ASX starts week lower
Make us a preferred source
Make us a preferred source on Google
The news: The Australian sharemarket started the week lower ahead of the latest inflation figures set to be released later this week.
The numbers: The benchmark ASX 200 fell 0.8% to end at 7,733.7, with 10 out of 11 sectors finishing in red.
The worst performing sector was energy, down 1.86%, followed by healthcare (-1.6%) and consumer discretionary (-1.15%). Sleep apnea medical device provider ResMed, down 13.11%, was the worst performing stock across the ASX 200 after rival Eli Lilly announced that its weight-loss drug trial resolved sleep apnea in up to 52% of patients.
However, the talk of the town was Cettire, which tanked 49.55% after the luxury e-commerce platform downgraded its EBITDA guidance which implied a loss-making fourth quarter.
Fellow fashion company, ASX minnow City Chic Collective, plunged 58.33% after it missed its $15.4 million institutional raise target as part of a $23 million equity raise.
Star Entertainment Group shares fell 4.59% after it lowered its earnings guidance amid challenging trading conditions that could not be offset by improved gaming revenue.
Shares in IGA owner Metcash fell 2.91% after the food and beverage company posted a drop in earnings and profit for the full year to April 2024.
The best performing sector was industrials, up 0.71%, followed by IT (-0.08%) and utilities (-0.31%). Cleanaway gained 1.86% after announcing that it would buy Melbourne-based Citywide Waste for $110 million, while Monadelphous finished 2.39% higher after winning four new construction and maintenance contracts in the resources sector totalling around $120 million.
Investors cheered Myer and Premier Investments after the department store chain proposed a takeover of the retailer’s apparel business. Myer soared 20.16% while Premier increased 6.61%.
The Australian dollar is higher buying 66.44 US cents.
The context: This week will see the Australian Bureau of Statistics release the latest CPI figures.
Offshore, the latest US GDP, unemployment figures and personal consumption expenditure figures will also be released.
