AU Evening Wrap: Australia Shares End 1.8% Lower, Led by Consumer Discretionary Sector
Market Performance
Australia's $S&P/ASX 200 (.XJO.AU)$ closed 1.8% lower at 7612.5, with losses across all sectors pushing the benchmark to its lowest close in almost two months.
The consumer discretionary sector led the declines, falling 2.4%, followed by utilities and materials which dropped 2.2% and 2.0%, respectively.
The major banks lost between 2.3% and 1.7% as uncertainty over the pace and timing of global interest rate cuts remains with data pointing to ongoing inflationary pressures.
Supermarkets $Coles Group Ltd (COL.AU)$ and $Woolworths Group Ltd (WOW.AU)$ each fell 1.2% amid an inquiry into pricing.
$The Star Entertainment Group Ltd (SGR.AU)$ was the worst-performing individual stock, losing 14% on a second public inquiry into its Sydney operations.
Top News
Delinquent Car Loans on the Rise in Australia
According to global ratings agency Fitch Ratings, delinquencies on car loans in Australia increased during the December 2023 quarter due to the high cost of living and limited real wage growth. Arrears exceeding 30 days rose from 1.2 per cent in the September quarter to 1.4 per cent, and those exceeding 60 days increased from 0.5 per cent to 0.7 per cent. Fitch's associate director, Hai Duong Le, stated that this was the second-largest fourth-quarter increase since 2018 and predicted that arrears would continue to climb as borrowers felt pressure from inflation and limited real pay increases.
Suncorp Group Launches Offer to Raise AU$300 Million in Notes
$Suncorp Group Ltd (SUN.AU)$ announced on Tuesday that it is launching a Capital 5 notes offer to raise approximately AU$300 million, with the ability to raise more or less. The notes are being issued as part of the company's funding and capital management strategy in the insurance, finance, and banking sectors. The proceeds from the offer will be used to fund capital needs at one of its regulated entities and for general and corporate purposes, according to a filing made with the Australian bourse.
Source: Dow Jones Newswires, AFR, ASX
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