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Christmas is fast approaching and the ASX200 has been down 0.35% at 8,267 points. The Santa rally has so far failed to materialise as the latest round of Chinese stimulus underwhelmed investors.
The Iron Ore price is steady at around US$103.75 per tonne in Singapore after sliding on the weekend.
Materials has been the poorest performing sector, down 1.6%, followed by IT and Real Estate, both down around 0.65%.
Utilities has been the best, up 0.3%, followed by Industrials and Financials, up 0.2%.
Company News
Online retailer Kogan (ASX:KGN) has been down 1% on the news ASIC is investigating a potentially controversial options deal involving two of its senior executives, including founder Ruslan Kogan. The deal netted $17 million in profits for the executives and the company is cooperating with the investigation.
Kogan has been $5.60.
Fortescue (ASX:FMG) has been down 2.4% as analysts at Bell Potter retain their Sell rating saying it’s ‘hard to see the upside.’ The broker notes certain high-grade ores which are more carbon efficient may encounter specific tailwinds in the new year.
Fortescue has been $18.81.
Invex Therapeutics (ASX:IXC) has had success simulating the use of Exenatide to improve cell survival in a 3D ‘human brain model’ of Alzheimer’s disease.
Invex Therapeutics has been 7.4 cents.
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