ASX down 0.33% at noon following Wall Street's poor performance

Market Reports

by Peter Milios

At noon, the S&P/ASX 200 is 0.33 per cent lower at 7,512.80, tracking a sudden decline occurred on Wall Street, with traders cashing in on their gains following a significant surge in stock prices that had driven the major indices to all-time highs. In the final hour of trading before the Christmas break, U.S. stocks shifted downward in a nervous market atmosphere. The Dow Jones dropped by 1.3 percent, and both the S&P 500 and the Nasdaq retreated by 1.5 percent.

The SPI futures are pointing to a fall of 35 points.

Best and worst performers

The best-performing sector is Industrials, up 0.53 per cent. The worst-performing sector is Information Technology, down 0.83 per cent.

The best-performing large cap is Meridian Energy (ASX:MEZ), trading 4.35 per cent higher at $5.04. It is followed by shares in Ramsay Health Care (ASX:RHC) and Steadfast Group (ASX:SDF).

The worst-performing large cap is Allkem (ASX:AKE), trading 5.38 per cent lower at $9.85. It is followed by shares in GQG Partners (ASX:GQG) and Lynas Rare Earths (ASX:LYC).

Asian news

Asia-Pacific markets fell Thursday after Wall Street dropped overnight, while investors awaited gross domestic product reading and inflation numbers from the U.S.

Economists polled by Reuters expect the U.S. economy to post a 5.2% year-on-year growth in the third quarter, while the Personal Consumption Expenditures price index is expected to climb 2.3% in the same period — its slowest rise since the fourth quarter of 2020.

Investors in Asia will assess producer prices reading from South Korea, as well as Indonesia’s central bank decision on Thursday.

Japan’s Nikkei 225 plunged 1.31%, while the Topix fell 1.18%.

South Korea’s Kospi also dropped 0.36% and the small-cap Kosdaq shed 0.2%, on pace to snap a three-day winning streak.

Futures for Hong Kong’s Hang Seng index stood at 16,507, pointing to a weaker open compared with the HSI’s close of 16,613.81.

Company news

Immutep (ASX:IMM; NASDAQ:IMMP) announces constructive feedback has been received from the Paul-Ehrlich-Institut (PEI), a German regulatory authority and part of the Committee for Medicinal Products for Human Use (CHMP), regarding the planned TACTI-004 Phase III trial of efti for first line treatment of metastatic non-small cell lung cancer. The PEI acknowledged the good safety profile of efti in combination with anti-PD-1 therapy. Shares are trading 1.41 per cent lower at 35 cents.

Metalicity (ASX:MCT) announced that it has executed formal agreements with Nex Metals Exploration regarding the Kookynie and Yundamindra Joint Venture and the settlement of all disputes between the parties. Commenting on the signing of the Formal Agreements, MCT Managing Director Justin Barton said, “both parties remain focused on finalising the remaining conditions of the agreement to allow both parties to move forward and focus on their own business activities into 2024.” Shares are trading 33.33 per cent higher at 0.2 cents.

GWR Group (ASX:GWR) announced it has entered into a legally binding agreement for the sale of its remaining interest in the Wiluna West Iron Ore Project to Gold Valley West Wiluna Pty Ltd. GWR’s Chairman Gary Lyons said, “the decision to divest the Company’s iron ore assets was difficult to make, however, after much deliberation the board decided it was in the best interests of GWR shareholders to relinquish control of the Wiluna West iron ore assets.” Shares are trading 18.07 per cent higher at 9.8 cents.

Commodities and the dollar

Gold is trading at US$2045.10 an ounce.

Iron ore is 0.9 per cent higher at US$134.95 a tonne.

Iron ore futures are pointing to a 1.17 per cent rise.

One Australian dollar is buying 67.45 US cents.

Peter Milios

Peter Milios is a recent graduate from the University of Technology - majoring in Finance and Accounting. Peter is currently working under equity research analyst Di Brookman for Corporate Connect Research.

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