ASX muted ahead of inflation figures
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The news: The Australian sharemarket closed lower on Tuesday ahead of inflation figures to be released on Wednesday.
The numbers: The benchmark ASX 200 finished down 0.28% at 7,766.7, with 10 out of 11 sectors finishing in red.
The worst-performing sector was industrials, down 1.01%, followed by utilities (-0.9%) and telecommunication services (-0.77%).
Boss Energy was the worst-performing stock, plunging 11.14% after a late announcement on Monday that its CEO, chair, and director sold shares worth a collective $26.1 million.
Southern Cross Media fell 1.92% after it declared that it was considering a revised proposal to acquire 14 of Australian Community Media publications.
Despite receiving a ratings upgrade from Macquarie analysts to ‘outperform’, HMC Capital shares fell 1.93%, while Qube lost 1.09% after announcing it was buying Melbourne’s RoRo terminal for $332.5 million.
Outside the ASX 200, Peter Warren Automotive Holdings sunk 11.68% after flagging an earnings downgrade due to rising competition and slower consumer spending.
The best-performing sector was consumer staples, up 0.19%, followed by AREITs (-0.03%), and energy and materials (both -0.11%).
Strike Energy was today’s outperformer, up 8.54% after it announced that its Walyering gas field had recouped its capital spend after eight months.
Pro Medicus finished 0.89% higher after its US subsidiary Visage Imaging secured five new contracts worth a combined $45 million.
Meanwhile, South32 gained 1.16% after BlueScope Steel cleared the way for the sale of its Illawarra coal business. Downer EDI ended 0.31% higher after being awarded a $600 million water contract in Queensland.
The context: All eyes will be on the latest monthly CPI figures to be released on Wednesday, as it will aid the Reserve Bank in its next interest rate decision.
Wednesday will also see AGMs for Macquarie Technology Group and MA Financial Group.
