ASX 200 closes down 0.3% as Star dives 23% on casino licence threat

Australia's share market mostly recovered from a sharp intraday fall to close down 0.3% with Star Entertainment the day's big faller after a damning media report.

Local stocks are in for a rollercoaster week. Picture: NCA NewsWire/ Gaye Gerard

Welcome to the Trading Day blog for Monday, October 11. Stocks have recovered from early losses and are about 0.5 per cent lower. Star Entertainment is among biggest losers, down 19pc.

 

 

Australia's share market has trimmed early losses to be 0.5 per cent lower at 1pm AEST as US stock index futures improved.

Star Entertainment stocks are continuing to head south, down 19 per cent at $3.46 at 1pm AEST after a fresh threat loomed over its Sydney casino licence.

The S&P/ASX 200 index was trading at 7281.7 after falling 1% to a 2-day low of 7250.

The index tried four times to break the 7250 level as S&P 500 futures fell as much as 0.7%, but the pressure eased as S&P 500 futures are down just 0.2%.

Most sectors remain in the red though with IT, Consumer Discretionary, Health Care, Communications underperforming.

On Friday, the Dow Jones index closed less than 0.1 per cent lower while the S&P 500 index lost 0.2 per cent and the Nasdaq index fell 0.5 per cent.

Oil prices rose with WTI Crude up 1.3 per cent at $US79.35 a barrel, its highest point since October 2014, while Brent rose 0.5 per cent at $US82.39, a three-year high.

The iron ore price rose $US7.25, or 6.2 per cent, to $US125.05 a tonne.

Originally published as ASX 200 closes down 0.3% as Star dives 23% on casino licence threat