The Aussie market is again weaker to start Friday’s session following losses on Thursday. The ASX 200 is down 24 points or 0.37% to 6,612 close to midday on the last day of the week and penultimate trading day of the month. Local shares have had little to go off this morning with US markets closed overnight to observe the Thanksgiving Day holiday.
Even with the slide seen towards the back end of this week, the ASX 200 and All Ordinaries indexes are still on track for another positive week. The ASX 200 index is still up 1% while the broader All Ords is about 1.2% higher. Both are also on track for significant monthly gains of ~11%.
Leading losses today have again been financials, materials and energy with healthcare also adding to broader market weakness. Most sectors are lower with industrials, consumer staples, communications and property sectors improving.
Individually, biotech giant CSL Ltd (CSL) is dragging the market most with a 1.2% fall, while BHP Group (BHP) is the next major culprit, down 1%. The two companies alone are taking 8 points off the ASX 200 index, or roughly a third the total index declines. The big four banks are all in negative territory as well with ANZ Bank (ANZ) the worst of the bunch, down 1.3%.
On the other hand, one of the most improved stocks on the market today has been Bega Cheese (BGA), rallying 9.7%. The dairy company has resumed trade after being in a trading halt yesterday to announce the acquisition of Lion Dairy & Drinks for $534 million. It has completed its institutional placement and entitlement offer to help fund the acquisition, raising $284 million. BGA will open a retail entitlement offer next Wednesday.
Syrah Resources (SYR) is another big winner with a gain of 11% as the graphite miner received a broker upgrade and significant price target increase. The graphite miner which focusses on battery grade material is up 85% in 2020 so far.
The Aussie dollar is little changed fr0om the close of the local session yesterday and remains at 73.6 US cents and is up ~0.8% for the week.
Published by CommSec