ASX ends flat, Platinum plunges

The news: The Australian sharemarket started the week flat, as Platinum Asset Management and the energy sector lost ground.

The benchmark ASX 200 edged 0.03% higher to 8,423, with eight out of 11 sectors finishing in green.

Biggest news:

• Platinum (-14.35%), Regal Partners (-5.5%) — Discussions on a possible takeover of Platinum by Regal Partners have ended.
• ANZ (-3.6%) — Named former HSBC executive Nuno Matos as its new chief executive, replacing Shayne Elliott, who will retire in July after nine years in the role.
• Energy sector (-1.05%) — Oil stocks extended losses after Saudi Arabia reduced its crude prices for Asia by more than expected. Beach Energy (-4.22%), Karoon Energy (-2.23%), Ampol (-1.96%), Woodside Energy (-1.12%), and Santos (-0.76%) all fell.
• GQG Partners (6.25%) — Scrapped its share buyback plans over uncertainty on US tax treatment rules, and announced steady funds under management figures in November.

Other news:

• Star Entertainment (-2.56%) — The Queensland government deferred the gambling group's licence suspension at its Gold Coast casino from 20 December until 31 March 2025.
• Dexus (-1.72%) — Will be removed from the ASX 50 later this month and will be replaced by Car Group (0.48%). Clarity Pharmaceuticals (2.17%) will be added to the ASX 200 and replaced Spark New Zealand (-1.14%).
• Iron ore stocks — Fortescue (-1.23%), BHP (-0.27%) and Rio Tinto (-0.24%) all fell as iron ore futures extended losses from last week.
• Newmont (0.03%) — Agreed to sell its Cripple Creek & Victor operation in Colorado to US-based SSR Mining for up to $275 million in cash consideration.
• Sonic Healthcare (0.11%) — Will acquire Germany’s Laboratory Group Dr. Kramer & Colleagues for about $698.6 million.
• Woolworths (1.07%) — Confirmed that the four distribution centres that closed due to indefinite strike action have reopened.
• Commonwealth Bank (1.48%) — Will establish banking operations in Nauru next year, as part of a new Nauru-Australia Treaty with the Pacific Island nation.