Australia’s sharemarket experienced a significant downturn, hitting a seven-month low as bank and technology stocks led the decline. The ASX’s slump mirrors a broader global market sell-off, fueled by concerns over potential recession risks and anxieties regarding the U.S. economic outlook. WiseTech experienced a notable drop of 4.7%, while CBA also saw a decline of 1.7%, contributing to the overall negative sentiment. Adding to the market pressures, Nickel Industries plummeted 21% following Indonesia’s announcement of potential tax hikes, further impacting investor confidence.
Meanwhile, Star Entertainment is reportedly eyeing a substantial $940 million loan, as the company navigates challenging market conditions. In other company news, Polynovo shares resumed their downward trajectory after the CEO’s departure amid corporate governance concerns. Conversely, Pure Hydrogen secured its first order for HFC concrete agitator trucks from Heidelberg Materials, highlighting a shift towards hydrogen-powered heavy-duty transport. Norwest Minerals also took a significant step toward securing a mining lease for its Bulgera gold project, receiving a key approval.
