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The ASX200 has been down 0.5% at 8,308 points breaking a five-day rally.
Australian retail sales rose slower than expected in November, but better than October, as consumers remain cautious about budgets despite energy and rent rebates and expectations of interest rate cuts this year. Retail sales grew 0.8% month over month in November, up from 0.5% growth seen in the prior quarter.
It’s a sea of red today, with all sectors giving ground. The Energy sector has been pummelled, down 1.2%, followed by Industrials, down 0.9%, and Staples, down 0.8%.
Company News
Star Entertainment Group (ASX:SGR) has been down more than 23% to record-low levels today; the casino operator is down 75% since the same time last year. The catalyst for today’s sell off was the release of an update on the company’s cash and liquidity position. The company burnt through $107 million of its available cash in the December quarter and has only two or three months before it goes broke.
Star has been 15 cents.
Hazer Group (ASX:HZR) has been up nearly 13% after being awarded a patent in Japan. The patent covers Hazer’s production process, which utilises iron ore to produce hydrogen. This is critical development for the company, with multiple commercial partnerships including a strategic deal with Mitsui for graphite market development.
Hazer Group has been 40 cents.
Indiana Resources (ASX:IDA) has been up 6.3% on resumption of its drilling campaign at the Minos Gold prospect in South Australia, with diamond drilling targeting high-grade extensions to the deposit. The current program involves deepening 7 of 28 previously drilled reverse circulation holes, with depths ranging from 250m to 500m, to explore down-dip extensions of the Minos gold deposit.
Indiana Resources has been 67 cents.
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