ASX falls as Ventia, Downer plunge

The news: The Australian sharemarket started the day higher but quickly lost ground after labour force data revealed a stronger-than-expected job market, with unemployment falling. The unexpected result dampens hopes for an interest rate cut in February 2025, as economists had anticipated a rise in the unemployment rate.

The benchmark ASX 200 fell 0.28% to end at 8,330.3, with nine out of 11 sectors finishing in red.

Biggest movers:

• Ventia Services Group (-22.56%), Downer EDI (-5.95%) — The competition regulator is suing both companies for alleged cartel conduct linked to services for the Department of Defence.
• Platinum Asset Management (-21.18%) — It traded ex-dividend on a special dividend of 20 cents per share, or a 33.61% dividend yield on its last closing price.
• IPH (4.03%) — Almost doubled the size of its on-market share buyback from $40 million to $75 million.
• Pacific Current Group (6.18%) — Revised its timetable for a proposed $300 million share buyback.

Other news:

• oOh!media (-3.83%) — Announced cost cuts of at least $15 million in response to tough market conditions.
• Meridian (-4.27%) — Its chief executive Neal Barclay will step down next year after seven years in the role and will be succeeded by chief financial officer Mike Roan.
• Orora (-1.65%) — Outlined a share buyback of up to 10% of its shares after completing the sale of its North American packaging solutions business to rival Veritev.
• Viva Energy (1.15%) — The competition regulator has approved its proposed acquisition of the remaining 50% stake it does not own in fuel retailing joint venture LOC Global, subject to a divestment.
• Spark New Zealand (3.14%) — Sold its stake in mobile towers business Connexa to Canadian pension fund CDPQ which will recognise a gain of NZD70 million ($63.6 million).
• Coronado Global Resources (4.05%) — Its subsidiary Coronado Curragh received regulatory approval to open its Mammoth underground mine in Queensland.
• Vinyl Group (4.76%) — Has agreed to acquire digital city guide Concrete Playground for $5 million.