ASX ends lower, South32 tumbles

The news: The Australian sharemarket extended losses amid a protracted tech selloff and a drop in South32 shares.

The ASX 200 fell 0.47% to end at 8,353.6, with nine out of 11 sectors finishing in red.

Biggest movers:

• South32 (-4.35) — Withdrew production guidance for its Mozal Aluminium business due to civil unrest in Mozambique. It was the worst performing stock across the ASX 200.
• Champion Iron (-3.17) — Flagged a temporary hit to sales of iron ore concentrate after machinery used to load iron ore concentrate to rail cars broke down its Bloom Lake mine in Canada.
• Gold miners — Spot gold rose ahead of the US Federal Reserve’s last monetary policy meeting of the year next week, which led to a rally in ASX-listed gold miners. Westgold Resources (1.33%), Ramelius Resources (1.27%) and Genesis Minerals (1.1%) all rose.
• Silex Systems (8.56%) — Its subsidiary Global Laser Enrichment has secured an award under the US Department of Energy’s Low Enriched Uranium Request for Proposals program.

Other news:

• Perpetual (-1.35%) — Extended losses as a raft of analysts believe its proposed sale of its corporate trust and wealth management arms to KKR is unlikely to eventuate in its current form.
• Liontown (-1.64%) — Announced it has shipped its first cargo of spodumene concentrate to LG Energy Solution, under its long-term supply partnership.
• NAB (-0.13%) — Nippon Life Insurance Company has acquired NAB’s remaining stake in MLC Life Insurance and has bought Resolution Life. It will combine the two insurers to create a new company, Acenda.
• Endeavour (ended flat) — Flagged a hit to its sales as the drawn out strike at Woolworths distribution centres led to stock shortages at its stores.
• Sigma Healthcare (ended flat) — Has agreed with Chemist Warehouse to extend their merger deadline to 31 March 2025 and expects implementation to occur in February 2025.
• HomeCo Daily Needs REIT (ended flat%) — Reported a 2.7% increase in its portfolio value over the last six months and reaffirmed its full-year guidance.
• Vulcan Energy (trading halt) — Has launched a $184 million capital raise to fund the first phase of its Lionheart integrated lithium and renewable energy project in Germany.
• Generation Development Group (0.79%) — Morgan Stanley initiated coverage of the investment company with an 'overweight' rating, citing a long growth runway.
• Integral Diagnostics (4.1%) — Jarden analysts retained its ‘buy’ rating and said Integral’s merger with Capitol Health was compelling.