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The ASX200 shed 0.46% to close at 7,953.20 points.
The Materials sector pulled the market down losing 1.93%, and IT wasn’t strong either, losing 0.9%, and Energy 0.7%. Only just ahead today were Financials and Discretionary stocks.
Highly anticipated Australian inflation data is due tomorrow, and the markets will be quick to react, given a rise would likely see the RBA hike rates next week.
Now to company news, and before we look at ASX high and low-lights, Australia’s largest private company Canva – which is expected to IPO in 2025 – has added Australian generative AI startup Leonardo AI to a growing list of acquisitions. Leonardo is a generative AI platform that has some 19 million users.
In the Green
Back to the ASX and gold miner St Barbara (ASX:SBM) closed up nearly 2.5% on increasing ore reserves at its Simberi project in Papua New Guinea.
Drilling work has led to a 40% increase to 2.8Moz of gold.
St Barbara closed at 21 cents.
Generative AI company Appen (ASX:APX) closed up 55%, despite a 16% decrease in quarterly revenue. The company says growth in revenue from China and global customers, has substantially losing an account with Google and it closed the quarter with more than US$34.5 million in cash or equivalents.
Appen closed at 67 cents.
Credit Corp Group (ASX:CCP) gained nearly 14% after beating consensus forecasts. The company booked 18% growth in lending Net Profit After Tax and a 24% increase in the consumer loan book to $445 million.
Credit Corp closed at $17.32
In the Red
Fortescue (ASX:FMG) closed down 10.17% after a turbulent day on the market. The stock price was sent into a tailspin after an undisclosed institutional investor offloaded $1.9 billion worth of shares late yesterday. The move did not stoke investor confidence and the share price tanked on market open and deteriorated right through to the bell.
Fortescue closed at $18.28.
BHP (ASX:BHP) was another iron ore giant to lose ground, closing down 1.26% on news of its acquisition of Filo Corp, with Joint Venture (JV) partner Lundin mining.
The investment is further evidence of the company gravitating to copper and follows the unsuccessful takeover of Anglo American Plc earlier this year.
BHP closed at $41.54
Finally today, Ramsay HealthCare (ASX:RHC) closed down 4.3% after appointing Natalie Davis as its new CEO. Ms Davis joins the company from Woolworths (ASX:WOW) where she served as Managing Director of Supermarkets.
Ramsay Health Care closed at $44.93.
