AU Morning Wrap: ASX Falls; Star Sinks 8pc on Proposed Pokies Tax

Moomoo News AU wrote a column · Dec 19, 2022 08:01

G'day, mooers! Check out the latest news on today's stock market!
• The S&P 500 dropped 1.1% on Friday with all 11 sectors in the red.
• Australian shares sink, led by the real estate and tech sectors.
• Stocks to watch: Star Entertainment Group, Newcrest, Sezzle
- Moomoo News AU

AU Morning Wrap: ASX Falls; Star Sinks 8pc on Proposed Pokies Tax

Wall Street Summary

Wall Street struggled to shrug off hawkish rhetoric from central banks last week, down for a third straight session on Friday. The $S&P 500 Index (.SPX.US)$ dropped 1.1% on Friday with all 11 sectors in the red. The $Dow Jones Industrial Average (.DJI.US)$ fell 0.8% and the tech-focused $Nasdaq Composite Index (.IXIC.US)$ slid 1.0%.

AU Market Watch

The $S&P/ASX 200 (.XJO.AU)$ fell 0.1 per cent to 7135.5 as of 10:55 am., weighed down by losses across the real estate and tech sectors.

Gold miners were among the best performers after the price of the precious metal rose nearly 1 per cent to $US1793.08 in New York. Ahead of the ASX open, gold miner Newcrest said its CEO will step down to be replaced on an interim basis by its CFO.

Stocks to Watch

$The Star Entertainment Group Ltd (SGR.AU)$ : Star Entertainment Group dropped 8.1 per cent to $2.37 after saying it "is seeking to urgently engage with the NSW government" over proposed gaming tax increases beginning in 2023.

$Newcrest Mining Ltd (NCM.AU)$ : Newcrest added 0.4 per cent to $20.75 after chief executive Sandeep Biswas retired.

$Sezzle Inc (SZL.AU)$: Sezzle jumped 6.9 per cent to 54.5¢ after announcing it achieved profitability in November as measured by net income and adjusted earnings before taxes, depreciation and amortisation.

Ex-dividend: None

Dividends Paid: $Civmec Ltd (CVL.AU)$

Commodities

• Iron ore futures fell -1.80% to US$109.40 a tonne.

• Oil prices were heavy amid growing recession fears and uncertainty over China’s reopening given an ongoing spike in covid cases.

• Gold prices rallied despite a firmer US dollar and bond yields.

Source: Dow Jones Newswires, AFR

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