ASX ends flat, GYG drops and AMP lifts
Make us a preferred source
Make us a preferred source on Google
The news: The Australian sharemarket ended almost flat despite AREITs rallying.
The numbers: The benchmark ASX 200 edged 0.09% higher to end at 8,205.2, with five out of 11 sectors finishing in green.
The best performing sector was AREITs, up 1.65%, followed by telecommunication services (0.35%).
Sigma Healthcare was again the best performer across the ASX 200, jumping a further 7.61% after the competition regulator invited submissions on the pharmacy wholesaler's proposed remedy to address concerns over its proposed acquisition with Chemist Warehouse earlier in the week.
AMP shares rose 0.76% as Macquarie lifted its price target on the wealth manager following "signs of stabilisation" in the business.
Ingenia Communities Group shares advanced 0.4% after Morningstar increased its fair value estimate on the holiday parks and retirement villages owner by 15% to $5.30.
Elsewhere, KFC-owner Collins Foods gained 2.09% after Goldman Sachs initiated coverage on the stock with a 'buy' rating.
The worst performing sector was utilities, down 0.4%, followed by consumer discretionary (-0.35%). Origin fell 0.48% as it announced that it would cease all work on hydrogen development opportunities due to technological uncertainties and costs.
Gold stocks made up five of the 20 worst ASX 200 stocks after spot prices edged down as investors awaited upcoming US economic data and further developments in the Middle East conflict.
West African Resources (-3.23%), Westgold (-2.56%), Gold Road Resources (-2.05%) and Vault Minerals (-1.56%) all fell.
Guzman y Gomez shares dropped 2.82% after Goldman Sachs initiated coverage on the company with a ‘sell’ rating.
Resimac fell 0.58% after announcing that it would acquire a portfolio of auto loans receivables and leases from Westpac (-1.29%), which will net between $1.4 billion to $1.6 billion from the transaction.
The Australian dollar is buying 68.67 US cents.
The context: Tonight will see the release of the latest figures on US unemployment claims.
Friday will see the Australian Bureau of Statistics release lending indicators and household spending figures.
