The ASX200 closed down 0.13% at 8,216 points in a flat days trade.
Coles (ASX:COL) and Woolworths (ASX:WOW) have fought back in the Federal Court against ACCC claims of sham discounting. The companies say almost every alleged instance of the practice involved a supplier-requested price hike due to an inflation outbreak. Coles closed up 1.4% at $18.16 and Woolworths closed up 1.6% at $33.05.
The International Monetary Fund (IMF) has revised its inflation predictions for 2025, upping Australia’s consumer price index expectations from 2.8% to 3.6%.
Staples has been the best performing sector, up 1.33%, followed by Discretionary, up 0.44%, and Materials 0.4%.
IT has been the worst performing sector, down 1% followed by Energy, down 0.75%.
In the Green
Brazilian Rare Earths (ASX:BRE) closed up 2.9% on news of a drilling update. The company says an outstanding heavy rare earth discovery near Monte Alto was uncovered.
Brazilian Rare Earths finished at $2.49.
Beach Energy (ASX:BPT) closed up 0.8% following a solid rise in oil prices overnight and a positive reaction to its recent quarterly update. Broker Bell Potter responded by retaining its buy rating and lifting its price target to $1.50.
Beach Energy closed at $1.29
WA1 Resources (ASX:WA1) closed up 0.4% on release of drilling results from the 100% owned West Arunta Project in Western Australia. The company has revealed high-grade mineralisation and some of the best niobium intersections uncovered to date.
WA1 Resources closed at $13.15
In the Red
Wisetech (ASX:WTC) finished down 1.44% after ongoing news founder Richard White had a relationship with an employee and gifted her a $7 million luxury waterfront mansion.
Wisetech closed at $106.07.
Domain Holdings Australia (ASX:DHG) closed down 3.23% on news the company is searching for a new CEO. Existing CEO Jason Pellegrino has agreed to stay for up to six months to assist with the transition.
Domain closed at $3.00
29Metals (ASX:29M) closed down 22.12% on release of its quarterlies. The company revealed a sharp decline in copper production and a significant jump in costs for the period.
29Metals finished the day at 44 cents.