ASX closes lower, as rate worries mount; Domino’s, Star fall
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ASX closes lower, as rate worries mount; Domino’s, Star fall
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AMP cops small protest vote
Shares on track to end the week higher; Star Group slumps
Domino’s Pizza aims to double store numbers in Japan
Surge in Cettire sales fails to win over investors
ASX closes lower, as rate worries mount; Domino’s, Star fall
Australia’s sharemarket ended Friday’s session lower, as traders continued to wind back interest rate cut hopes from the world’s largest central bank.
The S&P/ASX 200 closed down 25.5 points, or 0.3 per cent, to 7788.1, trimming its weekly advance to just 0.3 per cent.
“Shares had another rough ride over the last week as higher than expected US inflation saw expectations for Federal Reserve rate cuts further pushed out and reduced,” said AMP’s chief economist Shane Oliver.
“Uncertainty remains high regarding the timing of rate cuts, recession risks remain high and there are multiple geopolitical threats particularly around the war in the Middle East and the US election.”
Commodity drag
On the ASX, eight of the 11 sectors ended the session lower. The benchmark was dragged down by heavyweight BHP, which fell 0.9 per cent $45.52. Consumer staples were the worst performing sector, down 0.9 per cent, led by 1 per cent declines from supermarket giants Cole and Woolworths.
Energy stocks also fell, led by Woodside Energy, which was down 1.3 per cent $30.20. On Thursday, the energy giant’s most vocal superannuation fund investor, HESTA, said it would vote to re-elect the oil and gas giant’s chairman, Richard Goyder, despite a push from environmental advocates to remove him from the board.
Pizza franchise Domino’s dropped 7.5 per cent to $40.17 after fronting investors with a strategy update aimed at improving its struggling overseas operations.
In corporate developments, embattled casino operator The Star Entertainment Group fell 7.3 per cent to 50.5¢ after recording steep drops in revenue from gaming rooms across the country.
Cettire slipped 6.9 per cent to $3.12, after strong preliminary sales figures in the third quarter failed to tempt investors back to the online fashion retailer.
And Boral’s board backed a revised bid from Seven Group, significantly increasing the chances of the Stokes-controlled Seven buying the Australian cement maker. Boral was 1.5 per cent higher at $6.12 and Seven Group held largely flat at $40.07.
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