The Aussie market snapped three straight days of losses and finished near session highs, with the ASX 200 climbing 0.53 per cent or 37.7 points to 7213.2. Around 60 per cent of stocks, and seven (of 11) sectors finished in positive territory. Today’s gains were mostly driven by Mining stocks, which rose by 1.9 per cent, after being boosted by an
overnight improvement in iron and gold prices. The market’s heavyweight Financials sector on the other hand, extended its daily losses to a sixth straight day.

Over the week, the ASX 200 snapped two straight weeks of gains and shed 1.2 per cent. The broader Small Ordinaries Index underperformed, with a loss of 2.7 per cent – its biggest weekly loss since September. Tech stocks weighed on the market (down 4.7 per cent) while Mining stocks secured their sixth straight week of gains (up 1.9 per cent). Chalice Mining (CHN) was the best performer, rising 12.4 per cent, after releasing a better-than-expected exploration report at one of its sites. One the other hand, Downer EDI (DOW) fell 25.6 per cent, marking it as the week’s worst performing stock, after reporting ‘accounting irregularities’.

In terms of company news today, Pinnacle Investment Management (PNI) fell 3.8 per cent after advising investors that it ‘expects its net share of performance fees’ to be ‘potentially less than $1 million’ – around an 84 per cent decrease to the $6.4 million it earned in the corresponding period ending December 31, 2021. PNI however says
that it expects its performance fees to be ‘higher in the second half as additional strategies have the potential to deliver performance fees over the full 12 month period’.

Beach Energy (BPT) shares rose 0.9 per cent today, but ended the week with a decline of 7.8 per cent, after announcing an update to its takeover proposal of Warrego Energy (WGO). Earlier today, BPT ‘advised’ WGO that it ‘does not intend to match the revised Hancock Takeover Offer’ of 28 cents per share (versus BPT’s 25 cents per share
offer). WGO’s Board now recommends its shareholders to accept the Hancock Takeover Offer.

Shares of The Star Entertainment Group (SGR) temporarily entered into trading halt today after it received written notice from the Queensland Attorney-General and the Queensland regulator to pay a ‘total pecuniary penalty of $100 million’, and have its Gold Coast casino & Treasury Brisbane licences ‘suspended for a period of 90 days on a deferred basis’ with effect from December 1. It has also appointed a ‘special manager’ to ‘monitor the operations of Treasury Brisbane & The Star Gold Coast’. SGR shares rose 0.4 per cent today.

 

Top Australian Brokers

 

Ahead: In the US, the producer price index is issued with the consumer sentiment survey and wholesale inventories. An annual rate of 7.2 per cent is forecast.

Today, 3bn shares were traded, worth $7.3bn. 644 stocks rose, 651 fell & 431 finished unchanged.

Originally published by CommSec