red.

Biggest fallers:

• Iluka Resources (-10.04%) — Announced that it reached a deal with the federal government to cover a funding gap at its rare earths refinery in Western Australia.
• Magellan Financial Group (-8.62%) — Its shares tumbled after hitting a 12-month high on Thursday following a lift in funds under management.
• Energy sector (-1.21%) — Oil stocks fell after the Organization of the Petroleum Exporting Countries and allies led by Russia (OPEC+) delayed its planned oil production hikes by three months.

Other news:

• Aristocrat (-2.97%) — Its gaming chief executive Hector Fernandez is moving to Apollo Global Management but first will have to wait out a 12-month non-compete period.
• Domino’s (-2.26%) — Macquarie analysts downgraded the pizza chain citing a downside risk to earnings due to fewer store openings.
• WiseTech Global (-0.49%) — Global director Charles Gibbon has sold 1.5 million shares, netting almost $200 million, in a block trade for personal estate planning.
• ASX (-0.12%) — Citi hiked its target price on the bourse operator due to improved market volumes.
• Perpetual (0.18%) — Bell Potter analysts reaffirmed its ‘buy’ rating on the investment manage as investors await a tax ruling on the demerger of some of its businesses.
• APA Group (1.4%) — The Australian Energy Regulator has ruled to not subject the company's South West Queensland Pipeline to full price regulation.
• Tuas (7.04%) — Reported a first quarter profit, improving from its full-year loss on the back of a growing subscriber base in Singapore.