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ASX Market Update: Bourse dives in reaction to Trump’s election | November 7, 2024

ASX News, Market Summary
07 November 2024 13:43 (AEDT)
Market Close Graphic

Market Close Graphic. Source: The Market Online

The ASX200 has been down 0.25% at 8178 points.

Wall Street hit fresh records overnight as Donald Trump was voted in by the people for a second Presidential term kicking off in January.

As a result, the Trump Trade has been going strong – most notably equities in general, but also crypto godfather asset Bitcoin.

The pivot into stock markets has robbed some tailwinds from the record-setting gold price this year, prices dipped overnight below $2,700 USD per ounce. 

Company News

Chemist Warehouse’s backdoor listing is set to go ahead after the ACCC approved the merger with Sigma Healthcare (ASX:SIG)

Both companies entered into a crucial court-enforceable undertaking, with the regulator subsequently approved the deal.

Sigma Healthcare has been up 23% at $2.40.

National Australia Bank (ASX:NAB) has been down 1.8% on FY24 results. The company reported a 6.1% fall in net profit to $6.96 billion. Despite the decline, a final fully franked dividend of 85 cents per share was declared.

NAB has been $38.53.

Spartan Resources (ASX:SPR) has been down 14.5% on news of fresh high-grade gold hits boasting visible gold. The unnamed prospect has a 24m intersection grading at 2.4g/t gold from 503m depth and included a 3m pocket with grades of 11.4g/t gold.

Spartan Resources has been $1.28.

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